The Village Center, a 90,000 square foot neighborhood retail center situated on approximately 7.55 acres along Post Road East in Westport, sold for $54.25 million last week.
The Kowalsky’s of Westport sold the family-owned retail property to Equity One, Inc. (NYSE: EQY). The family broke ground on the site in 1969, since then the four-building retail complex has become a prime shopping destination and is currently anchored by The Fresh Market, Dunkin Donuts, Little Gym, The UPS Store, KOKO Fit Club and SweetFrog.
“There is a high demand for irreplaceable properties such as this since the current zoning codes prevent new construction exceeding 10,000 SF in any one building,” said Jon Angel, President of Angel Commercial L.L.C., a Southport based commercial real estate brokerage firm. “Furthermore, there is a strong and competitive audience to acquire cash flowing assets in proven retail markets. The demographic profile of the area created the opportunity to produce a reliable income with long term growth.”
The acquisition of The Village Center by Equity One, Inc. compliments their existing Westport assets and adds to their $1 billion Northeast portfolio, which includes five retail centers located within Fairfield County, according to Angel.