CB Richard Ellis' Tri-State Investment Team brokered the sale on behalf of SSR Realty Advisors, which acted as an advisor to the owner, MetLife.
The properties that were sold--301 Riverside Ave., 191 Post Road West, 276 Post Road West and 500 Post Road East, were in the portfolio of MetLife's Tower Fund, a real estate investment fund that is managed by SSR Realty. The properties were sold via bid and attracted significant interest, including proposals by national real estate firms, REITS as well as other local investment firms, says Jeff Dunne, leader of CB Richard Ellis' Tri-State Investment Team. The portfolio includes one waterfront property, as well as a net-leased building, and is 98% occupied. Some of the tenants that occupy space at the properties include Tauck Tours, Terex, Triple Point Technologies and Indian Asset Management.
The buyer, which was also procured by CB Richard Ellis, was Westport 4 Real Estate LLC, which consists of local investors led by Mark A. Rubenstein, John A. Nelson and Robert N. Gibbons. Paragon Management Group, LLC of Southport, CT., has been retained to handle the day-to-day management of the properties for the new ownership.
"The Westport market is dominated by buildings in the 20,000-sf to 40,000-sf range, so this portfolio at approximately 120,000 sf drew substantial investor interest," Dunne relates. "We received almost 20 offers on the portfolio indicating the high level of interest the investment community has in the Westport market."
He adds that the investment sales market in the Westchester-Connecticut area remains strong. So far this year, CB Richard Ellis' Tri-State Investment Team has brokered the sale of 81 Main St., a 117,404-sf office building in White Plains, NY for $17 million; Plaza 25 Apartments (124 units) in White Plains for $18.1 million and 7 Century Drive, a 66,025-sf office building in Parsippany, N.J. for $6.625 million.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
