Al Mirin, Thomas Pajolek and Ned Burns of CB Richard Ellis represented the seller 51 Richards LLC, an entity controlled by locally based Stanley M. Seligson Properties. Thomas Torelli, managing partner of Allied Property Group of Greenwich represented First Sterling. Although Torelli describes the deal as a "third-party transaction," the property satisfies the "the final leg of a 1031 exchange," he notes.
CBRE officials say the center benefits from some nearby retailers including Best Buy, Kohl's, Wal-Mart, Sports Authority, Circuit City and Trader Joe's. Costco is located directly behind the property and a Doubletree Hotel is next door.
"Given its position and strong credit tenancy, 777 Connecticut Ave. truly has everything necessary for a successful retail location," says Mirin, who heads CB Richard Ellis' Fairfield/Westchester private client group. "The Connecticut Avenue corridor just seems to get stronger every year, so new ownership should find the center an excellent investment over the long term."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.