87 Post Road East has sold to a New York City based investor for $16.635 million. The seller, David Adam Realty, will continue to manage the property and provide leasing services. The building sold 100% occupied to Patagonia, Pink Sumo Japanese restaurant, and Balance Point Capital Partners. The sale yielded a cap rate of 4.50%.
The 14,400 square foot flat-iron building was originally constructed in 1924 and occupied by Westport Bank and Trust Company. Beginning in 2004, the property underwent an extensive renovation for Patagonia, including refurbishment of the brick façade, terrazzo flooring, and four of the five bank vaults. The building sits on the corner of Post Road East and Church Lane in downtown Westport.