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Wednesday, October 22, 2014

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Post Road West commercial building sold for $5.75 million

Updated 1:38 pm, Tuesday, January 28, 2014
  • This two-story retail building at 222 Post Road West has been sold to an out-of-state investment firm for $5.75 million. The property houses the Bel Mondo interior design and Pompanoosuc Mills furniture stores, plus five other tenants. Photo: Contributed Photo / Westport News
    This two-story retail building at 222 Post Road West has been sold to an out-of-state investment firm for $5.75 million. The property houses the Bel Mondo interior design and Pompanoosuc Mills furniture stores, plus five other tenants. Photo: Contributed Photo

 

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The Post Road West commercial building that houses the Bel Mondo interior design store and Pompanoosuc Mills furniture store has been sold to an out-of-state investment firm for $5.75 million.

Sale of the two-story property at 222 Post Road West was announced by HK Realty Group of Westport, which brokered the deal.

The 21,000-square-foot building is on 1.35 acres near Sylvan Road and had been owned by G&L 222 Post Road West Associates, according to town property records.

In a news release announcing the sale, HK did not identify the buyer, except to say it was not from Connecticut.

In addition to Bel Mondo and Pompanoosuc Mills, tenants include Around the Rosie, J. Pocker & Son, Capel Rugs, Artee Fabrics and The Dance Collective, the broker said in a news release.

The building was constructed in 1977 and 96 percent of its space was leased at the time of the sale, according to the release. G&L 222 Post Road West Associates acquired the property in 2009, town records show.

The sale price is slightly less than the property's 2012 appraised value, which town records list as $5.88 million.

HK said Westport retail properties recently have drawn the attention of out-of-state investors because of the town's upscale demographics.