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January 27, 2023

Waterbury retail, automotive services building sells for $1.3M

CoStar 520 Watertown Ave., Waterbury.

A New Jersey investor recently paid $1.3 million for a 29,873-square-foot mixed retail and automotive services building on a busy Waterbury arterial road.

Mohamad Kourani, principal of the buying limited liability company, said he plans to put a new roof and facade on the 1972-vintage building at 520 Watertown Ave. He also hopes to build a second building on the associated 3.3-acre property. Kourani said that building would mix retail and warehousing.

“We’re going to improve the property and clean it up, possibly try to develop to create some more jobs in the area,” Kourani said.
Kourani said the property hosts underground oil tanks that need to be removed.

The property also hosts a retail strip facing busy Watertown Avenue, with automotive service buildings to the rear.

Kourani is principal of East Coast Management LLC, which paid $1.3 million to New England Property LLC. 

East Coast Management lists Kourani’s Passaic, New Jersey, address as its mailing address.

New England Property paid $1.15 million for 520 Watertown Ave. in 2016, according to city records. Its principal is Rini Ferati, of Northfield.
Showcase Realty brokered the property for both buyer and seller. 

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