Londregan Commercial Real Estate Group represents seller HB Nitkin sells Latimer Brook Commons for $3.7m
Londregan has completed several transactions with the HB Nitkin Group, a well respected real estate investor located in Greenwich, Connecticut. Londregan assisted Nitkin as its broker in the purchase of the 40,000 square foot mixed use center known as Latimer Brook Commons for $1.725 Million. As an equity partner and leasing agent for the property, Londregan completed leases with L & M Hospital, Visiting Nurse Association, Tupperware and others to bring the center to 100% occupancy. Londregan brokered the sale of this complex on behalf of the ownership group controlled by Nitkin for $3.6 Million.
East Lyme, CT - The HB Nitkin Group has sold Latimer Brook Commons to an affiliate of The Giegerich Company for $3.7 million. The seller was represented by Tim Londregan of Londregan Commercial.
Latimer Brook Commons, located at the intersection of Flanders Road and Post Road near exit 74 of I-95, is a 35,000 s/f two-story building. The lower floor contains professional offices and the upper floor contains residential units.
HB Nitkin purchased the property in 1994 for $1.875 million from the FDIC after it acquired the property from the New England Savings Bank, which was taken over by the FDIC. The HB Nitkin Group then upgraded and improved the property and released the vacant space to professional tenants including Lawrence & Memorial Hospital.
The HB Nitkin Group specializes in acquiring well-located properties to which it can add value through property upgrades and improvements and through re-tenanting. The firm owns approximately 1.3 million s/f of retail and office space in Connecticut and New York.
According to Bradley Nitkin, the president of the HB Nitkin Group, the company is currently selling several noncore assets that it has held for a number of years and is looking for new investment opportunities.
Londregan Commercial Real Estate Group is a full-service brokerage firm located in Old Saybrook, Connecticut. While specializing in the retail and fast food site selection niches, Londregan Commercial is highly sought after for its marketing and closing abilities in all areas of commercial real estate. Retail and restaurant land sites, investment properties of all types, hotel and motel sites have also been an integral part of the firm's activity. For more information please visit www.londregan.com.