Three-Building Retail/Office Portfolio Fetches $23M

GREENWICH, CT-Love Realty, a White Plains, NY real estate investment firm, acquired a three-building portfolio here from locally based Legion Partners LLC for nearly $23.3 million. Combined, the sales are valued at $994.34 per sf for the 23,383 sf of retail/office space that was sold. One building–98 Greenwich Ave.–sold for a record $1,237.83 per sf.

GVA Williams brokered the sale. The properties that changed hands include 68 Greenwich Ave., a 3,720-sf, two-story building that was originally a 19th century firehouse. The building, which sold for $3.5 million or $940.86 per sf., has one tenant, Plaza Too, a women’s shoes and accessories retailer.

Also part of the sale was 98 Greenwich Ave., a 4,300-sf, two-story building that sold for $5.32 million. The ground-floor retail tenant is children’s clothing retailer Candy Nichols. Atlantic Pacific, a global investment fund, occupies the second-floor office space.

The third building in the sale was 102-108 Greenwich Ave., a 15,363-sf, two-story building that sold for $14.4 million or $939.09 per sf. Children’s clothing retailer Candy Nichols is the ground-floor tenant and Atlantic Pacific also occupies office space on the second floor of the building that is adjacent to 98 Greenwich Ave. The property’s two other office tenants are Execution LLC, an international stock trading firm and BD Remodeling & Restoration Inc., a residential architectural firm.

Stephen Westerberg, vice president of GVA Williams of Connecticut, which is based in Stamford, represented Love Realty. Greenwich law firm Ivey, Barnum & O’Mara represented the seller. Westerberg says that Love bested about a handful of other investors that were interested in the property, including some real estate fund investment firms and other private interests.

“There is a tremendous amount of liquidity in the marketplace, which makes for a very competitive environment to acquire real estate,” he adds. “For those selling property, there exists an opportunity to divest at advantageous and historic levels and diversify into alternative asset classes.” He notes that, for investors, Greenwich Avenue continues to offer an opportunity to participate in an area of continued steady growth while benefiting from owning in a unique niche market.”