The mixed-use property located at 1835 Post Road East in Westport, CT was bought for $4,200,000 by Blackshaw Hunchar, an affiliate of Avison Young. This marks one of several recent acquisitions by Avison Young, which will begin serving as property manager to the three building, .63 acre site. The seller, Greens Farms Centre Associates, marketed the property for approximately 127 days at a $4,295,000 asking price prior to closing the sale on December 1, 2016.
The three building portfolio, containing second-floor offices and street-level retail tenants, consists of 10,584 square-feet of leaseable space and sold at a 5.5% capitalization rate. At the time of sale, the fully leased units included retail tenants like Walpole Woodworkers, an outdoor furniture and decor store, and Fjord Fisheries, a popular Westport fish market and eatery. The corner property benefits from its prime frontage on the Post Road, which sees an average of 22,000 vehicles per day (according to CT DoT), while also providing a low-traffic entrance on Bulkley Avenue North.
Aside from the desirable location, the buildings contain a unique design that aesthetically separates them from the typical retail/office usage along the Post Road. As shown in the gallery below, the two buildings situated at the rear of the site have a distinct wood and masonry finish that complements their current retail use. The front most building, however, maintains a more modern finish that conforms well to the typical retail property along the Post Road. With the NNN rent per square-foot currently averaging $77.34 in Westport, CT alone, it is clear that the property will continue to draw tenants, investors, and shoppers traveling the Post Road.
Source(s): Public Records, CoStar