NORWALK, CT—Jeffrey Dunne, Steven Bardsley and David Gavin of CBRE’sInstitutional Group represented LBUBS 2002-C4 Connecticut Avenue LLC in the sale of 535 Connecticut Avenue, Norwalk, Conn., for $11 million. The team was also responsible for procuring the buyer, 535 Connecticut Avenue, LLC, an entity controlled by a joint venture between KABR Real Estate and Blackpoint Partners. The transaction marks the first acquisition by KABR/Blackpoint in Fairfield County.
35 Connecticut Avenue is a 43 percent leased 174,581-sq.-ft.building located directly on Route 1 (Connecticut Avenue) between Exits 13 and 14 of Interstate 95. The property has water views of Long Island Sound from the upper floors, which comprise a significant portion of the vacancy in the building.
The property was extensively renovated in 2007 through 2009, including a new lobby, cafeteria and state-of-the-art fitness center.