Ivy Equities Sells Stamford Complex for $24M

STAMFORD, CT-CB Richard Ellis has brokered the sale of 1111 and 1177 Summer St., here in a $24.3-million deal. Ivy Summer Associates LP, an affiliate of Ivy Equities of Montvale, NJ, sold the 123,578-sf office property to an unnamed buyer that purchased the complex in a 1031 tax deferred exchange transaction. The property sale is valued at $196.64 per sf.

Jeffrey Dunne, Steven Bardsley and Christopher Leonard of CBRE’s New York Tri-State Investment Team represented the seller and procured the buyer.

Dunne says of the deal, “Due to the property’s prime location along the Summer Street corridor, it is well positioned to continue to retain and attract a solid tenant base. The buildings are also poised to benefit from significant rent growth as a result of the current rent spikes in Stamford’s CBD.”