Prominent Mixed-Use Investment Property Sells For $3.8M In Wallingford

WALLINGFORD, CT — A prominent mixed-use investment property in downtown Wallingford has sold for $3.8 million, realtors announced Wednesday.

O,R&L Commercial announced in a news release the successful sale of 33-39 North Main Street and 24-25 Wallace Avenue in the heart of downtown Wallingford’s town center.

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The property at 33 North Main Street, a 29,879-square foot 4-story stately mixed-use building built in 1863, “features a dynamic blend of street-level retail / commercial space occupied by a variety of local businesses including Archie Moore’s Restaurant, Shimmer Salon, and Craig Jewelers overlooking Wallingford’s ‘Main Street’ with 19 residential apartments in the upper floors,” according to the news release.

Included with the sale is 24-25 Wallace Avenue, a 2,440 square-foot retail restaurant building tenanted by Center Street Brewing Company that is located in the rear of the property adjacent to a large parking lot and two municipal lots.

“The asset represents one of Wallingford’s most tightly held investment opportunities, unique in scale and character, that rarely becomes for Sale having been under the same family ownership for 50+ years!” the news release states.

Will Braun, SIOR, CCIM and Frank Hird, SIOR of O,R&L Commercial in Branford represented the Seller, Wallace Realty, Inc. and Bridie Bradbury of Calcagni Real Estate in Wallingford represented the buyer, Oak Tree Management, LLC in the purchase. Attorney Paul Proto was a critical component of the Sellers’ team and Attorney, according to the news release.

Ray Bershtein represented the buyer.

The $3.8 sale price is an “indication of the continued strength of the downtown Wallingford market driven by strong walkability, a thriving local business community and ongoing demand for mixed-use investment properties that combine stable commercial tenancy and residential income,” officials wrote in the news release.

O,R&L Commercial, LLC with offices in Branford and Rocky Hill represents landlords, tenants, sellers and buyers in the office, retail, medical, multi-family, investment and industrial markets.