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May 2, 2024

Large portfolio of downtown Middletown properties listed for sale

Contributed Several buildings along Middletown's Main Street are for sale as part of a unique portfolio.

A unique portfolio of mixed-use buildings prominently located along Middletown’s Main Street has been listed for $6.75 million.

The five-building package contains a combined 59 residential units and eight commercial spaces in nearly 54,900 square feet of space. It’s unique that a grouping of buildings along a key commercial stretch like Middletown’s Main Street is under one ownership and sold as a package, said broker Taylor Perun of Shelton-based Northeast Private Client Group, which has the listing.

The properties were picked up piecemeal by owner Lee Perry over the last several years, Perun said.

Perry, a New York-based private real estate investor, “set out to create an assemblage of buildings in a thriving downtown center,” Perun said. 

The commercial spaces are 100% leased, with many long-term and established tenants, and most of the residential units are occupied, Perun said.

The properties include: 

  • 542 Main St., with four, one-bedroom apartments and one retail suite.
  • 594-606 Main St. is two parcels with adjacent buildings, containing a mix of studios, lofts, one-, two- and three-bedroom units, along with three retail tenants, including Forest City Wine & Spirits, Smoke 911 and Ion Restaurant.
  • 682 Main St., has 12 two-bedroom apartments and two retail suites with tenants Krust Pizza Bar and Middletown Pharmacy.
  • 710 Main St., has six, two-bedroom apartments and two retail suites.

This is Perry’s only Connecticut portfolio, and he’s selling them to focus on the New York market, Perun said.

Middletown has a busy Main Street with many shops, restaurants, professional and community buildings, along with close proximity to the riverfront and Wesleyan University.  

“The city has seen a lot of growth and outside investment,” Perun said.

The portfolio has been on the market for about two weeks, and Perun said he has just started showing the properties this week, and the interest so far has been “significant.” 

“The type of investors that we are trying to capture, that would have the capacity to pick these up, are able to get a lot of units in one shot,” Perun said. Having established retail tenants and multiple units under one management team allows for more cash flow, he said.


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