Northeast Private Client Group Sells Old Saybrook, CT Retail Plaza for $2.2 Million
Leading mid-market investment sales brokers off-market deal
SHELTON, CONN., May 17, 2017 – Investment sales broker Northeast Private Client Group, with offices in Massachusetts, New York and Connecticut has announced the sale of the 6500-square-foot mixed-use property known as “The Starbucks Building” located at 15-19 Main Street in Old Saybrook, Conn. Bradley Balletto, regional manager in the firm’s Shelton, Conn. office, represented the seller and procured the buyer in the $2,200,000 transaction, which closed on May 15.
“We have a proven track record of matching our southern New Englan clients with qualified buyers for commercial and multifamily properties,” said Balletto. “In this instance we worked exclusively for the owners of the property to manage a highly competitive process and identity the successful buyer for the asset.”
15-19 Main Street is a multi-tenant commercial property in a strategic position near the intersection of US-1 and Main Street in downtown Old Saybrook. Anchored by Starbucks and Ben & Jerry’s, the property is well-positioned for continued rent growth and appreciation.
The seller, Prospect Realty Partners, is am Old Saybrook-based investor. The buyer, New York-based Developers Consolidated Realty, purchased the property for a price that equates to approximately $320 per-square-foot, and a capitalization rate of 5.9%.
“Our tri-state team has a deep understanding of investment real estate with local expertise in regional submarkets from Boston to New York,” explained Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. “Our specialized knowledge and relationship-based approach provide unmatched results for our clients.”
Old Saybrook, Middlesex County, CT