Commercial Real Estate News
Former Patrick Baker & Sons Store in Fairfield Sells for $1.2 Million
FAIRFIELD, CT – May 22, 2010 – Jon Angel, President of Angel Commercial L.L.C. in Fairfield, Connecticut, announced today that the property located at 72 Chambers Street in Fairfield, Connecticut, has sold for $1,200,000 equating to $164.29 per square foot. Since 1987, Patrick Baker & Sons operated a branch store that supplied religious items at this .36 acre site. They purchased the building in 1994 for $700,000.
“Phoenix Audio Video will fully renovate and occupy the 7,304 square foot two-story building which they will use for a showroom and warehouse,” reports Angel, who represented the buyer in this transaction. “This was a smart move for Phoenix Audio Video,” states Angel. “Their timing was excellent since interest rates have remained low and the acquisition allowed the purchaser to lower their occupancy costs.”
With financing provided by Fairfield County Bank, Phoenix Audio Video was able to move from leasing space at a multi-tenanted facility nearby to owning a facility that will satisfy their business space needs. “We are thrilled to be property owners in beautiful Fairfield,” states Bob Dacundo, marketing and sales partner at Phoenix Audio Video. “Our new location will allow us to grow our business by enhancing our demonstration and installation capabilities. We look forward to welcoming our new and existing clients to this great location.” With direct access to Interstate 95 at Exit 24, the property is conveniently located off the Post Road (Route 1).
Phoenix Audio Video designs, sells, and installs modern innovative home technology that provides seamless audio and video distributed throughout an entire home. For the past six years, they were previously located at 511 Commerce Drive in Fairfield, Connecticut.