Matrix Investment Group, a New York-based real estate company founded in 1994 by Glen Nelson and Richard Nieto, has purchased 535 Connecticut Avenue in Norwalk, CT for $13.5 million. Jeffrey Dunne and Steven Bardsley of CBRE Group Inc.'s Institutional Properties team represented the seller, a joint venture of KABR Real Estate Investment Partners and Blackpoint Partners, in the sale of the building. Terms of the deal were not disclosed.
Jeffrey Dunne commented: "535 Connecticut Avenue's easily accessible location and good 'bricks and sticks' should provide Matrix significant upside through the lease-up of the vacant space, including the only contiguous block of space over 90,000 square feet on the Route 1 corridor."
The 179,000-square-foot office building is located directly on Connecticut Avenue (Route 1) with high visibility from Interstate 95. 535 Connecticut Avenue, which was 45% leased at the time of sale, features easily divisible floor plates and amenities including a fitness center, cafeteria, and 95% covered parking.
For more news and information visit Blumberg Capital Partners.
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