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September 22, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Westport’s Gorham Island office property sells for $22M

Colliers International Group Inc. has arranged the sale of office property One Gorham Island in downtown Westport for $22 million. The buyer, an affiliate of Maplewood Healthcare called Maplewood Gorham Island LLC, is a current tenant in the building.

Photo courtesy: Hearst Connecticut Media

The 41,000-square-foot building, which sits on a seven-acre private island on the Saugatuck River, was 100 percent occupied at the time of closing, with other tenants including PetVet Care Centers, Bank of America and Team Tankers Management.

“This is the first time the property has traded hands since it was developed by Leo Nevas in the 1980s,” said Enzennio Mallozzi of Colliers’ Stamford office, who orchestrated the sale with colleagues Michael Gordon and Matt Mendicino. “The sales price per square foot represents one of the highest for office property in Fairfield County in recent years.”

Nevas – a lawyer and philanthropist who represented the late actor Paul Newman in his business, charitable and personal matters – died in 2009, leaving his real estate holdings to his children; Gorham Island was passed onto his daughter, Jo-Ann Nevas Price.

“We are proud to be the next family to assume ownership of One Gorham Island,” said Maplewood Healthcare President and CEO Christopher Smith. Noting that the firm is planning capital improvements to the property, Smith added, “We are certain that One Gorham Island undoubtedly will maintain its competitive position for years to come.”