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| David Almeida |
BRIDGEPORT, CT – Investment sales broker Northeast Private
Client Group has announced the sale of Southford Center, a multi-tenant
mixed-use property located at 1481 Southford Road in Southbury, CT.
David Almeida,
a senior associate in the firm’s Bridgeport office, represented the seller
exclusively in the $1,900,000 transaction, which closed on October 16.
“The successful completion of this sale is yet another
positive indication of the strong demand for mixed-use properties in suburban
markets,” said Almeida. “We were able to
create tremendous competition among qualified buyers to acquire this asset.”
Located at the intersection of Route 67 and Route 188 in
Southbury, CT, Southford Center is comprised of seven retail storefronts and
four apartment units for a total of 14,000 rentable square feet. The property
was built in 1988 and is situated on 4.60 acres of B-1B zoned land.
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| Bradley Balletto |
The seller, Southport Holdings LLC of Trumbull, CT, sold the
asset as a shift in strategy towards private real estate lending.
The buyer, a private
investor from Oxford, CT, was sourced by Bradley Balletto, regional
manager of Northeast Private Client Group.
The buyer acquired the property at price equivalent to $132 per square
foot, a 9.0% capitalization rate on actual net operating income.
“This transaction clearly played to the strengths of our
platform,” said Edward Jordan, JD, CCIM, managing director of Northeast
Private Client Group.
“With offices
throughout the Northeastern U.S., we leveraged our relationships to source a
well-qualified buyer for this desirable mixed-use asset.”
For a complete copy of the company’s news release, please
contact:
Randy Savicky
Strategy+Communications
(203) 226-6156
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