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A unique portfolio of mixed-use buildings prominently located along Middletown’s Main Street has been listed for $6.75 million.
The five-building package contains a combined 59 residential units and eight commercial spaces in nearly 54,900 square feet of space. It’s unique that a grouping of buildings along a key commercial stretch like Middletown’s Main Street is under one ownership and sold as a package, said broker Taylor Perun of Shelton-based Northeast Private Client Group, which has the listing.
The properties were picked up piecemeal by owner Lee Perry over the last several years, Perun said.
Perry, a New York-based private real estate investor, “set out to create an assemblage of buildings in a thriving downtown center,” Perun said.
The commercial spaces are 100% leased, with many long-term and established tenants, and most of the residential units are occupied, Perun said.
The properties include:
This is Perry’s only Connecticut portfolio, and he’s selling them to focus on the New York market, Perun said.
Middletown has a busy Main Street with many shops, restaurants, professional and community buildings, along with close proximity to the riverfront and Wesleyan University.
“The city has seen a lot of growth and outside investment,” Perun said.
The portfolio has been on the market for about two weeks, and Perun said he has just started showing the properties this week, and the interest so far has been “significant.”
“The type of investors that we are trying to capture, that would have the capacity to pick these up, are able to get a lot of units in one shot,” Perun said. Having established retail tenants and multiple units under one management team allows for more cash flow, he said.
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Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
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