News: Connecticut
Posted: October 21, 2016
Northeast Private Client Group sells 18,000 s/f retail property - $1.5 million
40-50 Main Street - East Hartford, CTEast Hartford, CT Investment sales broker Northeast Private Client Group completed the 18,000 s/f retail property located at 40-50 Main St. Edward Jordan, JD, CCIM, the firm’s managing director and Taylor Perun, senior associate in the Hartford/Springfield market, represented the seller, while Bradley Balletto, regional manager in the firm’s Shelton, Conn. office sourced the buyer in the $1.5 million transaction.
Edward Jordan, Northeast Private Client Group
Taylor Perun, Northeast Private Client Group
Bradley Balletto, Northeast Private Client Group
40-50 Main St. is currently occupied by a mix of local and non-credit tenants on net and modified gross leases. The property is well positioned for a value-added investor to reposition as appropriate.
The seller, Bidwell Industries, is a Connecticut-based real estate developer. The buyer, a private Connecticut-based real estate investor, purchased the property for a price that equates to approximately $85 per s/f, and a capitalization rate of 9.6%.
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