News: Front Section

Westerberg of Marcus & Millichap closes
$19 million portfolio sale in Fairfield County

Greenwich, CT Marcus & Millichap has completed the sale of the Nolan Thomas Portfolio, a four-building, 47,256 s/f mixed-use portfolio. The properties sold for $19 million.

Stephen Westerberg of Marcus & Millichap’s Manhattan office, who represented the seller, said, “It was a complex transaction due to the large number of family owners being represented, each with varying tax and estate needs. We assisted the family in overcoming the challenges of divesting a century-old, multiple-family-owned asset. This unique offering generated a deep buying pool with multiple qualified offers to purchase the property. The buyer has acquired an irreplaceable property in one of the best and most desirable locations of greater Greenwich.”

“We are pleased to turn the property over to local business executives who are part of the Old Greenwich community and will be good stewards of the site in its next era,” the Thomas and Nolan families said in a joint statement.

The buildings are one block from the Metro-North Railroad station in Old Greenwich and easily accessible from I-95. There are 17 retail storefronts, 17 office suites, 10 apartments, and an 11,226 s/f, single-story warehouse. Tenants include a diverse range of local and national businesses, including retail stores, restaurants, and service providers.

MORE FROM Front Section

Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.

Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Five ways to ruin a  Section 1031  Like-Kind Exchange - by Bill Lopriore

Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore

While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul

How COVID-19 has impacted office leasing - by Noble Allen and John Sokul

To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.

Make PR pop by highlighting unique angles - by Stanley Hurwitz

Make PR pop by highlighting unique angles - by Stanley Hurwitz

Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Four tips for a smooth 1031 Exchange - by Bill Lopriore

Four tips for a smooth 1031 Exchange - by Bill Lopriore

Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.