JV in $25m corporate buy

Real Estate Weekly, August 3, 2005

Prescott Capital Management, LLC, the investment and asset management unit of The Prescott Group, LLC, announced a joint venture acquisition with Woodbridge, NJ-based Onyx Equities, LLC to purchase Westport View Corporate Center, a first class office complex located in Westport, CT for $24.8 million or $307 per square foot.

The property, consisting of two buildings, is located at 8 and 10 Wright Street.

Built in 1977 with a major renovation in 2000, the 80,000 s/f is 93 percent occupied. The seller was Westport View Corporate Center, LLC.

"This transaction represents the purchase of a first class office building in a strong and supply constrained submarket of the greater New York metropolitan area at pricing levels that compare favorably to similar high quality assets in New York City," said Theodore R. Gamble, Jr., Managing Director at Prescott.

"Westport, like other towns also located in Fairfield County, is becoming an increasingly attractive alternative office location for executives seeking to work closer to home, especially in the financial services community."

"As part of this transaction, Prescott agreed to deed a significant amount of undeveloped land on the property to Earthplace, the Westport-based nature center, to be designated as open space in perpetuity," said Daniel Steinberg, Managing Director at Prescott.