CBRE brokers sale of CT portfolio for $54m.

Jeffrey R. Dunne and Steven P. Bardsley of CB Richard Ellis' New York Tri-State Investment Team recently represented Riverside Investors, LLC, a partnership between Lexham Private Investors, LLC and Normandy Realty Partners LLC in the sale of the Riverside Portfolio in Westport, CT for $54.15 million or $371.45 PSF. Mr. Dunne and Mr. Bardsley were also responsible for procuring the buyer, Investcorp International, Inc.

The Riverside Portfolio is comprised of three subdivided properties with seven Class A buildings (total of 145,782 s/f) located directly on the waterfront of the Saugatuck River.

The 285 Riverside asset, the largest of the buildings at 54,756 s/f, was substantially renovated in 2003-2004 during its conversion from a single tenant facility to its current multi-tenant state.

321-329 Riverside Avenue consists of five independent two-story buildings (10,000 [+ or -] s/f each). Leased to a total of five tenants, these five clustered buildings ideally accommodate the primary tenant demand (8,000 s/f-10,000 s/f) in Westport, affording building identity while benefiting from a corporate campus type setting.

355 Riverside Avenue is currently a single tenanted building of 41,336 s/f, leased to Allied Domecq as its U.S. headquarters.

Dunne commented, "The Riverside Portfolio acquisition provided a rare opportunity to acquire a substantial inventory of highly leased assets, without existing debt, in a supply-constrained market that is dominated by office properties between 30,000 s/f and 60,000 s/f."