Dunne, Gavin and Langer of CBRE handle $23.4m sale of 23,584 s/f

Westport, CT Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented Clarion Partners and Paragon Realty Group in the sale of 44 Main St. for $23.4 million. The team also procured the buyer. 

44 Main St. is a 23,584 s/f mixed-use retail and office building. The property is 81% leased to a diverse tenant mix, including Alo Yoga, Brooks Brothers (which is relocating from nearby), Sushi Jin, and LogicSource, providing an 8.9-year weighted average lease term. The property’s 4,500 s/f of availability is well-positioned and accessible from both Main St. and the Elm St. parking lot. 

Dunne said, “44 Main represented a highly unique opportunity to purchase an asset that combines a “Main and Main” location in the heart of downtown Westport with significant growth potential.” 

Gavin said, “We appreciate the opportunity to assist Clarion and Paragon in their disposition of 44 Main. The buyer will benefit from the property’s stable, long-term cash flow with significant upside through lease-up of the well-positioned availability.”