John D. Hastings sells 14,850 s/f Village Square for $14.138 million

Village Square, a 14,850 s/f retail property, 181 Main St., has been sold to Acadia Realty Limited Partnership for $14.138 million. The property has three buildings and four tenants - TD Bank in 7,600 s/f; House of Clement, a home furnishings company, in 3,750 s/f; Charter Realty, manager/developers, in 1,500 s/f; and Westport Physical Therapy in 2,000 s/f. Village Square was developed in 1996 by The Marsilio Group, LLC. Ronald Marsilio has been a managing member since its inception. In 2005 the Fraioli Family Partnership purchased an interest in Village Square of Westport Development, LLC. Brokers involved in this transaction were Ted Hampe and Mark Holod of John D. Hastings, representing Village Square; and Penny Wickey of Saugatuck Commercial, who advised Acadia. Howard Komisar of Berkowitz, Trager & Trager, provided legal assistance to the seller for this closing.