Village Square on Main Street sold for $14.1 million
Village Square on Main Street has been sold to Acadia Realty Limited Partnership for $14,138,000, the second major commercial real estate transaction in Westport in recent weeks.
Tenants for the property at 181 Main St. include: TD Bank, which leases 7,600 square feet; home furnishings company House of Clement in 3,750 square feet; Charter Realty, a real estate firm focused on shopping centers, which rents 1,500 square feet and Westport Physical Therapy in 2,000 square feet.
Village Square, with a total of 14,850 square feet of retail space in three buildings, was developed in 1996 by the Marsilio Group LLC of Westport, according to a release. Ronald S. Marsilio has been managing member since its inception. The Fraioli Family Partnership in 2005 bought an interest in Village Square of Westport Development LLC.
Acadia, an owner of commercial properties from White Plains, N.Y., earlier this year sold a 27,000-square-foot building at 125 Main St. and were interested in acquiring another downtown Westport property.
Brokers involved in this transaction were Ted Hampe and Mark Holod of John D. Hastings, representing Village Square; and Penny Wickey of Saugatuck Commercial, who advised Acadia, the release states. Howard Komisar of Berkowitz, Trager & Trager, provided legal assistance to the seller for the closing.
In November, it was announced that Forstone Capital of Darien and CapRok Real Estate of Rye, N.Y., bought a Post Road property with two retail buildings for $18.25 million from 157 Easton Road LLC. The 3.47-acre parcel at 1365-1391 Post Road East is home to women's clothing store Anthropologie and ParcMonceau, a French antiques dealer, in one building, and Balducci's Market in the other.