Two retail/office properties at 2-10 Wilcox Street and 750 Hopmeadow Street in Simsbury, CT were sold on December 21, 2016 for $3,425,000.The buyer, Hopping Fiddler LLC, purchased the property for its strong investment value and was represented by Berkshire Hathaway Commercial Group in the transaction. The seller, a medical oncology specialist operating out of Hartford, reportedly sold the property in an effort to retire and divest current assets.
The sale consisted of two adjacent properties; a multi-tenant office and retail shopping center and a mixed-use commercial building currently used as a residential home. The details of the properties are as follows:
- 2-10 Wilcox Street
- Fully leased, 25,000+ square-foot shopping center on a .95 acre parcel.
- Tenant types include restaurants, a construction company, and an educational tutoring service.
- A property analysis conducted in August, 2016, determined a 7.0% capitalization rate based on the property’s scheduled NOI.
- 750 Hopmeadow Street
- 3,750 square-foot restored Victorian home located directly adjacent to the shopping center.
- The building has been renovated to support a range of commercial uses.
- Under the conditions of the sale, the seller will lease the property as a residence for a year minimum post-closing.
The buildings ultimately transacted at a pro forma cap rate of 7.55% and at approximately $135.00 per square-foot. Although no future plans for the properties have been disclosed, it is certain that Fiddler’s Green will continue to serve the Simsbury community as an attractive and sought after destination for consumer and professional needs.