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WESTPORT, CT-The Westbank Shopping Center, an 8,400-sf retail strip center here has sold for $3.4 million. The property, located at 221 Post Road West in the heart of the town’s thriving retail district, was sold by Westbank Shopping Center Associates to Westbank Shopping Center LLC, headed by local investor Richard Miller. The general partner of the seller is Vasilios Nikifordis of Norwalk. The property, built in 1966, had been owned by the seller since 1986.

Ted Hampe, chairman of HK Group, which procured the buyer, announced the deal. HK Group SVP Franco Fellah represented the seller of the property in the transaction. The company also reports that HK Group’s Peter Jennings will serve as property manager for the new ownership. The Westbank Shopping Center is fully leased to a dry cleaner, liquor store, nail salon and a soon-to-be announced 100-seat restaurant, which will occupy 2,400 sf of space at the property.

Hampe says that the parties began negotiations in January of this year. The new owner plans some minor upgrades to the shopping center building as well as to the parking lot for the center. Tenants are currently paying in excess of $30 per sf for space at the Westbank Shopping Center, Hampe adds.

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