Northeast Private Client Group Sells Old Saybrook, Conn. Retail Plaza for $2.2 Million

SHELTON, CONN., May 19, 2017 – Investment sales broker Northeast Private Client Group, with offices in Massachusetts, New York and Connecticut has announced the sale of the 6500-square-foot mixed-use property known as “The Starbucks Building” located at 15-19 Main Street in Old Saybrook, Conn. Bradley Balletto, regional manager in the firm’s Shelton, Conn. office, represented the seller and procured the buyer in the $2,200,000 transaction, which closed on May 15.

“We have a proven track record of matching our Southern New England clients with qualified buyers for commercial and multifamily properties,” said Balletto. “In this instance we worked exclusively for the owners of the property to manage a highly competitive process and identity the successful buyer for the asset.”

15-19 Main Street is a multi-tenant commercial property in a strategic position near the intersection of US-1 and Main Street in downtown Old Saybrook. Anchored by Starbucks and Ben & Jerry’s, the property is well-positioned for continued rent growth and appreciation.

The seller, Prospect Realty Partners, is an Old Saybrook-based investor. The buyer, New York-based Developers Consolidated Realty, purchased the property for a price that equates to approximately $320 per-square-foot, and a capitalization rate of 5.9%.

“Our tri-state team has a deep understanding of investment real estate with local expertise in regional submarkets from Boston to New York,” explained Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. “Our specialized knowledge and relationship-based approach provide unmatched results for our clients.”

About Northeast Private Client Group

Northeast Private Client Group is the leading mid-market investment sales firm in the region, and was recently named to the Inc5000 list of America’s fastest-growing private companies. With offices in New York, Connecticut and Massachusetts, the firm actively supports private investors looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year. To learn more, visit: www.northeastpcg.com.