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
Connecting the New PR & Marketing to Business Goals


IPA Executive Director Lori Schneider Brokers Sale of Suburban Atlanta Shopping Center for $24.2 Million

Old Alabama Square shopping Center, 3005 Old Alabama Road, Alpharetta, GA

Lori Schneider

ALPHARETTA, GA,  June 19, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Old Alabama Square, a 103,268-square-foot Fresh Market- and Walgreens-anchored shopping center in Alpharetta, Ga. The sales price is $24,275,000, which equates to $235 per square foot.

            Lori Schneider, IPA executive director, advised the seller, a private investor. The buyer is Philips Edison Grocery Center REIT II, Inc. (Phillips Edison REIT II).

 Michael J. Fasano, first vice president, regional manager in Marcus & Millichap’s Atlanta office, and the firm’s broker of record in Georgia, assisted with the transaction.

“Our marketing process sourced a variety of qualified investors, from pension funds to cross-border profiles,” says Schneider. “Phillips Edison REIT II best understood the center’s demographics, curbside appeal and growth potential.”

Michael J. Fasano
Old Alabama Square is located on 12.8 acres at 3005 Old Alabama Road in Alpharetta. Old Alabama Road is an east/west thoroughfare that connects the suburbs north of Atlanta. There are three points of access from Old Alabama Road into the shopping center.

Fresh Market and Walgreens have occupied the center since it opened in 2000.

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

Gina Relva
Public Relations Manager

(925) 953-1716