Westport Retail Sells for $33.5M

CoStar – August 29, 2012

David Adam, Acadia Realty Sell Main Street Bldg

The retail building at 125 Main St. in Westport, CT sold for $33.5 million, or about $1,241 per square foot, to a private investor.

The seller, a joint venture between David Adam Realty, Inc. and Acadia Realty, purchased the building in late 2007 and then fully renovated and repositioned it in 2010/11 with tenants including a three-level GAP store and two-level Brooks Brothers Womens.

Located in Fairfield County, the 30,000-square-foot property is in a prime retail location with credit tenants. The area is home to many national retailers such as Tiffany & Co., William Sonoma, Restoration Hardware and Urban Outfitters.

Matthew Keefe, president, and David Lindland, vice president for HK Group represented the joint venture seller. David Waldman, president of David Adam Realty, Inc. represented the buyer and has been retained to perform all future brokerage and management responsibilities for the new owner.

http://gateway.costar.com/Reports/OneClick.aspx?rpt=NewsArticle&ArtID=CDB52CDCB057D8712419B9306D0E20F6

Share:
[del.icio.us] [Digg] [Facebook] [StumbleUpon] [Technorati] [Twitter]

Comings & Goings: Jonathan Adler to Main St.

westportnow.com – August 24, 2012

 

Designer Jonathan Adler will open at 166 Main St. in space formerly occupied by Achorn’s Phrmacy, which has moved to Playhouse Square. Adler has 20 stores throughout the country and one in London. This will be his second store in Connecticut, the first Greenwich. HK Group and The Dartmouth Company were co-brokers for the 2,162–square foot retail space. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

http://www.westportnow.com/index.php?/v2_5/comments/comings_goings_johnathan_adler_to_main_st/

Share:
[del.icio.us] [Digg] [Facebook] [StumbleUpon] [Technorati] [Twitter]

Home Decorator Finds New Home In Westport

The Commercial Record – August 27, 2012

Home décor designer Jonathan Adler has signed on to lease 2,162 square feet of retail space at 166 Main St. in Westport, space formerly occupied by Achorns Pharmacy.

Adler operates 20 locations nationwide and one in London. The Westport store will be his second in Connecticut, following a prior opening in Greenwich, according to a statement.

The landlord was represented by Mal Jacobson, executive vice president of the Westport-based HK Group. Adler was represented by Fritz Kemerling of the Dartmouth Co., which has an office in Greenwich.

 http://www.commercialrecord.com/news151602.html?Type=search

 

Share:
[del.icio.us] [Digg] [Facebook] [StumbleUpon] [Technorati] [Twitter]

Jonathan Adler has designs on Main Street store

Westport News – August 25, 2012

Three months after Achorn’s Pharmacy left its longtime storefront on Main Street, the property has a prescription to remedy that vacancy.

Noted designer Jonathan Adler has signed a lease to open a new store in an approximately 2,200-square-foot space at 166 Main St. Adler has 20 stores around the nation, including outlets in Manhattan, Chicago, Miami and Los Angeles. The Westport outlet will be Adler’s second store in Connecticut, joining its showroom on Greenwich Avenue in Greenwich.

The Adler stores’ merchandise includes pottery, pillows and throws, furniture, rugs, lighting, bedding and bath items and bags and accessories.

“This is something Main Street doesn’t have — a high-class interior decorator with his type of furniture and fixtures,” said HK Group Executive Vice President Mal Jacobson, who represented 166 Main St.’s owner during leasing negotiations. “I think it’s going to be a great help to Main Street.”

The Dartmouth Company‘s Fritz Kemerling co-brokered Jonathan Adler’s lease with Jacobson.

The Main Street Jonathan Adler store is expected to open in late September or early October at the earliest, Jacobson added.

After decades on Main Street, Achorn’s Pharmacy relocated in June to a new storefront in the Playhouse Square shopping center on Post Road East. Earlier this year, Harvey’s Liquor Locker, another longstanding independent business on Main Street moved to the Compo Shopping Center on Post Road East.

The flight of independent retailers from downtown Westport’s main thoroughfare is driven by their inability to afford the rents for prime retail spots in the town center.

http://www.westport-news.com/default/article/Jonathan-Adler-has-designs-on-Main-Street-store-3815189.php

 

Share:
[del.icio.us] [Digg] [Facebook] [StumbleUpon] [Technorati] [Twitter]

HK Group and The Dartmouth Company Combine on Main Street in Westport Retail Lease

HK Group and The Dartmouth Company has co-brokered Jonathan Adler for the 2,162 SF retail space at 166 Main Street in Westport.  This space was previously occupied by Achorns Pharmacy.

Jonathan Adler, is an iconic designer, known throughout the world for his bright, fun and inspiring home decor.  Adler has 20 stores throughout the country and one location in London.  This will be his second store in Connecticut, the first being in Greenwich.

The Landlord was represented by Mal Jacobson, Executive Vice President of the HK Group of Westport, CT.

The Tenant was represented by Fritz Kemerling of the Dartmouth Company with offices in Greenwich, New York City, Boston, Albany, NY and Paramus, NJ.

HK Group is a full service commercial real estate firm started in 1988.  It has grown steadily from a local Westport business to one which today encompasses an operating area of New York, Connecticut and New Jersey. 

The Dartmouth Company is a full service commercial real estate firm specializing in the leasing and sale of retail properties throughout New England and the Tri-State area.

 

Share:
[del.icio.us] [Digg] [Facebook] [StumbleUpon] [Technorati] [Twitter]

David Adam Realty, Inc. and HK Group Secure Buyer

125 Main Street, tenanted by GAP, Brooks Brothers Women and Fringe 125 Salon, was sold to Campana 125, LLC for $33.5 MM.  HK Group’s Matthew Keefe, President, and David Lindland, Vice President, represented the joint venture seller in the transaction.

Mr. Waldman, President of David Adam Realty, represented the buyer in this transaction.  Mr. Waldman’s firm has also been retained to perform all future brokerage and management responsibilities for the new owner.

The Joint Venture Partnership purchased the building in late 2007.  Mr. Waldman said, “My partners and I are very pleased with the overall architectural and economic outcome of the transaction, especially considering the economic climate following our acquisition.  In the end, we created one of the best retail buildings in the heart of downtown shopping district..”  The building was fully renovated and repositioned by the partnership in 2010/11 to house the new 3 level GAP store and two level Brooks Brothers Women’s.

This building has everything a savvy investor would desire – a prime location and good credit national tenants,” said Matthew Keefe. Westport is one of Fairfield County’s wealthiest suburbs and is home to many national retailers, including Tiffany & Co., William Sonoma, Restoration Hardware, Urban Outfitters, Lulu Lemon, Theory, Calypso, Patagonia, Nike, Jack Wills, J Crew, and Westport’s newest main street retailer – Allen Edmond. 

HK Group is a full service commercial real estate firm started in 1988.  It has grown steadily from a local Westport business to one which today encompasses an operating area of New York, Connecticut and New Jersey.  For more information please visit their web site at www.hkgrp.com.

David Adam Realty Inc. has been providing brokerage, development and property management services in Fairfield County since 1991.  For more information please visit their web site at www.davidadamrealty.com

Share:
[del.icio.us] [Digg] [Facebook] [StumbleUpon] [Technorati] [Twitter]

HK Group Brokers Deal at 191 Post Road West, Westport, CT

A 50% joint venture interest in 191 Post Road West, a brick, two-story Class A office building, was sold for an undisclosed amount by an affiliate of Paragon Realty Group LLC of Westport, CT to an affiliate of Investment Capital Partners of Southport, CT.  The building is fully tenanted.  HK Group’s Matthew F. Keefe, President, was the sole broker on this transaction.

191 Post Road West is located on the west side of Westport where there is a concentration of prominent Class A office buildings.  Tenants in this area range from financial firms to health care providers.  Accessibility to I-95 and the train station as well as the co-tenancy in the area make this a desirable location to work in Westport.

HK Group is a full service commercial real estate firm started in 1988. It has grown steadily from a local Westport business to one which today encompasses an operating area of New York, Connecticut and New Jersey. The firm follows client led transactions into other states. It has expanded its vision from local leasing to larger and more sophisticated leasing transactions, investment sale transactions, national client retail leasing, and consulting and brokerage services for the health care industry.  

 

Share:
[del.icio.us] [Digg] [Facebook] [StumbleUpon] [Technorati] [Twitter]

HK Group Brokers Sale of Wilton Shopping Center to Kimco Realty

David P. Lindland and Matthew F. Keefe of HK Group were the sole brokers for the sale of the Stop & Shop anchored retail shopping center in Wilton, Connecticut known as the Wilton Shopping Center.  David Lindland said, “This is the heart of Wilton’s retail life.  It is the highest quality center in an irreplaceable location and represents the best retail in Fairfield County and is the type of real estate that the Kleban’s own and that Kimco Realty is attracted to”.

The shopping center is part of a larger complex known as Wilton River Park. The property was developed over the last 27 years by a group led by Albert J. Kleban and Stephen Saft. Kimco purchased the 97,000-square-foot grocery-anchored center, located in upscale Fairfield County, for $39.7 million, including $20.9 million of mortgage debt.

Wilton River Park is 98 percent occupied with a 47,000-square-foot Stop & Shop, the dominant supermarket serving the community. The grocer is flanked on both sides by a diverse mix of more than 20 specialty shops and several restaurants.

Wilton River Park is located at 5 River Road in the heart of Wilton, which is part of Lower Fairfield County – a region also known as Connecticut’s “Gold Coast” for its affluent population and proximity to both New York City and the Long Island Sound. The shopping center is well-situated within this community as illustrated by a median household income of more than $171,000 within a three-mile radius surrounding the property. With this acquisition, Kimco now owns 70 centers in the New York metropolitan area.

Albert J.Kleban said that he is pleased to have concluded a deal with Kimco, a premier REIT, and has been rewarded with the sale after 27 years of development efforts. He and Stephen Saft will continue to own and manage the adjacent Wilton Executive Campus which consists of a large office complex, a multiplex theater and national and local tenants. Mssrs. Kleban and Saft look forward to a continuing relationship with Kimco as neighbors.

Share:
[del.icio.us] [Digg] [Facebook] [StumbleUpon] [Technorati] [Twitter]
Listings » Investment Sales » Retail & Office Leasings » Healthcare » Restaurants »