New Canaan commercial site sells for $6.6M
Purchaser said to be Stamford Hospital entity
Updated 11:47 am, Wednesday, March 16, 2011
Prime commercial property is in demand in New Canaan, if the sale of 24 and 36 Grove St. is any indication.
Soon after Ted Grogan and his family operation, Defgey and Co., put the property on the market, they received numerous inquiries. They had a buyer in only two months.
Sold to 24-36 Grove LLC, an entity of Stamford Hospital, for $6.6 million, the buildings are ideally situated for commercial use, said Al Mirin, who represented the property as senior director of investment sales of Cushman & Wakefield's private capital group.
"We got about a dozen bids almost immediately. The buildings were placed under contract within 60 days of being put on the market, which is a testament to the fact that there is still a strong demand from investors for well-located assets," Mirin said. "It's in New Canaan, where hardly anything moves for sale, and it's near the train station."
"At this point, it's an investment," Milne said. "Their position is that it is a great location."
The consolidation will take place over time as leases at the two buildings expire in upcoming years, hospital spokesman Scott Orstad said.
"Stamford Hospital was attracted to the space at 24-36 Grove Street because it will allow the hospital to consolidate our other New Canaan practices into one convenient location," he said.
The two properties total more than 20,000 square feet and are fully occupied, according to Mirin, a New Canaan resident. The transaction was initiated while Mirin and Schwartz were at their former firm, CB Richard Ellis, and concluded after they joined Cushman & Wakefield in January.
Grogan's father, David, who died in 1997, bought the property in 1993.
"In August 2010, we sensed it would be a good time to test the market," Grogan said. "We were surprised by the amount of offers."