Crate & Barrel property on Post Road East on the market for $35M
Updated 10:51 am, Wednesday, October 10, 2012
Crate & Barrel Shopping Center on Post Road East has been put on the market for $35 million, according to a release from Savills LLC, a real estate banking firm appointed "exclusive advisor for the sale."
Savills, a London-based company with its U.S. headquarters in New York City, would not disclose the owner's name.
The property is appraised at $13,760,300 and assessed at $9,632,60, according to records with the town Assessor's Office, which lists the property owner as 1200 Post Road East LLC.
The 57,524-square-foot building at 1200 Post Road East is anchored by international home goods and furnishings retailer Crate & Barrel and includes four "health and wellness-oriented" tenants.
Crate & Barrel accounts for over 64 percent of the property's gross leasable area and over 70 percent of total annual base rent, the release states. The property is 100 percent occupied and has no near-term lease expirations, with Crate & Barrel's lease extending through January 2024.
The property's selling points include being free of any debt or mortgage financing, its location along Post Road East, Interstate 95 and the Merritt Parkway and the town's prohibition on building any new structure over 10,000 square feet, the release states.