Wednesday, December 05, 2012
Village Square Sells for $14.1 Million
The Main Street three-building commercial property known as Village Square has changed hands in a $14.1 million deal -– the second major Westport commercial property sale in a month.
Village Square was bought by former owner of 125 Main St. Contributed photo
The 14,850-square foot retail property, home to TD Bank, House of Clement, Charter Realty, and Westport Physical Therapy at 181 Main St., has been sold to Acadia Reality Limited Partnership for $14,138,000, said an announcement from the broker representing Village Square, John D. Hastings.
Last month, it was announced that the property housing Balducci’s, Anthropologie, and French antiques store ParcMonceau at 1365-1391 Post Road East sold for $18.25 million.
Village Square was developed in 1996 by The Marsilio Group. LLC. Ronald S. Marsilio has been managing member since its inception, according to the announcement. It said in 2005 the Fraioli Family Partnership purchased an interest in Village Square of Westport Development, LLC.
Acadia is a well known owner of major commercial properties. Earlier this year, it sold a 27,000-square foot building at 125 Main St. and was interested in acquiring another downtown Westport property, the announcement said.
Brokers involved in this transaction were Ted Hampe and Mark Holod of John D. Hastings, representing Village Square, and Penny Wickey of Saugatuck Commercial, who advised Acadia. Howard Komisar of Berkowitz, Trager & Trager, provided legal assistance to the seller, the announcement said.