Mercator Capital Buys, Sells CT Properties

RIDGEFIELD, CT.-GVA Williams Connecticut has brokered two local deals for Reston, VA-based Mercator Capital. One transaction involved the sale of a mixed use property in Ridgefield and the other was the acquisition of an office/retail building in Darien.

Mercator sold 470 Main St., a 25,000-sf retail and office building in downtown Ridgefield to an affiliate of Rye, NY-based Willett Companies LLC. Willett purchased the property, which is 95% leased, from an affiliate of Mercator Capital for $6.5 million.

"This property is well located in the vibrant downtown area of Ridgefield and has historically remained very well leased," says Cory Gubner, president and CEO of GVA Williams Connecticut. "Mercator Capital has owned the property for a number of years and was able to reposition it to significantly increase its market value and affect an eventual sale of the property. Willett purchased a high quality asset in a very desirable location." Gubner and senior vice president Jon Sabrowski of GVA Williams were the sole brokers.

Willett already owns 440 Main St., a 20,000-sf retail office building nearby.

GVA also reports that an affiliate of Mercator Capital has acquired 800 Post Rd., a 28,000-sf retail and office building in Darien, for $5 million. The building is 91% leased to a number of well known tenants including Janney Montgomery Scott and Patriot National Bank. Mercator Capital purchased the property from 800 Post Road LLC.

"The downtown Darien market continues to attract investors due to its prestige and historical feel," Sabrowski says. "The property was a perfect fit for Mercator Capital to add to its portfolio of properties throughout Fairfield County."

GVA Williams' Sabrowksi and vice president Ted Grogan, were the sole brokers in the transaction. The brokerage firm is also representing the property for the remaining available space, company officials say.