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Three Westport Properties Trade in 1031 Deals
CBRE arranged the sale of three Westport, CT properties for a total value of $19.35 million. The team of Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Richard Gatto, Fahri Ozturk and Travis Langer of CBRE’s Institutional Properties Group represented the seller, Leifer Properties, in the disposition of two medical properties and a boutique office building.
The medical assets included the Willows Campus at 125-131 Kings Hwy. North, and 728 Post Rd. East, for which CBRE procured the buyer, HB Nitkin. The boutique office building at 1465 Post Rd. East was sold to Greenhouse Offices in its first office purchase in Fairfield County.
All three parties structured their transactions as IRS Section 1031 tax deferred exchanges. Both Greenhouse and Nitkin pivoted from Florida, while Leifer Properties pivoted to commercial properties located in Austin, TX, while still retaining other prominent holdings in Westport.
- ◦Sale/Acquisition