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Thursday, March 31, 2005

Partial Membership Interest Sold in Westport Retail Center

A 60 percent membership interest in the 14,850-square foot Village Square retail center, located at 181-185 Main St., Westport, has been sold to Fraioli Realty Group, LLC of Bedford, N.Y., it was announced today. villagesquareretail03300501260.jpg
Sold: 60 percent interest in 181-185 Main St. (CLICK TO ENLARGE) Contributed photo

The equivalent sales value of the interest is approximately $7 million, according to an announcement from Westport’s HK Group.

Village Square of Westport Development, LLC reconstructed the property under the leadership of The Marsilio Group, LLC—Ronald Marsilio, principal. The remaining 40 percent interest will be retained by Marsilio who will continue to manage Village Square, the company said.

Fraiolis 60 percent purchase came from two former, unnamed partners.

There are three retail tenants at Village Square—Brookstone, Gardeners Eden and Waterworks—occupying 11,350 rentable square feet, with the remaining 3,500 SF used by three office tenants.

Ted Hampe, chairman of HK Group, was the sole commercial broker involved in the transaction, representing Fraioli in negotiations directly with Village Square Development.

Other parties involved were Darlene Letersky of Prudential Connecticut Realty, who referred Fraioli to HK Group; Steven Siegelaub and Howard Komisar of Berkowitz, Trager & Trager, Westport attorneys for the buyer; Geoffrey Fay, Esq. of Pullman & Comley, Stamford, for the sellers; and Martin McCann, Esq. of Zeldes, Needle & Cooper, Bridgeport, for Village Square Development.

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Posted 03/31/05 at 02:31 AM  Permalink



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