Darien, CT (PRWEB) November 09, 2012
Forstone Capital, in partnership with CapRok Real Estate, today announced its acquisition of 1365-1391 Post Road East, a retail property in Westport, CT consisting of two buildings and nearly 50,000 square feet of space on 3.47 acres. The property, located along one of Fairfield County’s most heavily trafficked retail corridors, is an easily-accessible shopping destination featuring over 750 feet of frontage, three surface parking lots, and covered garage parking, all in a highly desired neighborhood.
1365-1391 Post Road East is a top-tier retail location with longstanding tenants and considerable further potential. Over 22,000 cars pass by the property every day due to its prime spot along Westport’s Route 1 and short distance from Interstate 95.
“The purchase of 1365-1391 Post Road East is significant milestone for our company,” said Brett Wilderman, Principal, Forstone Capital. “It’s a property that exemplifies our ambition in the commercial real estate market and demonstrates our overall investment strategy. We’re looking forward to improving the property and having a positive impact on the Westport community.”
The property’s two buildings house popular retail destinations: 1365 Post Road East is occupied by Anthropologie and Parc Monceau, while Balducci’s Market calls 1391 Post Road East home. Both Anthropologie and Balducci’s have been tenants for nearly two decades, serving as enduring commercial cornerstones within Westport’s thriving retail community.
“Westport, Connecticut and the broader Fairfield County market have enjoyed strong performance over the past several years,” said Michael Psyllos, Managing Partner at CapRok Real Estate, “and the acquisition of this asset underscores our company’s commitment to identifying well-located real estate investment opportunities, where we, along with our partners, can add value.”
Bruce Wettenstein, SIOR, and David Fugitt, SIOR, Partners at Vidal/Wettenstein Commercial Real Estate, served as the sole agents involved in the transaction. Shem Creek Capital of Wellesley, Massachusetts provided third party debt financing. Counsel for the seller was Jamie Gerard of Nevas, Capasse & Gerard of Westport. Counsel for the purchaser was Howard Komisar of Berkowitz, Trager & Trager, also of Westport.
“This is an outstanding investment from a business standpoint and an irreplaceable piece of real estate,” said David Fugitt, Partner with Vidal/Wettenstein.
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Forstone Capital, LLC is a boutique real estate investment firm located in Darien, Connecticut that provides a full range of commercial real estate services to private equity investors and select individual clients. Since its inception in 2007, Forstone has acquired over 800,000 square feet of office, retail and residential properties throughout Connecticut. Forstone strives to provide its clients with valuable investment opportunities through off-market deal sourcing, intimate market knowledge and hands-on execution of their asset strategies through proprietary leasing, development and management services. For more information visit http://www.forstonecapital.com.
CapRok Real Estate LLC is the real estate subsidiary of CapRok Capital LLC, a boutique investment firm headquartered in Rye, New York. As a diversified real estate finance and investment company, CapRok Real Estate focuses on the acquisition of real estate in all major asset classes in a broad range of capital structures from coast to coast.
CapRok Real Estate also advises institutions with respect to the acquisition, sale, restructuring, capitalization or recapitalization of Commercial Real Estate debt and equity investments. For more information visit http://www.caprokcapital.com.