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Grossman Cos., Summit Development Acquire Southport Office Building For $2.35M

Apr 25, 2014 | Reprints | Unlock Link | Print

Quincy-based Grossman Cos. Inc. and Summit Development LLC of Connecticut have acquired an office building in Southport, Conn. for $2.35 million.

The 12,700 square-foot, class B property is located at 200 Pequot Ave. The off-market purchase was made directly from the seller, who is the former occupant.

The buyers plan to upgrade the building’s common areas and fill the vacancy. The building is currently 43 percent leased.

Jake Grossman, a principal of The Grossman Cos., said the acquisition is part of the company’s "Main Street strategy," assembling a portfolio of buildings in high-visibility locations that provide stable income with long-term rent growth potential. Grossman announced the sale along with Felix Charney, principal of Summit.

Commercial