Commercial Real Estate News
Acquisition & Disposition
D&D Realty Acquires 18,311 SF Building on 1.23 Acres in Fairfield, CT
Fairfield, CT – January 10, 2014 – Jon Angel, President of Angel Commercial L.L.C., a Southport-based commercial real estate brokerage firm, announces the sale of an 18,311 SF industrial building on 1.23 acres located at 386 Commerce Drive, Fairfield for a planned Hyundai dealership for $1.65M.
David Cartwright, dealer principal, explains, “Given the low-interest-rate environment, it made sense to acquire a property versus leasing long term. The Hyundai brand has been well received in Fairfield, and we are committed to servicing this market going forward.”
Hyundai Fairfield opened on Post Road in 2011. This car brand has been one of the fastest-growing within the automotive industry in recent years.
Cartwright further commented, “With the assistance of Angel Commercial we found a property in an ideal location, on Fairfield’s ‘Auto Row’. We wanted to be in close proximity to similar businesses for customer convenience. Our aim is to build our own dealership facility with the Hyundai prototype style for sales and service and expect to break ground in the not too distant future. Our involvement with Angel Commercial began when we were awarded the new Hyundai sales point in 2010. In a very efficient manner, they were able to provide us with an appropriate solution to house our business and get us operational quickly.”
Over the past 10 years, Commerce Drive has been redeveloped and is now the destination for automobile dealerships including Audi, Porsche, Infiniti, and Mercedes. Other developments on the street include the recent completion of a six-story, 127,000 SF self-storage building as well as a planned state-of-the-art medical center in the former Syms retail clothing store.
Angel states, “The addition of another automotive dealership on Commerce Drive will strengthen the street as a destination automobile retail hub, continuing to make it attractive for additional dealerships in the future.”