Garavel Subaru To Move After Acquiring 520 Main Avenue In Norwalk

Norwalk CT

08 April, 2021

10:38 PM

Description

Press release from CBRE: April 8, 2021 In a transaction arranged by CBRE, Zion Properties LLC/Garavel Automotive has acquired 520 Main Avenue in Norwalk, Connecticut for $3.95 million. The 34,502 sq. ft. facility, which sits on 2.3-acres, will be redeveloped as a Garavel Subaru dealership. CBRE's Jeffrey Gage and Robert Crane represented the seller, Morganth Properties LLC in the negotiations. In addition, CBRE performed a building condition assessment and a phase 1 environmental study for the property. "The site will house an existing Subaru dealership which is relocating and expanding in Norwalk," said Gage. "The site, which was formerly leased to Best Friends Pet Hotel, closed when the business was sold to the Lakefield Veterinary Group. We had several potential retail prospects express interest, but Garavel was ideal as the site was best suited for an automotive dealership." 520 Main Avenue is part of an assemblage for the expanding dealership that included the adjoining 2.95-acre property to the south, owned by Ethan Allen. The sale was conditioned on gaining approvals needed to build a new automotive dealership. Garavel Automotive was represented by Dan DiBuono of Tower Realty Corp. in the negotiations. This press release was produced by CBRE. The views expressed here are the author's own.