Gorham Island Office Property Sold for $23M

The 44,438 square foot office building in Westport, Connecticut located at 1 Gorham Island sold recently for $23,190,000. The transaction was recorded on June 18, 2018 with Gorham Island, LLC as the seller and Maplewood Gorham Island, LLC as the buyer. The buyer represents Maplewood Healthcare who was an existing tenant of the building at the time of the sale.

Maplewood Healthcare owns and manages a portfolio of senior living communities throughout Connecticut, Massachusetts, New York, and Ohio and has its offices based at this property in Westport. Despite the buyer being a tenant-in-place, the property was not purchased as part of a lease option and received multiple offers over an eight month period. Other tenants of the building include PetVet Care Centers, Team Tankers International, and Bank of America.

The site is unique compared to the standard office properties found throughout Connecticut. The three-story, steel-framed structure is located on a 4.6-acre island in the Saugatuck River, accessible via a small bridge off Parker Holding Plaza. The entire property spans 7 acres and includes portions of the Saugatuck River, as well as the improved 4.6 acre island and a smaller, unimproved 0.8 acre island.

Tenants can enjoy scenic views of the river and have close access to the retail corridor along Main Street, which is home to The Market Place Shopping Center and several clothing and restaurant strips. The property is also positioned favorably off U.S. Route 1, and between the Merritt Parkway to the north and Interstate-95 to the south.