The Westport property comprises three stores occupied by the Gap, Ann Taylor and J. McLaughlin, under long-term triple-net leases. The complex was purchased from a Boston-based investment group, First Westport Properties.
"The Westport acquisition provides another solid opportunity to achieve all the goals we traditionally set for our direct-ownership, long-term real estate investments, and it adds to our growing portfolio of downtown retail properties," says Anthony Malkin, president of W&M Properties. W&M is the Malkin family's acquisition, management and marketing arm. Malkin also cites dependable cash flow, potential capital appreciation, important estate planning and modest tax shelter advantages as the primary objectives behind the deal.
Other keys to the deal were Westport's significant barriers to entry for new retail development, including restrictive zoning laws and a lack of suitable development sites. In addition, competition for space is intense among national retailers because of Westport's favorable demographics, Malkin adds. Average estimated household income within a one-mile radius of the Main Street retail center is $183,000, and the median house value is $675,000, he notes.
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