South Norwalk, CT NAI Signature Group, a full-service, independent commercial real estate firm, has negotiated the $1.157 million sale of the 7,500 s/f retail and office property at 23-29 South Main Street in the SoNo district. NAI Signature Group vice president Bobby Gillon represented the seller, Mainstream Development. Patrick Eldridge, a broker with Raveis Real Estate, represented the buyer, EldCo, LLC, an investment group in which he is a principal.
Mainstream Development purchased the property in 1996 as the location for its own marketing business. Upon retirement in 2013, its partners Ralph Miolla and Paul Port opted to retain NAI Signature Group and Gillon to manage the asset and prepare it for eventual sale.
Gillon negotiated a long-term lease with an existing tenant and leased 5,000 s/f of office space and 1,660 s/f of retail. The resulting cash flow and the property’s location in the neighborhood, a short walk from the South Norwalk Metro-North train station, made it an attractive investment.
“Any time an area has multiple experienced real estate developers investing in projects it creates rent stability and growth, and draws the attention of other investors,” Gillon said.
EldCo, LLC was seeking its first Fairfield County investment property and 23-29 S Main St. fit the bill. The new owners plan some capital improvements to the building, including exterior painting, that will reduce maintenance costs and add further value to its investment.