Commercial Real Estate News
Trumbull Office Building Sells to Investor for Over $1.9 Million
TRUMBULL, CT – JANUARY 13, 2023: Commercial real estate firm Angel Commercial, LLC announces Turkey Point Properties, LLC has purchased an 18,000 SF office building on 1.03 acres at 4154 Madison Avenue in Trumbull, Connecticut, for $1,937,500.
Eva Kornreich, Vice President with Angel Commercial, LLC, represented the seller in this transaction, and Keller Williams represented the buyer. “The property is primarily occupied by allied health professionals and has been well maintained by the seller; however, it has a 35% vacancy rate,” according to Kornreich. “It is notable that based on the current net operating income the cap rate for this deal was 4.4%, representing a low-risk, high-value property which is most likely a reflection of the property’s excellent location.” It is adjacent to the Trumbull Westfair Shopping Mall, which sold last month for $196 million, with proximity to the Merritt Parkway and Sacred Heart University. On the other side of the mall, a 260-unit luxury apartment complex marketed to young professionals and empty nesters is under construction.
Based in Southport, CT, Angel Commercial, LLC is an award-winning, full-service commercial real estate brokerage firm specializing in the acquisition, disposition, and leasing of office, industrial, retail, multifamily, development, and investment properties on a local and national level. Visit Angel Commercial, LLC on the web at www.angelcommercial.com.