2 Medical Properties, Office Building Sold In Westport

WESTPORT, CT — Real estate company CBRE announced Monday the sale of three Westport properties for a total value of $19.35 million.

According to a news release, the team of Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Richard Gatto, Fahri Ozturk and Travis Langer of CBRE's Institutional Properties Group represented the seller, Leifer Properties in the disposition of two medical properties and a boutique office building.

The medical assets included the Willows Campus at 125-131 Kings Highway North, and 728 Post Road East, for which CBRE procured the buyer, HB Nitkin. The boutique office building, located at 1465 Post Road East, was sold to Greenhouse Offices, their first office purchase in Fairfield County.

According to CBRE, the medical properties, at approximately 89 percent leased, provide high-end medical suites to specialized medical practitioners, including Yale University. The 1465 Post Road East property offers unique small tenant spaces, providing a very diverse mix of tenancy, significantly reducing rollover risk.

The strength of the Westport office and medical markets, with only single digit vacancy, provides a ripe environment to continue to increase rents and secure tenancy, according to CBRE.

All three parties structured their transactions as IRS Section 1031 tax deferred exchanges. Both Greenhouse and Nitkin pivoted from Florida while Leifer Properties pivoted to commercial properties located in Austin Texas, while still retaining other prominent holdings in Westport, according to CBRE.

"Westport's impressive demographics, very tight real estate markets with both zoning and site constraints, provides a foundation for further market growth," CBRE spokesperson Jeff Dunne said in a news release. "These positive market dynamics bode well for both HB Nitkin and Greenhouse with their investment in Westport real estate."