Norwalk building sells for $1.3 million

As seen in The Hour.

NORWALK –Investment sales broker Northeast Private Client Group announced this week the sale of 115 Main Street, a mixed-use commercial property in Norwalk. The sale reinforces heightened interest in this asset type among area investors, officials from Northeast Private Client Group said.

Bradley Balletto, the firm’s regional manager for Southern Connecticut, represented both the seller and the buyer in the $1,275,000 transaction, which closed on Aug. 16. The property comprises nine apartments and three commercial tenants including Café Turnier.

“High occupancy and growing rents in lower Fairfield County are driving strong demand for mixed-use properties,” Balletto said in a release. “Income-producing real estate is still the best vehicle for generating and preserving wealth.”

The seller, G & W Holdings, of Bridgeport, purchased the property in 1995 and owns and manages multifamily and commercial buildings in Fairfield County. The buyer, a family trust based in Westport, purchased the property for a price that equates to $120 per square foot.

“It’s good to see the investment sales market firming up,” Edward Jordan, the firm’s managing director, said. “We have more than two dozen deals under contract in Connecticut presently. Growing rents give investors the confidence to move forward on acquisitions, and the increased competition for these assets benefits our sellers as well.”