Grossman and Summit acquire Westport, Conn., retail building

Quincy, Mass. — The Grossman Cos. and Summit Development LLC have joined forces to acquire a 5,728-sq.-ft. retail building in Westport, Conn., for $2.7 million.



Located in one of Fairfield County’s most affluent towns, the building is adjacent to the Westport Metro North train station and offers easy access to an exit from Interstate 95.



Approximately 131,000 vehicles pass the building on I-95 every day, followed by another 14,000 vehicles on Route 33. Average annual household income in Westport is $170,000.



The acquisition is the fourth Grossman-Summit joint venture deal in the past 18 months. The partnership has invested almost $45 million in joint venture acquisitions since 2012.