Westport, CT , July 1, 2013 – Matthew Keefe of HK Group was the sole broker in the sale of a seven story office building at 40 Richards Avenue in Norwalk, Connecticut to The Davis Companies of Boston, Massachusetts for $16,500,000. The seller was the Mack-Cali Realty Corporation.
The building contains a typical floor plan of 31,000 SF. 44,000 SF is currently vacant. The price per square foot is $113.41. The cap rate is irrelevant due to the vacant occupancy level.
The sale represents the increasing interest in Fairfield and Westchester County office markets by institutional investors. It is also a natural extension of The Davis Companies ownership and management position of their Class A property at 200 Connecticut Avenue.
HK Group is a full service commercial real estate firm started in 1988. It has grown steadily from a local Westport business to one which today encompasses an operating area of New York, Connecticut and New Jersey. The firm follows client led transactions into other states. It has expanded its vision from local leasing to larger and more sophisticated leasing transactions, investment sales transactions, national client retail leasing, and consulting and brokerage services for the health care and hospitality industries. For more information, please visit their website at www.hkgrp.com.
Source: HK Group News