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Post Road East shopping center sold for $3.45M

Published 6:04 am, Thursday, May 2, 2013
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The $3.45 million purchase of a Westport shopping center has left one of its longtime tenants giddy about the deal.

Scott Hardy, owner of the Boat Locker at the complex at 1529 Post Road East welcomes the acquisition of the 7,680-square-foot retail center by Post Maple LLC.

"I'm overjoyed to have a local landlord who will take care of the property and address the needs of the tenant," said Hardy, who has been a tenant for 20 years.

Other tenants include Maple Cleaners, Dunkin' Donuts, Sun Reflexology and Top Drawer. The complex, formerly owned by Joseph Rothman Westport LLC, is fully occupied and had been owned by the seller for 45 years.

A spokesman for Post Maple was unavailable for comment, but Jon Angel, president of Angel Commercial in Fairfield represented both the buyer and seller and said the property is located at a signalized intersection in a "much sought-after area on the Post Road and Maple Avenue North."

"The center attracted multiple buyers despite not being offered on the open market," he said. "It attracted a long list of qualified buyers on an unsolicited basis due to its prime corner location, with traffic lights. Developers and national retailers seek out locations in areas with a high traffic count."

There are no plans to change anything at the 2.1-acre site, other than a general clean-up of the property, said Angel, whose brokerage firm focuses on office, industrial, multi-family and retail properties.

The retail center needs some improvements, said Lisa Parrelli Gray, president of the Westport-Weston Chamber of Commerce, as a way to lure customers.

"It's a little tired, and it definitely could use a sprucing up. You need to make it as attractive as possible to draw shoppers. It's a partnership between tenants and landlords," Gray said, commenting that the retail center is a destination for area residents. "The Boat Locker and Top Drawer are staples in town."