The single-story commercial building at Cherry and Park Streets—former, longtime home of Merrill Lynch—has sold for $2 million, records show.
The 1966-built brick structure at 4 Cherry St. was purchased by a limited liability company whose principal is listed in state records as a Stamford man. The company, DP 4 Cherry Street LLC, acquired the .23-acre property and building Jan. 26, according to a transfer recorded in the Town Clerk’s office.
The LLC’s principal is listed as Peter Kempner, according to Connecticut Secretary of the State records. He is listed on LinkedIn as principal of Kempner Properties LLC, a “real estate investment company specializing in the ownership of shopping centers and multi-family apartment buildings.”
According to the company’s website, its 34 properties in Connecticut, Massachusetts, New York and Pennsylvania include standalone business and strip mall-style structures, as well as residential apartment and mixed-use buildings.
“Peter and Jim Kempner, the managing partners of Kempner Properties have over 60 years of combined experience in commercial real estate. Kempner’s philosophy with respect to acquisition, financing, management and leasing of its portfolio has always been a hands on approach and direct involvement in every aspect resulting in a low leveraged portfolio at over 95% occupancy,” the website said. “Kempner acquires properties at or below replacement cost which translates into purchasing properties with rents that are at or below market levels, providing protection during difficult leasing market periods. Kempner has acquired properties with this basic premise for over thirty years also contributing to its overall occupancy level of 95%.”
Merrill Lynch moved catty-corner in 2019 into the former Post Office building at 2 Pine St.