City block sells in CT

Real Estate Weekly, May 26, 1993

More than 250,000 square feet of office and retail space comprising an entire city block was sold recently in downtown Bridgeport, Connecticut. James Fagan and Jeff Dunne, first vice presidents and senior investment specialists at CB Commercial Real Estate Group, Inc., represented Consolidated Asset Recovery Corporation (CARC) in the negotiation.

The sale for $1 million comprised 955-961 Main Street and a structured parking garage serving 155 John Street and a retail building at 1016 Broad Street.

The Main Street building was the headquarters of the former Citytrust Bank. Currently it is occupied by CARC which is a service arm of the Federal Deposit Insurance Corp., and several other tenants. The buildings are more than 90 percent occupied, he said.

According to Fagan, the purchasers are foreign investors who bought the properties under two corporate names: Tree Branch Corp. and Chestnut Tree Corp. They were represented by Mario Carvalho of Cornerstone.