C&W Orchestrates Sale of Westport View Corporate Center in Westport, Conn

WESTPORT, Conn. - Dec. 12, 2014 - PRLog -- Cushman & Wakefield’s Metropolitan Area Capital Markets Group has orchestrated the trade of Westport View Corporate Center in downtown Westport. Marcus Partners acquired the two-building office campus from Invesco Real Estate in a value-add play for its newest fund, Marcus Capital Partners Fund II.

Located on 4.5 acres at 8-10 Wright Street, Westport View Corporate Center offers views of the Saugatuck River and scenic Westport. It sits along Post Road West, within walking distance of downtown restaurants and retail; just 1.5 miles from I-95, the Merritt Parkway, and routes 33 and 136; and two miles from Metro-North’s Westport commuter rail station.

“This offering was all about location,” said Cushman & Wakefield’s Gary Gabriel, who handled the transaction with Metropolitan Area Capital Markets Group team members Andrew Merin, David Bernhaut, Brian Whitmer and Kyle Schmidt. “Westport is a boutique office market catering primarily to local executives seeking an alternative to the New York City commute, and it consistently outperforms other regional submarkets. Within this context, Westport View Corporate Center is irreplaceable due to local regulations limiting commercial growth downtown to buildings with a maximum of two stories and 5,000-square-foot floor plates.”

Totaling approximately 84,000 square feet, Westport View Corporate Center is 58 percent leased. “The buildings have great ‘bones,’ with features including covered parking, polished marble floors, and an attractive campus setting with a courtyard,” Gabriel said. “This asset promises significant NOI through retenanting. At the same time, repositioning it will require some capital investment. Marcus Partners did a great job in terms of underwriting, rolling up its sleeves and being persistent in identifying the property’s potential.

Marcus Partners plans a comprehensive renovation at Westport View Corporate Center, investing about $4 million to transform it into a best-in-class property by providing new, enlarged windows, from just above the floor to ceiling, to take full advantage of the panoramic views, and redesigning and upgrading the landscaping, parking decks, lighting, paving, entrances, and signage on the site. Also being upgraded are the lobbies, elevators, restrooms and mechanical systems in the buildings. “When the transformation is complete, we expect 8 and 10 Wright Street will set the standard for excellence in office properties within the Westport community,” said David Fiore, principal in charge of Marcus Partners’ Metro New York office in Norwalk, CT.

Based in East Rutherford, New Jersey, Cushman & Wakefield's Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut, Pennsylvania, and Delaware. The team has completed more than $17 billion worth of transactions since 2000, closing on $1.5 billion in 2013.

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Marcus Partners is one of the largest owners and managers of real estate in the Fairfield County market. It owns, manages, or owns and manages more than three million square feet of commercial space out of its New York Metro office in Norwalk, CT, and more than five million square feet of commercial space overall along the East Coast. Marcus Partners will continue to actively grow its commercial real estate portfolio through its Fund II with value-add acquisitions of office, bio-medical, medical office, research and development, and industrial space in East Coast markets such as Metro Boston, suburban New York City (including Connecticut, New Jersey, and New York), Metro Washington, D.C., and other select East Coast markets.