Desirable strip center trades for $11m.In a transaction that speaks to the on-going desirability of strategically positioned assets in successful markets, 777 Connecticut Avenue, a retail strip center in Norwalk, CT, was recently sold to First Sterling Corporation for $11.4 million or $592.60 per s/f. CB Richard Ellis' Al Mirin mir·in n. A sweet Japanese rice wine used especially in cooking. [Japanese : Middle Chinese mei, flavor + Middle Chinese lan, , Tom Pajolek and Ned Burns represented the seller, 51 Richards LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an entity controlled by Stanley M. Seligson Properties in the transaction. Tom Torelli of Allied Property Group represented the buyer. Positioned on just over 1.5 acres just off exit 13 of 1-95, 777 Connecticut Avenue totals 19,240 s/f of space in the heart of one of Southwestern Connecticut's busiest retail corridors. It is fully leased to Pier One, FedEx Kinko's FedEx Kinko's is a chain of stores that provide printing, copying, and binding services. Many FedEx Kinko stores also provide video conferencing facilities. The primary clientele consists of small business and home office clients. and Cingular on long term commitments, providing a stable income stream to the new ownership. Retail neighbors along Connecticut Avenue include Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box , Best Buy, Kohl's, WalMart, Sports Authority Sports Authority is the USA's largest full line sporting goods retailer. The company is headquartered in Englewood, Colorado. It operates over 400 stores in 45 U.S. states under the Sports Authority name. Total sales for the fiscal year ending January 29 2005 were $2.44 billion. , Circuit City and Trader Joe's Trader Joe's is a privately held chain of specialty grocery stores headquartered in Monrovia, California. As of September 2007, Trader Joe's has a total of 284 stores.[1] . Costco is also directly behind 777 Connecticut Avenue and a Doubletree Hotel right next door, creating significant cross traffic for the center. A large residential population with excellent demographics surrounds the property. According to Mr. Mirin, who heads CB Richard Ellis' Fairfield Westchester Private Client Group, "Given its position and strong credit tenancy, 777 Connecticut Avenue truly has everything necessary for a successful retail location. "The Connecticut Avenue corridor just seems to get stronger every year, so new ownership should find the center an excellent investment over the long term." |
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