Forstone Capital, LLC, in a joint venture with Maxwelle Real Estate Group of Aventura, FL, is proud to announce the purchase of 170,000 SF of commercial space in the heart of downtown Bridgeport, Connecticut. The $15.7MM complex, dubbed Lafayette Circle, will help play a key role in the Bridgeport, Connecticut's revitalization. Forstone Capital sees significant market opportunity in Bridgeport and is committed to participating in the downtown renaissance.
Norwalk, CT (PRWEB) April 15, 2008 -- Forstone Capital, LLC, in a joint venture with Maxwelle Real Estate Group of Aventura, FL, is proud to announce the purchase of 170,000 SF of commercial space in the heart of downtown Bridgeport, Connecticut. The 3 building complex is currently 95% occupied and located in an urban-infill growth area easily accessible from I-95, Route 8 and Metro North railroad. Included in the acquisition are approximately two acres of ready-to-be-developed land adjacent to the office complex. The three acre, three building site includes:
Front of 350 Fairfield Ave Office Building. 1 of 3 buildings in complex
- 7 Story Office Building 120,000 SF 94% occupied
- 4 Story Office Building 40,500 SF 97% occupied
- 3 Story Brick Building 9,500 SF 100% occupied
- Vacant Land Parcel 2 acres Future development site
The purchase falls in line with Forstone's investment strategy of buying properties with strong short-term cash flow coupled with value creation opportunities. Purchased in an off-market transaction through Fred Frasinelli of AMS Real Estate, Forstone was able to make the purchase at an attractive cap rate on existing income. The appeal of the property is underscored with its base of high-credit tenants and premier location within Bridgeport's emerging commercial district.
"In a time of wide spread financial turbulence, the completion of this transaction was a significant accomplishment for our company. We are thrilled to be playing an active role in the revitalization of downtown Bridgeport while expanding our portfolio," explains Brandon Hall, principal of Forstone Capital, LLC.
Forstone Capital sees significant market opportunity in Bridgeport and is committed to participating in the downtown renaissance. As rents throughout the region continue to increase, many businesses are taking interest in Bridgeport to benefit from its convenient transportation infrastructure, developing urban amenities and affordability. To capitalize on this growth trend, several notable private investment firms have recently taken positions in and around Bridgeport's commercial core with major development plans over the next several years.
In keeping with Forstone's value-creation philosophy, the company plans to make several improvements to increase the properties' efficiency and marketability. Forstone's expertise in leasing and property management will help to position Lafayette Circle as one of Bridgeport's premier commercial complexes. In addition to upgrading the existing buildings, a number of strategic opportunities are being explored for the adjacent development sites.
Lafayette Circle marks the second acquisition by Forstone in Bridgeport; a 36-unit multifamily apartment complex was also purchase late last year.
Brandon P. Hall and Brett M. Wilderman launched Forstone Capital in April 2007 having previously worked for institutional real estate firms.
Contact:
Brandon P. Hall
Forstone Capital
(203) 523-0130
www.forstonecapital.com
Forstone Capital, LLC is a boutique real estate investment firm that acquires, develops and manages commercial and multi-family properties throughout Connecticut, with a specific focus in Fairfield County. Forstone is distinguished in the marketplace by undertaking management intensive projects that provide their investors highly attractive risk adjusted returns. Forstone's value centric approach coupled with the policy of creating community-friendly real estate is the foundation of their investment philosophy.
Maxwelle Real Estate Group, Inc. is a full service real estate firm based in Aventura, Florida. The company specializes in residential and commercial development that can be repositioned for greater economic value. Maxwelle's diversified transactions include commercial office buildings, land rezoning, ground up development, hospitality, as well as multifamily rental properties. Maxwelle also runs a private fund that is currently focused on the distressed South Florida housing market.
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