Mirin, Schwartz, Torrance and Fazio of Cushman & Wakefield handle $11.9 million sale of a two-building medical office/residential apartments complex

Norwalk, CT Cushman & Wakefield ’s Capital Markets Group has arranged the $11.9 million sale of Belden Sq., a two-building medical office/residential apartments complex located at 747 Belden Ave.

Belden Square LLC purchased the newly renovated, 45,000 s/f property –the former U.S. corporate headquarters for Virgin Atlantic–from SG Belden LLC.

The Cushman & Wakefield team of Al Mirin, Kate Schwartz, Matthew Torrance, and Kathleen Fazio represented the seller. The buyer represented itself.

“Belden Sq. is a tremendous opportunity, providing a savvy investor with a unique asset in a prime Connecticut market,” Mirin said. “There is simply nothing else like it in Norwalk. The seller made a strategic play to renovate the property, which enabled us to secure a buyer who recognized the asset’s long-term value.”

He noted that in addition to a nearly completed major capital improvements program, the asset has stable cash flow, is surrounded by an unmatched amenity base with exceptional demographics, and is located near the confluence of major routes and excellent mass transportation.

Further benefiting Belden Sq. is Central Norwalk’s overall activity and its place as a hotbed for redevelopment. In addition to the 6.5 million s/f of existing retail and restaurants populating the area, 1,250 apartments and one million s/f of new retail have been approved for development or are under construction.

Facing Rte. 1, Belden Sq. has access to the area’s major commuter routes — Rte. 7 Connector/Rte. 7 — the Merritt Parkway (Rte. 15) and I-95, and is within minutes of two Metro-North Train Stations that offer convenient service to the region’s major employment centers, including New York’s Grand Central Terminal. This ideal location is also proximate to a multitude of major Fairfield County employers, restaurants and conveniences.

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.