Commercial Real Estate News
Acquisition & Disposition
Angel Commercial, L.L.C. Brokers Two Deals for Westport Family for $10,800,000
Westport, CT – February 1, 2016 – Southport-based Angel Commercial, L.L.C., announces the sale of two properties owned by the Kowalsky family in Westport, CT, for a combined value of $10,800,000. Jon Angel, President, and Brett A. Sherman, CCIM, Senior Vice President, represented all parties in these transactions. Both properties sold in the last week of January 2016.
“The Kowalsky family was able to capitalize on buyers’ demand for quality real estate assets in high barrier to entry markets, such as Westport,” states Sherman. “Both buyers coincidently owned properties contiguous to the assets they purchased, further expanding their presence on the Post Road.”
The property at 1177 Post Road East in Westport was purchased by an LLC controlled by Investment Capital Holdings LLC for $6,800,000. The 42,624 square foot multi-tenanted office building was constructed in 1980 by the Kowalsky family. Investment Capital Holdings has an extensive portfolio of commercial properties.
The property at 1141 Post Road East was purchased by an LLC controlled by Coastal Construction Group for $4,000,000. The Kowalsky Brothers Construction Company had been headquartered at 1141 Post Road East for over 30 years. The 9,184 square foot commercial building was built in 1972 and is situated on approximately 5.4 acres of land. Coastal Construction Group, known for its new luxury home construction, plans to create a mixed-use development made up of retail and residential units. Angel Commercial has been retained to lease the retail component of the development.
In October 2013, Angel Commercial, L.L.C. represented the Kowalsky family in the sale of their retail property, The Village Center, located at 605-645 Post Road East, Westport, CT, for $54,250,000. “We have a very strong business relationship with the Kowalsky family,” states Sherman. “We appreciated the trust they have in us to dispose of their assets.”
Attorneys Scott Gerard and Kelly Trahan of law firm Murtha Cullina L.L.P. in Stamford were the corporate counsel representing the seller in both transactions.
Angel Commercial, L.L.C. is a full-service real estate brokerage firm headquartered in Fairfield County, Connecticut. The company specializes in the acquisition, disposition, and leasing of office, industrial, multifamily and retail properties on a local and national level.