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FAIRFIELD, CT-Two office buildings here at 777 Commerce Dr. and 1375 Kings Hwy. East have changed hands. Abbey Road Advisors LLC has purchased the two office properties that total more than 90,000 sf from New York City-based Celestial Capital Group Inc. for $20.7 million.

Both buildings are at or near fully leased. The 777 Commerce Dr. property is a two-story building totaling 62,545 sf. The Kings Hwy. East location is a three-story building containing nearly 30,000 sf.

Matthew Keefe, president of HK Group, represented the buyer and the seller in the transaction. Holliday Fenoglio Fowler arranged $17.5 million in financing to Abbey Road Fairfield LLC, a single-purpose entity controlled by Abbey Road Advisors, in connection with the property purchases. Abbey Road Fairfield secured a three-year adjustable rate loan with CIT Lending Services Corp. HFF officials say the loan proceeds were used to acquire both properties. HFF managing director Tim Breda of the firm’s Hartford office and director Christine Riniti, who works in its Westport location, helped arrange the financing for the buyer.

HFF’s Breda says “777 Commerce Dr. and 1375 Kings Hwy. East will benefit greatly from their location next to the new Fairfield train station–due for completion in two years. This will provide easy access to New York City and the metropolitan area as well as access to the suburban labor pool from the north and east. Abbey Road Advisors will be uniquely positioned to take advantage of the strong demand for good quality, reasonably priced office space needed in this location.”

HFF officials add that capital improvements including refurbished lobbies, updated bathrooms and improved landscaping have been instituted since 2004. Celestial Capital Group, according to information on its corporate website, acquired the two properties in 2004 for approximately $12.3 million

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