Greenfield Partners Sells Historic Property for $20M

Jeffrey Dunne and Ryan Bassett of CBRE's New York Tri-State Investment Team collaborated with Jeffrey Dauray of CBRE's New York City office to represent National Hall Associates LLC, an entity controlled by Greenfield Partners LLC, in the sale of the property. The CBRE team also procured the buyer, Antares National Hall LLC, an entity controlled by Antares Investment Partners.

The deal involves a 42,143-sf mixed-use development on 2.5 acres at 2 Post Rd. W. The property contains nearly 30,000 sf of commercial space and the Inn at National Hall, a 16-room luxury hotel, that will be operated by Antares Investment Partners.

John Donohue, vice president of acquisitions at Antares Investment Partners, states, "The acquisition of the Shops and Inn at National Hall clearly augments our growing commercial/hospitality portfolio in the tri-state area. We are excited to have a significant presence in Westport, CT and eager to appropriately reposition the asset."

CBRE's Dunne adds, "The Shops and Inn at National Hall is an extremely unique asset with historic charm, excellent water views and a stable cash flow with upside opportunity. Antares should bode well with this investment given their experience in the high-end boutique hotel sector and niche focus on tri-state area commercial assets."

The property was built in 1873 and transformed into a luxury hotel 13 years ago.

The commercial office space component of the property is leased to such tenants as: Peter Coppola Salons, Bank of New York, Washington Mutual and Poggenpohl.

CBRE officials note that additional upside from the acquisition exists through the lease up of more than 4,700 sf of vacant space and the opportunity to increase cash flows from the hotel.