(skip this header)

Westport News

Thursday, October 23, 2014

westport-news.com Businesses

« Back to Article

Post Road retail property sold for $18.25M

Updated 11:01 am, Tuesday, November 13, 2012

nextprevious

  • This building at 1365 Post Road  E., home to women's clothing retailer Anthropologie and French antiques store ParcMonceau, and a second building next door, housing Balducci's Market on the same property at 1391 Post Road E., have been purchased by real estate investment firms Forstone Capital and CapRok Real Estate for $18.25 million. Photo: Contributed Photo
    This building at 1365 Post Road E., home to women's clothing retailer Anthropologie and French antiques store ParcMonceau, and a second building next door, housing Balducci's Market on the same property at 1391 Post Road E., have been purchased by real estate investment firms Forstone Capital and CapRok Real Estate for $18.25 million. Photo: Contributed Photo

 

Larger | Smaller
Email This
Font
Page 1 of 1

A Post Road retail property with two large retail buildings has been sold to two real estate investment firms for $18.25 million.

The 3.47-acre parcel was bought by Forstone Capital of Darien and CapRok Real Estate, a real estate subsidiary of Rye, N.Y.-based CapRok Capital, in a 50-50 partnership from 157 Easton Road LLC, according to a release.

One building houses women's clothing store Anthropologie and French antiques store ParcMonceau at 1365 Post Road East, while the other contains Balducci's Market at 1391 Post Road East, making for nearly 50,000 square feet of retail space. Both businesses have been tenants for nearly two decades.

The property, which also has three surface parking lots and covered garage parking, is appraised at $13,027,200 and assessed at $9,119,000, according to records kept by the town Assessor's Office.

More than 22,000 cars pass by the property with over 750 feet of frontage every day, the release states. "It's a property that exemplifies our ambition in the commercial real estate market and demonstrates our overall investment strategy," Brett Wilderman, principal of Forstone Capital, said in a statement. "We're looking forward to improving the property and having a positive impact on the Westport community."

Westport and the Fairfield County market have enjoyed strong performance over the past several years, said Michael Psyllos, managing partner at CapRok Real Estate.

"The acquisition of this asset underscores our company's commitment to identifying well-located real estate investment opportunities, where we, along with our partners, can add value," he said.

Bruce Wettenstein and David Fugitt, partners at Vidal/Wettenstein Commercial Real Estate in Westport, served as the sole agents in the transaction.

"This is an outstanding investment from a business standpoint and an irreplaceable piece of real estate," Fugitt said.

Shem Creek Capital of Wellesley, Mass., provided third-party debt financing, the release states.

Counsel for the seller was Jamie Gerard of Nevas, Capasse & Gerard of Westport, while the buyer's counsel was Howard Komisar of Berkowitz, Trager & Trager, also of Westport.