King, Chew and Condren of CPEX arrange $5.25 million sale

The CPEX mixed-use investment sales team has completed the sale of 173 Court St., located in the Cobble Hill Historic District. The property sold for $5.25 million. It is $1.325 million per unit, or $1,129 per s/f. CPEX's mixed-use sales team, consisting of managing partner Timothy King, and associate Keat Chew represented the seller and procured the buyer. They were assisted by Ryan Condren, managing director of the CPEX retail leasing team. 173 Court St. is a four-story, walk-up, mixed-use building, which consists of three apartments and one ground floor unit. It has 2,000 s/f of commercial space and 3,000 s/f of residential space. Formerly occupied by the Hope Animal Hospital, the building was delivered with one commercial unit vacant and the remainder of the building occupied. With the sale, CPEX has completed over 20 transactions on Court St. Notable transactions include the sale of 228-230 Court St. for over $4.5 million, as well as leases with tenants such as J Crew, the LePort Schools, Marine Layer, and Benefit Cosmetics, a subsidiary of Louis Vuitton. "It's no surprise that we have been involved in 20 separate transactions involving both the sales of buildings and the lease of storefronts on the Court Street corridor," said King. "Our unique operating platform of having specialized sales and leasing teams dedicated to specific property types allows us to provide outstanding service to property owners looking to sell as well as buyers and tenants. The intense professional focus this discipline creates is shown by the results we have achieved in market dominance on Court Street."