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FAIRFIELD — The Post Road property housing Isabelle et Vincent French bakery and the Custom Meats butcher shop has sold for $3.1 million.
CT Realty Trust — which has owned the property at 1903 Post Road for about 15 years — sold the building to a business named Strawberry Hill Realty LLC earlier this month, according to land records. Bard Kligerman, the CEO of CT Realty Trust, said he does not expect the sale to impact either of the two businesses in the building.
Kligerman said CT Realty Trust renovated the second floor of the building into a pair of 2-bedroom apartments after struggling to find renters for the space about three years ago — a roughly 2-year project that helped boost the property value prior to the sale. He said a third room that the bakery rents on the second floor could eventually become an apartment too.
“The combination of having owned the property for so long and really doing the value added at that point, in our opinion, to get it to its max value position seemed like a logical time to sell,” Kligerman said in an interview.
He said the Northeast Private Client Group, a commercial real estate agency in Shelton, helped market and sell the property, which was able to withstand “headwinds” in the real estate industry due to its prime location in downtown Fairfield. He said high interest rates have otherwise made property transactions extra difficult.
“We were very pleased with the action that we got and the multiple bids that we got in what I would say is a relatively challenging environment right now in the real estate world,” he said.
Ahmed Ebrahim, who’s listed as a managing member of Strawberry Hill Realty LLC in state business records, said he plans to continue working with Isabelle et Vincent and Custom Meats as tenants. He said his team sought to expand their real estate presence into Fairfield’s commercial center through the purchase.
“We will do everything we can to support the businesses of our commercial tenants and the lifestyle of our residential ones as part of our small contribution in the economic development of the town of Fairfield,” he said in an email.
Jill Saulsberry, one of the co-owners of Isabelle et Vincent, said she has yet to meet the new owners, but the transition of ownership has been “seamless” for the bakery.
“Our landlord was very up front about the fact that he wanted to sell,” she said.
Saulsberry said the bakery’s lease is set to run another five years.
“We’ll have to wait and see,” she said of the bakery’s plans following the expiration of its lease. “We’re not sure. We’re growing. The location has served us well but we’ll reevaluate as we get to the end of our contract.”
Custom Meats did not immediately return a request for comment.
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This article was originally published by a www.ctinsider.com . Read the Original article here. .