Friday, June 19, 2015

Downtown New Haven Mixed-Use Property Sells for $7.2 Million; Northeast Private Client Group Represents Buyer and Seller


Bradley Balletto

SHELTON, CT, June 19, 2015 -- Investment sales broker Northeast Private Client Group has announced the sale of a 28,000 square foot mixed-use property in downtown New Haven, CT. 

Bradley Balletto, the firm’s regional manager, and David Almeida, senior associate in the firm's Connecticut office, represented the seller and the buyer in the off-market $7,225,000 transaction, which closed on May 1. 

“Our experienced team is at the forefront of sourcing and transacting mid-market investment opportunities between Boston and New York," said Edward Jordan, JD, CCIM, the firm’s managing director. 

"We have a proven track record of matching our clients with qualified buyers of multifamily and commercial properties.”

David Almeida

Located at 954 Chapel Street on The Green in downtown New Haven, CT, the property comprises 23 apartment units and three street-level retail suites.  The seller is a Florida-based private investor.

 The buying entity is affiliated with Navarino Capital Management of Bridgeport, CT, an owner/operator of southern New England multifamily and commercial assets. 

The property traded at a price that equates to more than $250 per square foot and represents a capitalization rate of 3.0% on the in-place net operating income. 

At the time of the sale, two of the three retail suites were vacant.  The new owner plans to re-lease these suites and renovate the existing apartments.

  “This transaction demonstrates our belief that successful outcomes result from forging long-term relationships with building owners and investors,” said Mr. Balletto.  “Throughout all market cycles, our team works closely with building owners to help meet their needs.” 

For a complete copy of the company’s news release, please contact:

Randy Savicky
Founder/CEO
Strategy+Communications
Connecting the New PR & Marketing to Business Goals

203-226-6156

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