Choyce Peterson sells fully-leased building for $888,888

Fairfield, CT Choyce Peterson, Inc., a commercial real estate brokerage firm, completed the sale of the 2,619 s/f building located at 525 Tunxis Hill Rd. for $888,888 on behalf of the owner, 525 Tunxis Hill Rd LLC operated by Ken and Sharon Doughty. The buyers are Scott and Eva Howes, local commercial real estate investors who own other retail properties in the area.

Choyce Peterson’s capital markets team, led by vice presidents Scott Peterson and Charlene O’Connell, was appointed by the Doughtys as the exclusive sale listing agent. The property sits two blocks from two grocery stores, and is fully-leased to a single retail tenant, In Higher Spirits. 

“We generated a tremendous amount of interest from all of our marketing channels,” said Peterson. “A retail property in Fairfield, of this size and price is a great fit for so many investors.”

Choyce Peterson conducted outreach within their network of investors and tenants, and listed the property on multiple listing services and highlighted it on various social media platforms. Meanwhile, a ‘For Sale’ sign was visible at the signalized intersection of Tunxis Hill and Old Stratfield Rds.

“Scott and Charlene executed a well-planned marketing campaign that produced competing offers,” said Ken and Sharon Doughty. “We’re confident Choyce Peterson found the right buyer at the right price and are pleased with the results of this sale.”

“We are thrilled to have seized the opportunity to invest in retail property in Fairfield and get a great tenant such as In Higher Spirits,” said Scott and Eva Howes. “Not only are we committed to taking good care of this property in the years to come, but we intend to renovate the building in the very near term and even add a second floor with two high-end apartments.”