Michael Berkowitz Acquires 12,560 SF Retail Center In Westport For $12.3M With Vidal/Wettenstein As The Broker
160 Main Street & 184 Main Street
$12,300,000
$489/SF
Building Size
25,120 SF
Asset Type
Retail
Closing
Jan 31, 2025
AI
The property involved in this transaction is a retail center located at 160-184 Main Street, Westport, CT. The sale price was $12,300,000 for a total square footage of 12,560, resulting in a price per square foot of $979. The asset is fully leased to tenants, including notable brands like Chase Bank and Eileen Fisher.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $12,300,000
- Address: 160-184 Main Street
- Market: Westport, CT
- Square Footage: 12,560
- Price per Square Foot: $979
- Buyer: Michael Berkowitz
- Seller: Hulbert Family Trust of Texas
- Buyer's Representative: Bruce Wettenstein & David Fugitt - Vidal/Wettenstein
- Seller's Representative: David Cohen - Moritt Hock & Hamroff
The transaction was facilitated by Bruce Wettenstein and David Fugitt from Vidal/Wettenstein, representing the buyer, Michael Berkowitz. The seller, Hulbert Family Trust of Texas, was represented by David Cohen from Moritt Hock & Hamroff, ensuring effective management of the deal.
Players
Westport Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.29%
Cash-on-Cash
-0.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93