November 28, 2008
November 28, 2008
BRIDGEPORT, CONN. - People's United Bank has closed on the sale of a portfolio of properties covering approximately two blocks in downtown Bridgeport. The sale does not include the bank's headquarters building at 850 Main Street.
"We were pleased to have come to terms with one developer on the sale of the entire portfolio," said Peter M. Brestovan, first vice president of the bank's Real Estate Services Department. "In many respects, development and/or redevelopment projects can be rendered much easier when there are fewer property owners controlling large tracts. Though People's United remains one of the primary taxpayers in the city and maintains its strong commitment to Bridgeport, the bank is not a real estate developer, and, therefore, the sale of this portfolio to Main State Ventures bodes well for future redevelopment efforts in Connecticut's largest city." Main State Ventures is a partnership between Forstone Capital and Spinnaker Real Estate Partners, both of Norwalk, Connecticut.
"The acquisition of this portfolio further underscores Forstone Capital's belief in Bridgeport as our downtown holdings now total approximately 425,000 square feet of commercial space," commented Brett Wilderman, principal of Forstone Capital, "We are also thrilled to have the opportunity to partner with Spinnaker Real Estate Partners whose impressive track record and depth of experience will surely have a positive impact on the city."
Jeffrey Dunne and Steven Bardsley of CB Richard Ellis, Inc. represented the bank in the sale of the portfolio, which included nine properties, covering roughly 4.81 acres and totaling 255,548 square feet. The following buildings were included in the sale: 167, 177, 189, and 211 State Street;779, 815, 855 and 899 Main Street;and 830/880 Broad Street.
Dunne noted, "The portfolio offers excellent upside through further lease-up and redevelopment of the vacant land for Main State Ventures, which has a proven track record of repositioning and developing properties in Fairfield County."
People's United Financial, a diversified financial services company with $20 billion in assets, provides consumer and commercial banking services through a network of more than 300 branches in Connecticut, Massachusetts, Vermont, New Hampshire, Maine and New York. Through its subsidiaries, People's United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.