Northeast Private Client Group® Sells $16.5 Million in Multifamily and Mixed-Use Properties

–Leading mid-market investment sales firm represents the seller and procures buyer in four separate transactions–

Shelton, CT (November 10, 2021) – The Metro-North Investment Sales Team consisting of Brad Balletto, Rich Edwards, Jeff Wright, Bob Paterno, and John Lockhart, recently closed on three (3) mixed-use and one (1) multifamily property in Connecticut.

 

Big Shop Mixed-Use consists of two (2) 100% leased mixed-use buildings located in the heart of Ridgefield Center in Connecticut. The 8,989 square foot property located at 1-7 Big Shop Lane sold for a price of $4,750,000, which equates to $528.42 per square foot and a cap rate of 7.33%. This property has 10-commercial suites and four (4) residential units.  “We are very happy to have represented our client, a major owner in Ridgefield,” said Brad Balletto, VP of Investment Sales. “Ridgefield has been repeatedly described by Connecticut Magazine as ‘Connecticut’s #1 Town’, and the Big Shop Mixed-Use property was ideally located within its bustling center.”

 

Boston Post Road Mixed-Use is a 70,506 square foot mixed-use building subject to a 75-year ground lease located at 670-680 Boston Post Road in Milford, Connecticut. This property sold for $6,050,000, equating to a price of $85.81 per square foot and a cap rate of 7.18%. This 2000 construction building consists of 10 first-floor commercial suites and 32 residential apartments. “Due to the fact that a leasehold interest was being sold, the transaction was a bit more complex. Both seller and buyer worked diligently to get this to the finish line. Congrats to them both,” said Balletto.

 

Branford Theatre Building, located at 17-29 South Main Street in Branford, Connecticut, sold for $4,700,000. This 33,614 square foot mixed-use building sold for $139.82 per square foot with a cap rate of 6.08%. The property consists of 20 residential units and nine (9) commercial spaces. “We have seen a real demand for ‘Downtown Suburban’ apartment and retail properties recently,” said Jeff Wright, Senior Associate. “Many renters choose to live in towns like Branford that offer them convenient access to shops and restaurants while remaining easily accessible to transportation and nearby cities.

 

Greenview Estates is a 16-unit condo portfolio located at 10 Agney Avenue in Terryville, Connecticut, sold for $1,080,000, which equates to $67,500 per unit and a cap rate of 6.64%. The transaction included 16 of 18 of the total units in the complex. “This transaction was executed on behalf of two long-standing clients,” said Bob Paterno, Investment Associate. “We sincerely appreciate the trust that they have put in us to help them grow and reposition their portfolios.”

 

Northeast Private Client Group® specializes in mixed-use, retail, and multifamily real estate, exclusively representing investors, property owners, and professional real estate investors. To date, more than 1000 successful transactions have been completed totaling over $3 billion in value within local submarkets around the Northeast and Southeast regions of the United States.