Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the owner, CapFor Westport, LLC, at 1365 Post Road East (Rte. 1). The team was also responsible for obtaining the buyer..
1365 Post Road East is center situated on Rte. 1 (22,100 cars per day), the main retail corridor of the town. The property is 95% leased and is anchored by Balducci’s, a gourmet grocer, and Ulta, [cosmetics and beauty products] who is currently building out their space and expected to open in March. Additional tenants at the property include Tusk Home, W Hair & Color, Zaniac and Awareness Technologies, collectively providing an average remaining lease term over nine years.
Dunne said, “1365 Post Rd. provided a rare opportunity to purchase a grocery anchored center in the highly site constrained and prestigious Westport market. We expect the purchaser will fare well with the acquisition due to its strong rent roll, easily accessible Route 1 location and surrounding demographics that support high sales volumes.”