Post Road retail property sold for $18.25M
Updated 11:01 am, Tuesday, November 13, 2012
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.
"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.