Beyond the Deal: The Art of Transacting

In the dynamic world of commercial real estate, headline-grabbing deals often overshadow the intricate art of the transaction. While the final sale price may be the most visible outcome, success hinges on a delicate balance of negotiation, due diligence, and relationship-building.

A 2024 Showcase of Real Estate Prowess

Here are several significant 2024 transactions in Westport, CT that exemplify the complexities and nuances of the modern real estate market.

Compo Shopping Center

This iconic property, owned by the same family for generations, recently underwent a successful $45.5 million ($595 PSF) sale to Regency Centers. The transaction involved overcoming environmental challenges and developing a compelling investment thesis to appeal to a diverse range of investors. This strategic approach ultimately drove market value.

• Sale Price: $45.4M
• Price Per Square Foot: $595/SF

Brooks Corner

24,000-square-foot retail and office building, sold for $12.75 million ($551 PSF) after generating 10 offers. This highly sought-after shopping center, located in the heart of downtown Westport, was brought to market for the first time since its development in 1968. A competitive marketing and bidding process, designed to appeal to a wide range of buyers, resulted in three rounds of competitive offers. The property was ultimately awarded to Boston-based owner Arc1952.

• Sale Price: $12.75M
• Price Per Square Foot: $551/SF

Downtown Westport Mixed-Use Property

This transaction was a confidential off-market sale of a mixed-use property, anchored by Urban Outfitters, that achieved a $10.65 million ($920 PSF) price. The sale underscores the critical importance of tailoring strategies to the unique characteristics of each property and meticulously identifying the ideal buyer profile. By leveraging a discreet outreach strategy to investors previously engaged in the Brooks Corner transaction, proved instrumental in securing this successful outcome.

• Sale Price: $10.65M
• Price Per Square Foot: $920/SF

Beyond the Bottom line: Building Enduring Partnerships

These 2024 transactions underscore that successful real estate deals are more than just numbers. They involve crafting compelling narratives, addressing hidden challenges, and understanding the unique needs and objectives of all parties involved. By combining market expertise, strategic marketing, and a focus on building enduring relationships, consistently delivering results that exceed expectations.

1276 Post Road East

Despite a challenging office market, this 100% occupied property secured a 1031 exchange buyer through competitive bidding, demonstrating the value of strategic marketing and market expertise. The property sold for a price per square foot of $458.

• Sale Price: $7.5M
• Price Per Square Foot: $458/SF

160-184 Main Street

This family-owned property, under contract with another brokerage, encountered several obstacles. Through persistent follow-up and proactive engagement with the prospective buyer, an opportunity within the existing contract was identified. This proactive approach led to securing a buyer for the property, underscoring the critical role of relationship management and strategic persistence in complex real estate transactions. The property sold for a price per square foot of $955.

• Sale Price: $12M
• Price Per Square Foot: $955/SF