O,R&L Commercial facilitates $3.8m sale of 29,879 s/f mixed-use property

Wallingford, CT O,R&L Commercial has completed the $3.8 million sale of a mixed-use investment property located at 33-39 North Main St. and 24-25 Wallace Ave. in the town center.

33 North Main St., a 29,879 s/f four-story mixed-use building built in 1863, features a blend of street-level retail/commercial space occupied by a variety of local businesses including Archie Moore’s Restaurant, Shimmer Salon, and Craig Jewelers with 19 residential apartments in the upper floors.

Included with the sale is 24-25 Wallace Ave., a 2,440 s/f retail restaurant building tenanted by Center Street Brewing Company, located in the rear of the property adjacent to a large parking lot and two municipal lots.

Will Braun, SIOR, CCIM and Frank Hird, SIOR of O,R&L Commercial in Branford represented the seller, Wallace Realty, Inc. Bridie Bradbury of Calcagni Real Estate represented the buyer, Oak Tree Management, LLC. Attorney Paul Proto was part of the sellers’ team and attorney Ray Bershtein represented the buyer.

The property transferred for $3.8 million, an indication of the continued strength of the downtown market driven by walkability, a thriving local business community and ongoing demand for mixed-use investment properties that combine stable commercial tenancy and residential income.