Turkey Point Properties, LLC, has purchased the 18,000-square-foot office building at 4154 Madison Ave. in Trumbull for $1,937,500.
Contributed photoTRUMBULL — A Madison Avenue office building has changed hands.
Turkey Point Properties, LLC, has purchased the 18,000-square-foot office building at 4154 Madison Ave. for $1,937,500.
"The property is primarily occupied by allied health professionals and has been well maintained by the seller; however, it has a 35 percent vacancy rate," said Eva Kornreich, vice president with Angel Commercial, LLC, a commercial real estate firm which represented the seller in this transaction. Keller Williams represented the buyer.
"It is notable that based on the current net operating income the cap rate for this deal was 4.4 percent, representing a low-risk, high-value property which is most likely a reflection of the property's excellent location,” Kornreich added.
The property — home to Dental Associate Group — is adjacent to the Trumbull mall, which sold last month for $196 million, with proximity to the Merritt Parkway and Sacred Heart University.
On the other side of the mall, a 260-unit luxury apartment complex marketed to young professionals and empty nesters is under construction.
brian.gioiele@hearstmediact.com