GHP Office Realty signs five leases totaling 10,568 s/f at Tower Plaza
GHP Office Realty, LLC, a substantial owner and manager of commercial properties in both Fairfield and Westchester Counties completed the signing of five leases totaling 10,568 s/f at 120 New Canaan Ave., a 25,000 s/f, neighborhood strip center at Exit 38 off of CT-15 and Exit 2 on US-7. This absorption of space brings the center to 100% occupied.
Kelly Houlihan-Buckley and Meghan McEvoy, of GHP Office Realty, represented the owners on the following deals:
* Brightview at Norwalk Assisted Living Center has signed a lease for 3,420 s/f to use as a showroom to market available units at their Assisted Living Center which will be located at 162 New Canaan Ave.
* A&S Fine Foods of Norwalk, a traditional Italian specialty store with a wide
Variety of products and services signed a long-term renewal for their 1,973 s/f retail space.
* Café Madrid, a Spanish Tapas and Wine Restaurant signed a long-term renewal for their 2,315 s/f restaurant.
* La Bella Salon signed a long-term renewal for their 1,200 s/f salon.
* State of the Art Cleaners has signed a long-term renewal for their 1,660 s/f store.
The property is currently 100% occupied and the tenants are benefiting from a $200,000 capital improvement project that the landlord has just completed.
Beverly, MA Jay Goldberg, president and owner of Spire Investments has completed the purchase of four multifamily buildings. The 33-unit purchase amounted to a sale price of $9.2 million or $278,788 per unit. The properties are all located in downtown and consist of one- and two-bedroom units.
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.