Al Mirin, Thomas Pajolek and Ned Burns of CB Richard Ellisrepresented the seller 51 Richards LLC, an entity controlled bylocally based Stanley M. Seligson Properties. Thomas Torelli,managing partner of Allied Property Group of Greenwich representedFirst Sterling. Although Torelli describes the deal as a"third-party transaction," the property satisfies the "the finalleg of a 1031 exchange," he notes.

CBRE officials say the center benefits from some nearbyretailers including Best Buy, Kohl's, Wal-Mart, Sports Authority,Circuit City and Trader Joe's. Costco is located directly behindthe property and a Doubletree Hotel is next door.

"Given its position and strong credit tenancy, 777 ConnecticutAve. truly has everything necessary for a successful retaillocation," says Mirin, who heads CB Richard Ellis'Fairfield/Westchester private client group. "The Connecticut Avenuecorridor just seems to get stronger every year, so new ownershipshould find the center an excellent investment over the longterm."