NORWALK, CT-A fully leased 19,240-sf retail strip center at 777 Connecticut Ave. here sells to First Sterling Corp. for $11.4 million or $592.60 per sf. The retail strip center located on a little more than 1.5 acres near Exit 13 of Interstate 95, is leased to Pier One, Fed Ex Kinko’s and Cingular on long-term lease commitments.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.