A 40-year-old retail and office building along busy Route 10 in Cheshire recently sold for $2.7 million to a group of White Plains-New York-based investors. The 26,000-square-foot, two-story property at 1111 South Main St., which sits on 2 acres, is home to Toro Sushi, several salons and other retail tenants, with professional offices above. The […]
A 40-year-old retail and office building along busy Route 10 in Cheshire recently sold for $2.7 million to a group of White Plains-New York-based investors.
The 26,000-square-foot, two-story property at 1111 South Main St., which sits on 2 acres, is home to Toro Sushi, several salons and other retail tenants, with professional offices above.
The building is nearly fully leased, with only a single 600-square-foot office currently vacant.
According to a deed recorded with the town Aug. 5, the property was acquired by two limited liability companies.
RLJ 3600 LLC, which now holds a 95% ownership stake, shares a White Plains address with Kisco Funding Group LLC, a real estate investment firm.
The remaining 5% is owned by an LLC headed by Edmond DeLaurentis Jr., president of Edmond DeLaurentis Management Corp., also based in White Plains.
The seller, Country Plaza LLC, lists its principal as Richard N. Johnson of Florida, a member of the RD N. Johnson Sr. Trust. The deed was signed by Robert Johnston, sole successor to the trust.
Toby Brimberg, vice president of O,R&L Commercial, in Branford, represented the seller and also procured the buyer. In the firm's announcement of the sale, the buyer was identified as Kisco Funding Group.
According to Brimberg, the building has been well-maintained by the Johnson family since its construction. While it remains nearly fully occupied, the new owners are planning upgrades, including improvements to the parking lot.
With frontage on heavily trafficked Route 10 and access via an elevator, the building attracted strong buyer interest, with seven or eight potential buyers, Brimberg said.
“I think the investment world is still very strong,” Brimberg said. “There is a lot of activity from people buying a good income stream.”
