WESTPORT, CT-Bedford, NY-based Fraioli Realty Group LLC purchased a 60%-stake in the Village Square retail center here for approximately $7 million, according to Ted Hampe, chairman of the HK Group of Westport. The sellers, two partners in the 14,850-sf property, were not named.
Hampe, who was the sole broker in the transaction, says Village Square, located at 181-185 Main St., is 100% leased. Brookstone, Gardener's Eden and Waterworks occupy 11,380 sf of rentable space. The remaining 3,500 sf of space at the center is occupied by three office tenants.
Village Square was reconstructed in the late 1990s by owner Village Square of Westport Development LLC under a program headed by the Marsillo Group LLC and its principal Ronald Marsillo. The Marsillo Group, which has offices at Village Square, owns the remaining 40% interest in the property and will continue to manage the complex, Hampe says.
Other parties involved in the transaction were: Darlene Letersky of Prudential Connecticut Realty, who referred Fraioli to HK Group; Steven Siegelaub and Howard Komisar of Berkowitz, Trager & Trager, of Westport, attorneys for the buyer; Geoffrey Fay, Esq. of Pullman & Comley, Stamford, an attorney for the seller and Martin McCann, Esq. of Zeldes, Needle & Cooper, Bridgeport, an attorney for Village Square of Westport Development.
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