A Civil War-era apartment and retail building in downtown Wallingford, along with a neighboring tavern property, recently sold for $3.8 million to a Guilford investor. In a purchase recorded May 19, a limited liability company led by John L. Williams, of Guilford, bought a four-story building dating to 1863 at 37 North Main St., and […]
A Civil War-era apartment and retail building in downtown Wallingford, along with a neighboring tavern property, recently sold for $3.8 million to a Guilford investor.
In a purchase recorded May 19, a limited liability company led by John L. Williams, of Guilford, bought a four-story building dating to 1863 at 37 North Main St., and a neighboring 2,440-square-foot brick and cinderblock tavern building dating to 1930 at 25 Wallace Ave. Together, the adjacent properties span about 1 acre.
The 29,879-square-foot mixed-use building includes 19 apartments on its upper floors, along with five ground-floor retail spaces and one commercial office space. Tenants include Archie Moore’s Bar & Restaurant, Shimmer Salon and Craig Jewelers, among others. The building had long housed Caplan’s Market, once a fixture grocery in the downtown.
The tavern building is home to Center Street Brewing Co.
The seller, Wallace Realty Inc., is headed by Richard Caplan, of Wallingford, and Donna Pressma, of Princeton, New Jersey.
Bridie Bradbury, of Calcagni Real Estate, represented the buyer, whom she said was drawn to the history, location and value of the properties. There are no plans for major changes, she said.
“It’s a beautiful building that has great businesses in it, and we are happy to keep it that way,” Bradbury said.
Will Braun said the property had many inquiries and several offers. It is one of the most inquired about properties offered by his brokerage, he said.
"I think it is emblematic of a strong demand in the investment markets for mixed-use buildings with a multifamily component," Braun said. "There is a lot of interest in stabilized apartment buildings. A lot of times, these apartment buldings have ground-floor retail or office."
Braun said buyer was selected for their experience, familiarity with the area and ability to manage an antique building.
While interest was heavy, it took about a year to close the sale. Braun attributed that to the many quirks that came with an older property that had been owned by the same family for about 50 years. There were easements and rights-of-way that needed to be arranged and filed, including, among others, an access agreement for Wallingford's electric division.
Braun credited a determined push by Attorney Paul Proto, of North Haven-based Sachs & Proto.
"I have never seen an attorney work harder than he did on this thing," Braun said.
