Northeast Private Client Group® Sells Four Mixed-Use Properties in Connecticut

–Leading mid-market investment sales firm represents the seller and procures buyer in four separate transactions in New Haven and Fairfield County, Connecticut–

 

Shelton, CT (September 17, 2021) – Northeast Private Client Group’s ® (NEPCG) Metro-North Investment Sales Team has announced the sale of three mixed-use properties in Connecticut. These sales totaled $17,262,500.

 

City Place Apartments, located at 10-16 Washington Street in New Britain, Connecticut, sold for $4,150,000. This equates to a price of $74,107 per unit and a cap rate of 7.35%. This mixed-use building is made up of 53 residential units, two (2) ground-floor retail suites, and a free-standing restaurant. Part of a qualified opportunity zone, this building is conveniently located downtown and is surrounded by shops, restaurants, and public amenities. “I am very bullish on New Britain. It has an attractive walkable core with new conversions and ground-up developments happening, great access to transit, and the Energy and Innovation Park Project will bring new technology, logistics, and manufacturing jobs to the city.” -Brad Balletto, VP of Investments

 

Downtown Wallingford Mixed-Use sold for $2,162,500. The mixed-use building is located at 319-343 North Colony Road in Wallingford, Connecticut. This 16,520 square foot building sold for $130.90 per square foot and had a cap rate of 7.60%. The property is made up of 12 residential units and seven (7) commercial suites. Additionally, it has an excellent spread of commercial tenants ranging from retail, restaurant, and medical offices. “This well-maintained property offers a diverse tenant mix with tremendous upside potential for the all-cash out of state buyer.” -Bob Paterno, Investment Associate

 

Southford Plaza is located at 1481 Southford Road in Southbury, Connecticut, and sold for a price of $1,950,000. The 17,472 square foot building sold for $112 per unit with a cap rate of 7.58%. This property is located on 4.60 acres of B-1B zoned land. The property is comprised of seven (7) commercial suites and four (4) two-bedroom residential units. The property presents a rare stabilized mixed-use investment opportunity in a well-established suburb. “This opportunity presented the CT based buyer a high cash-flowing investment in a tremendous suburban market with strong demographics.” -Bob Paterno, Investment Associate

 

“We believe the Downtown Wallingford Mixed-use and Southford plaza represent the growing demand for stabilized mixed-use and retail properties offering higher returns as the traditional multifamily markets become increasingly competitive.” -Bob Paterno, Investment Associate

 

100 Lansdale Mixed-Use located at 100 Lansdale Avenue in Milford, Connecticut sold for a price of $9,000,000. This 43,634 square foot mixed-use building sold for a price of $206.26 per square foot and a cap rate of 6.76%. Originally constructed in 1991, the property was fully renovated in 2015 to class A finishes. The property maintains excellent commercial and residential occupancy. The commercial portion of the property is approximately 21,359 square feet and is currently broken into 10 separate commercial suites. The residential portion of the property is approximately 21,799 square feet and is made up of 21 one-bed/one-bath units and two-bed/one-bath units. “This was a seamless transaction between Real Estate Veterans that closed in under 40 days from execution of the contract. The buyer purchased an exceptionally well-located and well-maintained asset, and the sellers will reinvest the proceeds in their core business in other product types. It was a win-win and a pleasure working with both sides.” -Brad Balletto, VP of Investments

Northeast Private Client Group® specializes in mid-market 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.

 

As seen on New Haven Business Journal