Monday, February 01, 2016
Two buildings on Post Road East owned by Westport’s Kowalsky family have been sold for $10.8 million, Southport-based Angel Commercial, L.L.C., announced today.
The sales followed the October 2013 sale by the family of The Village Center at 605–645 Post Road East, which includes Fresh Market, for $54.25 million. (See WestportNow Oct. 24, 2013)
The property at 1141 Post Road East, headquarters for more than 30 years of Kowalsky Brothers Construction, was purchased by an LLC controlled by Westport’s Coastal Construction Group for $4 million, an announcement said. It said Coastal plans to create a mixed-used development made up of retail and residential units.
The building at 1177 Post Road East was purchased by an LLC controlled by Investment Capital Holdings LLC for $6.8 million, the announcement said. The Kowalsky family constructed the 42,624-square foot multi-tenanted office building in 1980.
Reached by telephone, Gary Kowalsky said the construction company has “no plans to move from the main office at 1141 Post Road East.” He added, “We’ll remain there for the foreseeable future.”
Kowalsky Brothers Construction Company has been headquartered at 1141 Post Road East for more than 30 years. The 9,184-square foot commercial building was built in 1972 and is situated on approximately 5.4 acres of land.
Coastal Construction Group, known for its new luxury home construction, is also constructing another commercial building nearby on Post Road East.
Angel Commercial said it has been retained to lease the retail component of the 1141 Post Road East development.
“The Kowalsky family was able to capitalize on buyers’ demand for quality real estate assets in high barrier to entry markets, such as Westport,” said Brett A. Sherman, senior vice president of Angel Commercial.
“Both buyers coincidently owned properties contiguous to the assets they purchased, further expanding their presence on the Post Road,” Sherman said.
He and Jon Angel, president, represented all parties in these transactions, the announcement said. Both properties sold in the last week.
Dave Matlow contributed reporting.
Posted 02/01/16 at 06:04 PM Permalink