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Deals & Dealmakers

CT office portfolio trades for $19M

CBRE announced the sale of three Westport, CT properties for a total value of $19.35 million.

The team of Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Richard Gatto, Fahri Ozturk and Travis Langer of CBRE’s Institutional Properties Group represented the seller, Leifer Properties in the disposition of two medical properties and a boutique office building.

The medical assets included the Willows Campus at 125-131 Kings Highway North, and 728 Post Road East, which CBRE procured the buyer, HB Nitkin. The boutique office building at 1465 Post Road East (pictured top) was sold to Greenhouse Offices and it was their first office purchase in Fairfield, County.

WILLOWS MEDICAL CAMPUS

The medical properties at approximately 89% leased, provide high-end medical suites to specialized medical practitioners including Yale University. 1465 Post Road East offers unique small tenant spaces, providing a very diverse mix of tenancy, significantly reducing rollover risk. The strength of the Westport office and medical markets, with only single digit vacancy, provides a ripe environment to continue to increase rents and secure tenancy.

All three parties structured their transactions as IRS Section 1031 tax deferred exchanges. Both Greenhouse and Nitkin pivoted from Florida while Leifer Properties pivoted to commercial properties located in Austin Texas, while still retaining other prominent holdings in Westport Connecticut.

CBRE’s Jeff Dunne said, “Westport’s impressive demographics, very tight real estate markets with both zoning and site constraints, provides a foundation for further market growth. These positive market dynamics bode well for both HB Nitkin and Greenhouse with their investment in Westport real estate.”

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