NORWALK, CT-GlobeSt.com has learned that the retail/office complex at 490 and 508 Westport Ave. here has changed hands. An affiliate of Paragon Realty Group LLC of Westport purchased the property located near the Norwalk/Westport border that totals 58,193 sf from an undisclosed buyer. No purchase price was reported.
Commenting on the deal, John Nelson, managing member of Paragon Realty Group LLC, says, “We were delighted to be able to acquire such an important and prominent property in this exclusive market. This complements our existing portfolio and augments our commitment to our local market.”
The 490 Westport Ave. property, which totals 47,530 sf, is fully leased to Ski Market and the Fitness and Tennis Club. The 10,663-sf 508 Westport Ave. property is occupied by six office tenants with some space available for lease, Paragon officials say.
The deal expands Paragon's presence in the area. The company already owns 191 and 276 Post Rd. W. and 301 Riverside Ave., which combined total approximately 80,000 sf of office space. The firm's portfolio in the area also includes 299 Riverside Ave., a 5,406-sf retail property in Westport.
The company states that it will be overseeing management and leasing of its newly acquired properties. The firm and its affiliates currently own more than two million sf of investment real estate. Other notable properties in the area include: 6515 Main St. in Trumbull, a 24,900-sf retail/office building, 420 Winstead Rd. in Torrington, which will be redeveloped into 231,000 sf of new retail space that will include a Big Y supermarket, Loews, Radio Shack and other retailers.
Paragon's portfolio also includes Samsondale Plaza in West Haverstraw, NY. The Rockland County property features a 140,000-sf shopping center and a 32,500-sf professional office building.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
