DOWNTOWN BRIDGEPORT, CONN. OFFICE AND MIXED-USE OPPORTUNITY HITS THE SALE MARKET WITH HILCO REAL ESTATE

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Jan 31, 2024, 08:00 ET

NORTHRBOOK, Ill., Jan. 31, 2024 /PRNewswire/ -- Hilco Real Estate, LLC announces the sale of Lafayette Square in the thriving downtown of Bridgeport, Conn. Comprised of a 120,944± SF, seven-story office with an adjacent 8,968± SF, three-story mixed-use retail structure, this offering also presents the opportunity to assume a loan at a favorable 4.81% interest rate with approximately 36 months remaining.

The prime location, combined with the assumable loan and current annual rent of $1,767,732, provides an excellent opportunity for investors looking to contribute to the vitality of Bridgeport's dynamic downtown area.

The surroundings of the site are adorned with an array of eateries, theaters and essential commercial retail spaces. Bridgeport, with its plethora of activities, has emerged as Connecticut's most populous city, with a reported population of 149,000 in 2021 – solidifying its reputation as a thriving live-work-play community with a strong labor workforce. As part of the larger Fairfield region, the subject property can also benefit from the area's top employment categories, including advanced manufacturing, financial services, professional services and healthcare. Connections via the Bridgeport train station, Port Jefferson Ferry terminal, Connecticut Route 8, Route 25 and Interstate 95 seamlessly link the workforces of the Fairfield region, New Haven, Conn., and New York.

Currently the larger building in the square is 65% leased to a mix of communications, legal and governmental tenants. The smaller building features a highly regarded steakhouseas its ground floor tenant. With its strong tenant base and private parking lot accommodating 350 spaces, the property stands as a compelling investment for those dedicated to fostering the continued growth of Bridgeport.

Jamie Coté, vice president at Hilco Real Estate, stated, "This offering provides a gateway for tactical investors to actively participate in the revitalization of Bridgeport's downtown." He continued, "With the strategic positioning of the mixed-use space right next to the main office building and the favorable loan terms, this property is poised to be a cornerstone with enhancing the economic momentum of Connecticut's largest city."

Bids must be received on or before the deadline of March 13, 2024, at 5:00 p.m. (CT) and must be submitted on the Letter of Intent Form available for review and download from Hilco Real Estate's website.

Interested buyers should review the bid procedures, available on Hilco Real Estate's website, outlining the requirements to participate in the sale process. For further information and to schedule a property tour, please contact Jamie Coté at (847) 418-2187 or [email protected] and Jonathan Cuticelli at (203) 561-8737 or [email protected].

For further information on the property, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.

About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

SOURCE Hilco Real Estate