Commercial Real Estate News
Acquisition & Disposition
Portion of PPG Portfolio Sells for Over $4 Million
BRIDGEPORT, CT & SPRINGFIELD, MA – JANUARY 10, 2018 – A portion of the Southern New England PPG Portfolio has sold for $4,085,000 announced Jon Angel, President of Angel Commercial, L.L.C., a commercial real estate firm based in Southport, CT. The two properties that sold were 1739 Main Street in Bridgeport, CT, for $2,835,000, and 752 Page Boulevard in Springfield, MA, for $1,250,000.
“The PPG portfolio originally consisted of six properties that were all tied to multi-year leases with an 8% cap rate,” states Angel, who was the sole broker in this transaction. “All of the leases within this portfolio were assumed by PPG Industries as a result of their purchase of Painter’s Supply in 2014. There are only two properties remaining.”
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. Visit Angel Commercial, L.L.C. on the web at www.angelcommercial.com.