–Leading investment sales firm represents the sellers and procures buyers in the transaction in New Britain, Connecticut–
Shelton, CT (December 6, 2022)- Northeast Private Client Group® (NEPCG) has announced the sale of 87 West Main Street in New Britain, CT.
Senior Associates Rich Edwards and Jeff Wright, along with Associate Patrick Hegarty, represented the seller and procured the buyer for a 29,000 SF luxury mixed-use investment property.
The Raphael Building sold for $4,595,000 and consisted of twenty-four (24) total units. The residential component is comprised of ten (10) one-bedroom units and six (6) two-bedroom units. The building was renovated with luxury and quality in mind, including premium apartment features such as granite countertops, stainless steel appliances, breakfast bars, wood-inspired flooring, floating vanity fixtures, and jetted bathtubs. The property also features many desirable amenities for residents, such as off-street parking, a private entrance & elevator, high-efficiency gas & central air systems, and on-site laundry facilities.
On the retail side, the property consists of eight (8) street-level retail suites with 13,761 rentable square feet. This property features a diverse tenant mix, including medical offices, a restaurant, and everyday needs retailers, giving the property an ideal combination of internet-resistant tenants.
“The Raphael Building is a newly converted trophy asset located in the heart of a burgeoning downtown market primed for explosive growth. The downtown will continue to experience an economic revival through transformative projects which are reshaping the environment through numerous investments by both the public and private sectors. Investors will capitalize on organic rental growth as downtown New Britain continues to pick up momentum as a local hot spot for young professionals and high-earning individuals.” – Rich Edwards, Senior Associate
Northeast Private Client Group® specializes in mid-market mixed-use, retail, and multifamily real estate, exclusively representing investors, property owners, and professional real estate investors. To date, more than 1000 successful transactions have been completed totaling over $3 billion in value within local submarkets around the Northeast and Southeast regions of the United States.
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