News: Retail
Posted: May 23, 2013
Rhatigan and Atherton of Atherton & Associates close on 3,680 s/f for $465,000
Richard Rhatigan and Bryan Atherton of Atherton & Associates closed on a mixed-use property located at 14-16 Broad St. The 3,680 s/f property is positioned in the heart of the Milford Green and was partially leased at the time of sale. Atherton & Associates has leased the remaining space in the building.
Both Rhatigan and Atherton used their local knowledge of the marketplace and their CCIM skill set in determining that the current lease in place was drastically undervaluing the building as an investment. In two years, when a new lease is able to be written and in effect, the performance of the building will increase by 100%.
Atherton & Associates represented both 14-16 Broad Street LLC and Hebert & Associates LLC in the $465,000 transaction.
The property is positioned in the heart of the Milford Green and was once occupied by the famous Hebert Jewelers. It is located three buildings down from the newest tenant to the Green, Colony Grill (slated to open by June,) whom Atherton and Rhatigan represented last year.
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