Stamford Town Center, the 760,000-square-foot mall that in recent years has been plagued by a number of tenants either closing or relocating, has been sold to Yaraghi Realty for an estimated $20.15 million.
Yaraghi is part of the Port Washington, New York-based furniture purveyor Safavieh, which owns or has under development close to 15 million square feet of commercial and industrial properties throughout the U.S.
Safavieh – which has operated a 10,000-square-foot retail showroom in Stamford at 230 Atlantic St. for over 30 years – expects to introduce a plan “to immediately stabilize and revitalize the property, while working on further reinvigorating their commitment to the city of Stamford and the existing retail tenant base,” according to a press release.
“Safavieh’s long-standing presence within Stamford and the immediate tri-state area has made this acquisition a truly unique opportunity for a natural next step in their overall growth,” said Newmark Night Frank’s Managing Director Christian Bangert, who was the sole buyer’s representative in the transaction. “We fully believe exciting things are to come as they reimagine the property and work on creating additional positive impact on the downtown area.”
“We have a deep appreciation for the city and people of Stamford since we deployed our flagship store downtown many years ago,” said Safavieh President Arash Yaraghi. “We have always been committed and will continue to be committed to the overall success of not just our brand, but the markets in which we live, work and do business.”
“The Stamford Town Center is an iconic piece of the CBD landscape, which has the long-term potential to continue to provide retail, restaurants and entertainment to the local community, as well as visitors who realize the true vibrancy of the area,” added Jonathan Yaraghi, director of acquisitions and development.
“The ongoing growth and development in Stamford, coupled with the dynamic vision and retail expertise of the Yaraghi family, will finally allow Stamford Town Center to live up to its full potential,” said Dan Stolzenbach, the mall’s general manager.
The property consists of a nine-story structure with parking on levels one through three, retail on levels three through six, and additional parking on levels six through nine as well as the rooftop.
A team led by Christopher Hoffmann and Steven Livaditis of Eastdil Secured represented seller Rich-Taubman Associates, which announced its intention to market the property in October 2019.
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