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Monday, March 19 News

Partners buy Southport, Westport buildings

Summit Development LLC of Southport and a Massachusetts partner have purchased a commercial building in Southport and another in Westport for a combined $5 million.

Summit and the Gossman Cos. Inc. bought 200 Pequot Ave. in Southport for $2.3 million and 60 Charles St. in Westport for $2.7 million, the partners said in a news release.

The 12,700-square-foot Southport property is on six-tenths of an acre and houses offices. The partnership said it plans extensive renovations, including a new exterior inspired by the nearby Pequot Yacht Club, plus new a entryway and lobby.

The vacant Westport building is a 5,728 square-foot retail space near the Saugatuck train station. It most recently housed the Blu Parrot restaurant, which closed nearly a year ago.

Grossman is based in Quincy, Mass. The partnership has invested nearly $45 million in joint venture acquisitions of five properties since 2012, according to the release.