Cordido of HK Group completes $1.645 million office building sale
Westport, CT – September 04, 2019: HK Group is pleased to announce that Ricardo E. Cordido, CCIM, Vice President of HK Group completed the $1.645 million sale of the office building located at 278 Post Road East in Westport CT.
The four-story building, comprised of 5,000 +/- SF is situated on a .57-acre lot that was fully renovated in 2005 and offers four floors of rentable space, plus a full basement. Each floor offers an open floor plan allowing for flexible uses. The property is within a short walking distance to downtown Westport shops, restaurants, banks and town amenities.
The property represented a unique opportunity to acquire a modern, high- visibility, freestanding premier property located in the heart of the Post Road East (US-1) in Westport, one of the most desirable communities in the United States.
The seller, represented by HK Group was Westport 278 Realty Group LLC and the buyer, represented by William Raveis, is a local accounting firm.
Matthew Keefe, President, and Franco Fellah, Executive VP at HK Group announce the sale of the Westfair Shopping Center, 1759 Post Road East, Westport, CT.
Westport, CT – September 3, 2019 - The two-building, 16,000 SF +/- shopping center was built in 1950 and sits on 1.1 acres of land zoned General Business District.
The center is a staple of the local community with tenants that have been there for the long term, including Cooper’s Auto Parts, 35+ years at Westfair, as well as Westfair Fish & Chips, the UPS Store and Westfair Shoe Repair.
The seller was KB Westfair, LLC and the buyer was Westfair Real Estate, LLC, an affiliate of John A. Nelson and Paragon Realty Group, LLC of Westport, CT.
The price was $4,350,000: HK Group was the only broker involved in the transaction.
HK Group announces Stamford software company to move to Fairfield
CT Post - Fairfield, CT. Stamford-based Q88 LLC is moving to Fairfield.
The software provider is moving its Connecticut headquarters from Stamford to 1501 Kings Highway East.
Q88 signed a long-term, multiyear lease for a 7,800-square-foot building near the Fairfield Metro Station, doubling its space in the process.
“The reason we are moving is to meet our future goals of expansion,” said a Q88 spokesperson. The company declined to comment any further on the transaction.
Q88 has been around since 2001, offering software solutions to clients in the global shipping industry. The company also has offices in London, Athens and Singapore, and caters to a client base of more than 11,000 users and 10,000 vessels.
According to a news release from Westport-based brokerage HK Group, the company chose the building due to its immediate proximity to public transit and its look.
“The building is fully reconstructed with the modern industrial look that many companies — modern and young companies — are looking for,” said Franco Fellah, executive vice president at HK Group, which represented landlord Powerscourt Westover LLC during the transaction.
Q88 will occupy the entire building.
Powerscourt bought the building in 2017 for $765,000 and renovated it. At the time, it was a 3,800-square-foot blighted building near the train station. Tom McLaughlin, owner of Powerscourt, transformed the vacant brick structure into a two-story modern, glass office building, about double the size of the original building.
The commercial real estate company owns the building at 1525 Kings Highway East and had been leasing the site next door since 2011 to use its 28-space parking lot.
Q88 is projected to move sometime during this summer; town officials said they are looking forward to the addition to the commercial base.
“We’re pleased anytime a new business moves into Fairfield,” said Mark Barnhart, director of economic development. “We’re certainly happy that Q88 stayed within Fairfield County and the region instead of moving out of state. We understand this is a competitive marketplace and we’re excited to have them apart of the Fairfield business community.”
Q88’s new headquarters is located in an area that has seen ongoing activity and interest from developers over the past couple years with the introduction of the Fairfield Trademark Apartments and more.
The second phase of the Fairfield Trademark construction has already begun even closer to the train station and is expected to bring a trove of apartments to the town.
“It’s really an emerging area and a very active local market,” Barnhart said.