CBRE Closes Sale of 51 KSF Retail Asset in CT
- Jan 26, 2018
CapFor Westport LLC, an entity managed by Forstone Capital, has sold 1365 Post Road E, a grocery-anchored retail property in Westport, Conn. CBRE represented the seller and procured the buyer.
The 50,795-square-foot asset is located on Route 1, along the main retail corridor connecting Westport to Fairfield, within a seven-minute ride away from both town centers. The site is exposed to an average of 22,100 cars per day.
Currently 95 percent leased, the asset is anchored by Balducci’s, while Ulta is in the process of settling in and expected to open in March. Other tenants include Tusk Home, W Hair & Color, Zaniac and Awareness Technologies, together ensuring an average remaining lease term of more than nine years.
CBRE National Retail Partners’ Jeffrey Dunne, David Gavin and Travis Langer worked on behalf of the buyer.
“(The property) provided a rare opportunity to purchase a grocery-anchored center in the highly site-constrained and prestigious Westport market. We expect the purchaser will fare well with the acquisition due to its strong rent roll, easily accessible Route 1 location and surrounding demographics that support high sales volumes,” said Dunne, in prepared remarks.
Image via Google Street View