ASHFORD: It may be up in the northeastern part of the sate but Milford based DeForest Smith and Carl Russell of Pearce Commercial have sold the property at 299 Pompey Hollow Road for $1.9 million.
The 9,100 square foot single-story, freestanding retail space situated on a 2.4 acre lot, is a Dollar General Store. The seller, Gary Eucalito, was represented by Daniel de Sa’ of EXP Realty Advisors of NYC. The buyer, Jordan Realty, was represented by Smith and Russell of the Pearce.
In 2017, Smith represented Jordan Realty in selling 22 acres in Milford. Earlier this year, Smith sold Eucalito a CVS retail space in Rocky Hill.
“The Ashford, CT purchase is the final leg of a Section 1031 Tax Deferred Exchange from the sale of 22 acres in Milford. This has given Jordan Realty the rare opportunity to take advantage of a Section 1031 exception which allows postponing capital gains when the proceeds are reinvested in a similar property,” said Smith.