Kowalsky Family Sells 90,000 SF Trophy Retail Asset to National Real Estate Investment Trust for $54.25M in Westport, CT
The Village Center, 605 – 645 Post Road East, Westport, CT
WESTPORT, CT – OCTOBER 25, 2013 – The Kowalsky family of Westport sells family owned, built and managed retail property, The Village Center, located at 605 – 645 Post Road East, Westport, CT. to Equity One, Inc. (NYSE: EQY) for $54,250,000.
The Village Center is a 90,000 SF neighborhood retail center comprising of four separate buildings situated on approximately 7.55 acres along both sides of the Post Road East.
As one of Westport’s predominant families and longtime land owners, the Kowalsky family broke ground in 1969 to develop the site for Grand Union. Completed in 1974, the four building retail complex has become a prime shopping destination and is currently anchored by The Fresh Market, a national specialty grocer, and additional local and national tenants including Dunkin Donuts, Little Gym, The UPS Store, KOKO Fit Club and SweetFrog.
Jon Angel, President, and Brett Sherman, CCIM, Senior Vice President, of Angel Commercial L.L.C., a Southport based commercial real estate brokerage firm, represented the seller in the marketing and disposition of the property and Scott Gerard Esquire, Murtha Cullina L.L.P. was the corporate counsel representing the seller in the transaction.
“There is a high demand for irreplaceable properties such as this since the current zoning codes prevent new construction exceeding 10,000 SF in any one building. Furthermore, there is a strong and competitive audience to acquire cash flowing assets in proven retail markets. The demographic profile of the area created the opportunity to produce a reliable income with long term growth”, states Angel.
Sherman, who has also been the leasing agent for the complex since 2008, comments, “The procurement of quality tenants for the retail center has increased the property’s value, making this a desirable acquisition which attracted a tremendous amount of interest from both local and national buyers”.
The acquisition of The Village Center by Equity One, Inc. compliments their existing Westport assets and adds to their $1 billion Northeast portfolio, which includes five retail centers located within Fairfield County.