Dunne and Gavin of CBRE arrange $15 million sale

Jeffrey Dunne, CBRE

1262 Post Road - Fairfield, CT

David Gavin, CBRE

Fairfield, CT Jeffrey Dunne and David Gavin of CBRE’s National Retail Investment Group represented 1262 Post Road Holdings, LLC, an entity owned by certain funds managed by Westport Capital Partners LLC, in the sale of 1262 Post Rd. for $15 million. The team was also responsible for procuring the buyer, a private investor based out of Manhattan that acquired the property as part of a 1031 exchange.

1262 Post Rd. is a 24,602 s/f recently developed and expanded retail property situated in the heart of Rte. 1 in downtown. The property is 100% leased to Fresh Formats, a new smaller format grocery concept being introduced by Ahold, as well as Plan B Burger Bar, which recently opened at the property. Both tenants have new 10-year leases.

The property will also be LEED certified at the silver level, the first such property to be located in downtown.

Dunne said, “The center’s long-term leases with Fresh Formats and Plan B Burger Bar will provide the buyer with stable, credit cash flow. Combined with the center’s position on Rte. 1, in an affluent, high barrier to entry market, 1262 Post Road was an ideal property for the buyer’s 1031 exchange. This sale follows on the heels of another 1031 trade we completed earlier this year with the same buyer of a Stop & Shop center in East Haven, Connecticut.”