NORWALK, Conn.–(BUSINESS WIRE)–Targeted Real Estate Equities LLC (“Targeted”), as a Principal and Special Advisor, and Holly Pond Capital LLC (“Holly Pond”), as Sponsor (together, “New Ownership”), have closed on the acquisition of 69 East Avenue, a 14,000+ square foot office building in downtown Norwalk, CT. New Ownership intends to upgrade the building as well as convert the general office space to medical office space.
Simultaneous with the closing of the acquisition, a long-term lease was signed with The Center for Advanced Pediatrics to occupy the entire 1st floor of the building (50% of the building’s rentable space).
“The consolidation in the marketplace of the large hospitals and various medical groups has created a heightened demand for medical office space in Fairfield County. This is one of our targeted investment strategies and this acquisition is our second in the past year of a local property that could be partially or entirely converted to medical office use,” said Daniel Steinberg of Targeted.
Added Brian Jarmain of Holly Pond, “Very few commercial buildings in the area have the required parking spaces to accommodate medical use. We are very excited about this project and continue to look for similar opportunities throughout Fairfield County.”
Sean McDonnell of JLL represented New Ownership in connection with the acquisition of the property and the procurement of The Center for Advanced Pediatrics as lessee of the building’s first floor. Mr. McDonnell and his team at JLL will continue to represent New Ownership in its future leasing needs.