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Monday, January 12, 2004

Riverside Avenue Office Building Sells for $12.65 Million

In another sign or the vitality of the Westport commercial real estate market, a Riverside Avenue office building has been sold for $12.65 million.
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This office building at 274 Riverside Ave. sold for $12.65 million. WestportNow.com photo

The five-story building at 274 Riverside Ave. was sold by Westport-based 274 Riverside Associates LLC to Stamford-based Lexham Riverside LLC.

The building, which was built in 1973, last changed hands in 1994 for $4 million when 274 Riverside Associates bought it from National Home Life Assurance Co.

The sale resulted in a $31,500 payment to the town for real estate conveyance tax, according to the town clerk’s office. State taxes were $126,000.

According to papers filed with the town clerk, principals of 274 Riverside Associates include James Randel, Richard Resnick, Allan Stern, ABS Investing Co., Inc., Doug and Barbi Sheffer, Kirby Jonas, and Steve Nussbaum.

Tenants at the office building include Greenfield Consulting Group and Janus Capital Management.

In a news release, Greenwich-based Mercury Partners LLC, a boutique merchant bank, said its real estate private equity affiliate, Mercury Ventures LLC, had purchased the 48,000-square foot building with operating partner Lexham Realty, whose principal is Marc K. Lewis.

According to David R. Jarvis, senior managing director of Mercury, This transaction exemplifies our investment strategy of purchasing institutional quality assets in irreplaceable locations and in high barrier to entry markets.”

He added, “We purchased this well- located and fully-leased office building with very affordable financing, high stabilized cash flow and significant potential for additional rent growth.Ӕ

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Posted 01/12/04 at 07:42 PM  Permalink



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