Cushman & Wakefield Arranges Sale of Darien Retail Building

Top Quote Fully Leased to Brooks Brothers, 987 Boston Post Road Trades for $7.5 million. End Quote
  • Bergen-Passaic, NJ (1888PressRelease) November 16, 2012 - A 9,837-square-foot retail building in downtown Darien has traded hands in a $7.5 million transaction orchestrated by Cushman & Wakefield, Inc.'s Metropolitan Area Capital Markets Group. Kleban Darien LLC acquired the asset at 987 Boston Post Road from Brooks Darien LLC, a DeBartolo Development related entity; it is fully leased to Brooks Brothers, the high-end, ready-to-wear apparel company, on a long-term basis.

    The Cushman & Wakefield team - including Al Mirin and Kate Schwartz of the commercial real estate services firm's Stamford, Conn., office, and Metropolitan Area Capital Markets Group head Andrew Merin, based in East Rutherford, N.J. - received multiple competitive bids for the offering. "Demand for triple-net leased retail real estate is off the charts right now," Mirin said. "There is no safer investment type in the eyes of private capital buyers."

    Darien, a small bedroom community of approximately 20,000 residents, is located off I-95 on Connecticut's "gold coast," approximately 38 miles from New York City. Darien earned the #9 spot on CNN Money's 2011 list of top-earning towns in the United States, with a median household income of $227,195.

    Constructed in 2008, 987 Boston Post Road sits on a 0.13 acre parcel of ground-leased land with 47 years remaining on the term. The two-story building is located adjacent to a Metro-North train station in the heart of Darien's flourishing downtown shopping district, which continuously maintains a 97 percent occupancy rate. The neighborhood has been revitalized in recent years with a synergistic mix of service, food, residential and retail.

    "Huge demand and lack of product in this desirable submarket are driving up prices for retail investment properties," Merin added. "This sale bears that out - we achieved solid pricing considering the ground lease scenario. The sale was under contract with a nonrefundable deposit less than 90 days from when we went to market. Its execution moved quickly and seamlessly through a solid team effort between our Stamford and East Rutherford offices."

    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, Conn., and Pennsylvania. The team has completed more than $16 billion worth of transactions since 2000.

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