On March 4, 2015, the company completed the sale of its 53,000 square foot North Park Shopping Center in Bridgeport, CT for $15,250,000, the culmination of a three year process that demonstrates Figure Eight’s full service real estate capabilities.
Triggered by proprietary knowledge of tenant demand for the 6-acre property, Figure Eight privately negotiated the purchase of the defaulted mortgage note on the property at a deep discount and completed the foreclosure within three months of the note purchase. The Figure Eight brokerage and development team fully preleased the property to national and regional tenants and arranged for an Enterprise Zone designation. The company arranged flexible, long term, fixed rate, pre-payable construction/permanent financing to fund the development, and completed construction in early 2014. Key tenancy includes Sav-A-Lot, Deals, Peoples United Bank and McDonalds.