Post Road commercial offices sell for $10.8 million

By Reece Alvarez

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Two Westport commercial real estate properties have been sold to private parties for a combined value of $10.8 million through the Southport-based real estate brokerage firm, Angel Commercial LLC.

According to a statement from Angel Commercial, the two properties, 1177 and 1141 Post Rd. East, were both owned by the Kowalsky family of Westport, owners of the Kowalksy Brothers Construction Company headquartered in Westport for more than 30 years.

The property at 1177 Post Rd. East in Westport, a 42,624-square-foot multi-tenanted office building constructed in 1980 by the Kowalsky family, was purchased by an LLC controlled by Investment Capital Holdings LLC for $6.8 million

The 1141 Post Rd. East location, a 5.4 acre property with 9,184-square-foot commercial building built in 1972, was purchased by an LLC controlled by Coastal Construction Group for $4 million.

According to Angel Commercial, Coastal Construction Group plans to create a mixed-used development made up of retail and residential units.

Angel Commercial has been retained to lease the retail component of the development.

Both properties sold in the last week of January 2016.

Jon Angel, President of Angel Commercial and Senior Vice President Brett A. Sherman, CCIM, represented all parties in these transactions.

“The Kowalsky family was able to capitalize on buyers’ demand for quality real estate assets in high barrier to entry markets, such as Westport,” said Sherman. “Both buyers coincidentally owned properties contiguous to the assets they purchased, further expanding their presence on the Post Road.”

 

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