Northeast Private Client Group Sells New Haven, Conn. Landmark Building for $6.4 Million

SHELTON, CONN., April 3, 2017 – Investment sales broker Northeast Private Client Group, with offices in New York, Connecticut and Massachusetts, has announced the sale of the 40,000-square-foot commercial property known as “Exchange Place” located at 123-127 Church Street in New Haven, Conn. Edward Jordan, JD, CCIM, the firm’s managing director, and Bradley Balletto, regional manager in the firm’s Connecticut office, exclusively represented the seller and procured the buyer in the $6,400,000 transaction, which closed on March 29.

“We have a proven track record of matching our clients with qualified buyers for commercial and multifamily properties,” said Jordan. “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.”

The Exchange Place property, located on the corner of Chapel and Church Streets on the New Haven Green, was built by William Jekiel Forbes in 1832. It is a fine example of Greek Revival architecture and was fully renovated in 2003. The seller, Connecticut based 123-127 Church Street Associates LLC, purchased the property in 2013 shortly after its primary tenant The Annie E. Casey Foundation ceased activities. He subsequently signed a lease for the upper floors with a rapidly growing technology company, and signed a new net-lease for the ground floor retail space with a national credit pharmacy. The property was offered for sale 100-percent leased, professionally managed and maintained, and well-positioned in one of New England’s most dynamic submarkets.

The buyer, Boston-based New England Investment Partners, purchased the property for a price that equates to approximately $160 per-square-foot, and a capitalization rate of 6.9-percent.

“Our team has a deep understanding of investment real estate with local expertise in regional submarkets from New York to Boston,” explained Bradley Balletto. “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.