WESTPORT, Conn. -- Two Westport properties, 1177 and 1141 Post Rd. East, have sold for a combined value of $10.8 million.
Both properties were owned by the Kowalsky family of The Kowalsky Brothers Construction Co.
The property at 1177 Post Rd. East was purchased by an LLC controlled by Investment Capital Holdings LLC for $6.8 million. The 42,624-square-foot multi-tenant office building was built by the Kowalsky family in 1980. The property at 1141 Post Rd. East was purchased by a company controlled by Coastal Construction Group for $4 million.
Kowalsky Brothers was headquartered in the 9,184-square-foot commercial building for over 30 years. The building was built in 1972 and is situated on 5.4 acres. Coastal Construction Group plans to create a mixed-used development made up of retail and residential units.
“The Kowalsky family was able to capitalize on buyers’ demand for quality real estate assets in high barrier to entry markets, such as Westport,” Brett A. Sherman, Angel Commercial LLC senior vice president, said in a statement. “Both buyers coincidently owned properties contiguous to the assets they purchased, further expanding their presence on the Post Road.”
Jon Angel, Angel Commercial’s president, and Sherman represented all parties in these transactions. Both properties sold in the last week of January.
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