Kleban Holding Co. of Fairfield is an affiliate of Turnpike Properties, also located in Fairfield. The firm and partner Samuel Roberts of Fairfield own 10 shopping centers along Black Rock Turnpike in Fairfield. Albert Kleban, a principal of Kleban Holding Co., said the deal increases his firm's interest in retail shopping centers in the town of Fairfield to approximately 700,000 sf.
Major retail tenants on the ground floor of Fairfield Center, which is located on Post Road in the downtown district, include Borders, which has a 27,300-sf anchor location as well as Victoria's Secret, Ann Taylor and Banana Republic. Some of the notable office tenants on the second floor are: Merrill Lynch and IMS Health. The two-story property is located on a two-and-a-half acre parcel.
"This constitutes one of the highest prices every paid for a retail property in Fairfield," Rizzi says. "Considering the property was recently redeveloped, the tenant mix, and given the location, we knew there would be considerable interest." He adds that there were more than 200 marketing packages sent to investors and that the bidding was extremely competitive. "The pricing is a testament to the current investor appetite for retail property and for real estate in Fairfield County."
Kleban Holding Co., which bested 20 other offers for the Fairfield Center, plans to add between 5,000 to 6,000 sf of retail space to the property in the future, Kleban says.
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