A 25,000-square-foot, three-story office building in Connecticut sold for more than $5 million last month.
RHYS, a Stamford-based commercial real estate firm brokered the sale of 1 Eliot Place in Fairfield, Connecticut. Rockwest Real Estate Partners, a New York based real estate investment company bought the 1985 building for $5.075 million from FNL Enterprises Inc.
The deal closed in March and was completed by RHYS’ commercial brokers Alex Haendler, Ted Grogan and Greg Romano. The building’s largest tenant is currently one of Northwest Mutual Insurance Company’s best performing offices.
“One Eliot Place provided the buyer with a unique, risk-adjusted investment, bucking the trend of our tepid suburban office market,” Haendler said. “The property is a well-situated, multi-tenanted office building with great access to I-95 and the Post Road and will remain competitive due in part to its ample parking and superior location.”
According to RHYS research, the Fairfield office market boasts an approximate five percent vacancy rate, significantly lower than the overall Fairfield County office market. Additionally, the Fairfield office market has experienced 15 percent rent growth since 2015, due to the market’s high barrier to entry and limited supply.