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| 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
