Storrs Center Phase II - UCONN Main Campus - Mansfield CT
34,611 SF Unanchored Retail Condos at UCONN
Marketing description
JLL Capital Markets has been retained as the exclusive advisor for the sale of Storrs Center Phase II, a necessity-oriented unanchored retail condominium situated within the heart of Downtown Storrs, immediately adjacent to the University of Connecticut's (UConn) main campus in Mansfield (Storrs), Connecticut. The +/- 34,611 SF Property is 80.3% leased across a collection of four buildings and anchored by three nationally recognized food & beverage brands including Dunkin', Blaze Pizza and a brand new 15 year lease to Chipotle. The remaining tenancy includes a diverse mix of local and regional tenants serving the UConn campus community.
The property benefits from its position within a bustling mixed-use town-center environment, fronting Storrs Road (Route 195) with over 15,500 vehicles per day and surrounded by over 600 residential units above and adjacent to the retail. The broader Storrs Center campus is further complemented by anchor uses including a high performing Price Chopper, CVS, UConn Health and JP Morgan Chase Bank, all of which drive consistent daily foot traffic and reinforce the captive demand that serves Phase II's tenants.
Investment highlights
- Irreplaceable Location Embedded in UConn's Main Campus at the base of over 600+ Residential Units
- Strong Investment Metrics - 80.3% leased, $734,416 In-Place NOI, 5.9 Year WALT, 3.59% CAGR
- Nationally Recognized Food & Beverage Tenants - Brand new 15 year lease to Chipotle, Dunkin', Blaze Pizza
- Center of Gravity for the UConn Campus - 766,400 annual visits, 40% YO3Y increase in visits, 53%+ of visits from repeat customers (10+ times)
- Significant Recent Leasing Momentum - 13,053 SF of new leasing activity since 2023
- Future Upside Potential - 6,829 SF vacancy across four suites, significantly below market rents, 3 suites have FMV options
- Immense Barriers to Entry - Limited new construction due to lengthy permitting process & UConn serving as regional water authority
- Optionality & Opportunity - Component disposition strategy possible
- UConn Economic Impact - $8.7 billion statewide economic impact, $3.6 billion operating budget (FY 2026), $668 million endowment
- Basketball Capital of the World - 25 NCAA team national championships including 12 Women's Basketball & 6 Men's Basketball titles
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