Westport, CT Southport-based Angel Commercial, L.L.C., completed the sale of two properties owned by the Kowalsky family for a combined value of $10.8 million. Jon Angel, president, and Brett Sherman, CCIM, senior vice president, 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 coincidently owned properties contiguous to the assets they purchased, further expanding their presence on the Post Road.”
The property at 1177 Post Road East in Westport was purchased by an LLC controlled by Investment Capital Holdings LLC for $6.8 million. The 42,624 s/f multi-tenanted office building was constructed in 1980 by the Kowalsky family. Investment Capital Holdings has an extensive portfolio of commercial properties.
The property at 1141 Post Road East was purchased by an LLC controlled by Coastal Construction Group for $4 million. The Kowalsky Brothers Construction Company had been headquartered at 1141 Post Road East for over 30 years. The 9,184 s/f commercial building was built in 1972 and is situated on approximately 5.4 acres. Coastal Construction Group, known for their new luxury home construction, 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.
Attorneys Scott Gerard and Kelly Trahan of law firm Murtha Cullina L.L.P. in Stamford were the corporate counsel representing the seller in both transactions.