$54M sale in Westport

The Kowalsky family of Westport recently sold its family-owned, -built and -managed retail property, The Village Center at 605-645 Post Road East in Westport, to New York City-based Equity One Inc., a publicly traded company, for $54,250,000.

The Village Center is a 90,000-square-foot retail center comprised of four separate buildings on approximately 7.55 acres along both sides of the Post Road East.

Southport-based Angel Commercial L.L.C.”™s Jon Angel, president, and Brett Sherman, senior vice president, represented the seller in the marketing and disposition of the property and attorney Scott Gerard of law firm Murtha Cullina L.L.P., with offices in Stamford, was the corporate counsel representing the seller.

The Kowalsky family broke ground in 1969 to develop the site for Grand Union. It is currently anchored by The Fresh Market, a national specialty grocer. Other local and national tenants include Dunkin Donuts, Little Gym, The UPS Store, KOKO Fit Club and SweetFrog.

“There is a high demand for irreplaceable properties such as this since the current zoning codes prevent new construction exceeding 10,000 SF in any one building,” Angel said. “Furthermore, there is a strong and competitive audience to acquire cash-flowing assets in proven retail markets. The demographic profile of the area created the opportunity to produce a reliable income with long-term growth.”

Sherman, who has also been leasing agent for the complex since 2008, said, “The procurement of quality tenants for the retail center has increased the property”™s value, making this a desirable acquisition which attracted a tremendous amount of interest from both local and national buyers.”

This is the fifth retail purchase in the county for Equity One Inc., which claims a billion-dollar portfolio in the Northeast.