A popular shopping destination for Westport residents, 1365 Post Road East, sold on January 16, 2018 for $28,000,000. The property totals 46,084 square feet and sold for approximately $607 per square foot. The buyer and seller listed in the transaction are AP 1365 Post Road E Westport LP and Capfor Westport LLC, respectively. CBRE ‘s National Retail Partners represented the seller and was responsible for procuring the buyer. The property is a grocery-anchored retail center with key tenants including Balducci’s, a gourmet grocer, and Ultra Beauty, a full-service salon with drug store and department store brand cosmetics. Ultra Beauty is currently building out the space of the former Anthropologie store and is scheduled to open in March 2018.
Specifically, 1365 Post Road East consists of two multi-tenant retail buildings totaling 17,600 and 28,484 square feet on a 3.47 acre property. The site benefits from its position on the Post Road (U.S. Route 1), a highly traversed federal highway running throughout Connecticut. Data from the CT Department of Transportation estimates a 21,700 daily traffic count for this location on the Post Road. The property also benefits from its location in the affluent town of Westport. Between 2011-2015, the town reported a median household income of $162,907, well above the statewide level of $70,331. The local demographics and strong list of tenants, occupying 95% of available space at the time of sale, make this property a desirable investment in the Fairfield County retail market.
Source(S): CoStar, Public Records, Press Release