For Immediate Release
Fairfield, CT (May 10, 2012) – Steven Bardsley and David Gavin of CBRE’s New York Institutional Group represented the United States Postal Service (“USPS”) in the sale of 1262 Post Road, Fairfield, CT for $4.3 million. The team was also responsible for procuring the buyer,1262 Post Road, LLC, an affiliate of Westport Capital Partners, LLC.
1262 Post Road is a 10,150± SF single story building located on 1.14±acres in the heart of the downtown retail section of Fairfield, Connecticut, a sought after destination for both retailers and shoppers alike. With over 150 feet of frontage coupled with direct access to the Boston Post Road, the Property offers a superb re-development opportunity in one of the most desirable demographic areas of Fairfield County.
The sale of the Property, which was too large for the current Postal Service operations, is consistent with the USPS’s directive to monetize underutilized and surplus assets. The USPS will continue to operate on a short term basis at 1262 Post Road and then relocate to a more efficient space at 1300 Post Road on/or about September 1, 2012. The new location will provide full retail Postal services including moving existing PO boxes from 1262 Post Road to the new 1300 Post Road location.
Steve Bardsley, Senior Vice President at CBRE, commented, “1262 Post Road provides the new owner with a unique redevelopment opportunity in a very site-constrained downtown location. The extremely strong retail trade area and high retail rents should provide substantial upside for the purchaser as it seeks new tenants for the Property.”
Russel S. Bernard, Managing Principal of Westport Capital Partners, said, “This is a unique opportunity to acquire an iconic building in a community that values a downtown, pedestrian retail experience. We look forward to maintaining this as a premier property and shopping destination.”
About the CBRE New York Institutional Group
The CBRE New York Institutional Group (the “Group”) specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The Group services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last four years.
The New York Institutional Group has a number of attractive investment opportunities currently on the market including: Avon Marketplace, a 79,362 SF shopping center in Avon, CT; Garden State Corporate Center, a 232,169± SF 100% leased office asset in Bloomfield, NJ; 125 Main Street, a 27,033± SF high end retail property in downtown Westport, CT; Columbus Plaza, a 54,453± SF retail center in New Britain, CT; 135 East Main Street, a free-standing Taco Bell ground lease in New Britain, CT; Fairhaven Commons, a 212,000 SF Walmart anchored center in Fairhaven, MA; Fairbanks Plaza, a 145,000 SF retail center in Keene, NH; and Sunrise Business Center, a 389,490± SF office building in Great River, NY.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
About Westport Capital Partners LLC
Westport Capital Partners LLC is a real estate investment firm specializing in the opportunistic real estate arena. Westport provides domestic and international investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. The firm has offices in Los Angeles, CA and Wilton, CT.
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