Cushman & Wakefield has completed the sale of 24 and 36 Grove St. The two properties total more than 20,000 s/f and sold for approximately $6.6 million.
24 Grove St. is a 1,900 s/f office building with one tenant. 36 Grove St. is an 18,459 s/f office building which is broken down into four tenant spaces with 74 parking spaces. Both properties are fully occupied.
Al Mirin and Kate Schwartz of Cushman & Wakefield's Private Capital Group represented the seller, Defgey and Company. The purchaser was 24-36 Grove LLC. The transaction was initiated while Mirin and Schwartz were at their former firm, CBRE and concluded after the team joined Cushman & Wakefield in January.
"We had an incredible amount of interest in the properties with over a dozen bids," said Mirin. "The buildings were placed under contract within 60 days of being put on the market which is a testament to the fact that there is still a strong demand from investors for well located assets."
24 and 36 Grove St. are located adjacent to New Canaan's Metro-North train station, offering a 62 minute express ride to New York's Grand Central Terminal. The properties are situated across the street from New Canaan's Fitness and Racquet Club, and one block away from the downtown shopping district which features dozens of high-end restaurants and retail stores such as Starbucks, J. Crew, Ann Taylor and Polo Ralph Lauren and office tenants including Merrill Lynch and Unimin Corporation.