Two Grove Street properties sold for $6.6M
Updated 6:34 pm, Wednesday, February 23, 2011
Cushman & Wakefield announced the completion of the sale of 24 and 36 Grove Street in New Canaan. The two properties total more than 20,000 square feet and sold for approximately $6.6 million.
Twenty-four Grove Street is a 1,900-square-foot office building with one tenant. Thirty-six Grove Street is an 18,459-square-foot office building which is broken down into four tenant spaces with 74 parking spaces. Both properties are fully occupied.
Al Mirin and Kate Schwartz of Cushman & Wakefield's Private Capital Group represented the seller, Defgey and Company. The purchaser was 24-36 Grove LLC. The transaction was initiated while Mirin and Schwartz were at their former firm, CBRE and concluded after the team joined Cushman & Wakefield in January.
"We had an incredible amount of interest in the properties with over a dozen bids," Mirin said. "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."
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Twenty-four and 36 Grove Street are located adjacent to New Canaan's Metro-North train station.
Mirin, a New Canaan resident, spearheads Cushman & Wakefield's Fairfield and Westchester County Investment Sales and Private Capital Group, specializing in middle market building sales ranging from $2 million to $15 million. In his role he focuses on sales and strategic consulting on behalf of owners of office, industrial, retail and multi-housing properties in Fairfield and Westchester counties.