–Leading investment sales firm represents the seller and procures buyer in the transaction in Norwalk, Connecticut–
Shelton, CT (April 26, 2023)- Northeast Private Client Group® (NEPCG) has announced the sale of Belden Square in Norwalk, CT.
Senior VP Investments, Brad Balletto, along with Senior Associates Rich Edwards and Jeff Wright, represented the seller and procured the buyer for Belden Square, a boutique, luxury mixed‐use asset located at 747 Belden Avenue, Norwalk, CT.
Belden Square provides clear upside potential given the ability to mark-to-market the multifamily rents, combined with a stable, in‐place cash flow from Yale New Haven Hospital (S&P: AA‐), which just recently executed a 10‐year renewal.
Located in the heart of Norwalk, CT, a premier Fairfield County submarket, Belden Square consists of 24 multifamily units, a ground level, 11,675 square foot medical suite, and a 104‐space parking garage. Initially built in 1989 as a 43,974 SF office building, the building underwent a $6.5+/‐MM renovation in 2017, converting it from an office to its current mixed‐use. The property’s 24 apartments include two (2) studios, three (3) one‐bedroom/one‐bathroom, 10 two‐bedroom/one‐bathroom, and nine (9) two‐bedroom/two‐bathroom. The 11,675 SF of medical space serves as Yale New Haven Children’s Hospital Pediatric Specialty Center.
“It was an honor and privilege to represent Legacy Investing in the sale of both of their Connecticut properties (Addison Mill in Glastonbury sold in 2019). Congratulations to JB Capital on their acquisition”.– Brad Balletto, Senior VP Investments
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.
As seen in: Westfair