Business owners in Old Greenwich are concerned about the possibility of selling the building

Business owners in Old Greenwich are concerned about the possibility of selling the building

GREENWICH — Concerns are growing among merchants about potential changes to the business district in Old Greenwich.

The public announcement of the potential sale of multiple properties along Sound Beach Avenue and Arcadia Road is causing concern for area business owners. A new owner could mean higher rents and potential disruption for the attractive and eclectic row of boutiques and boutiques serving the Old Greenwich community.

At Bennett Jewelers, owner Allison Bennett said she was worried about what new ownership would mean for her store and others like it.
“We want to stay where we are,” she said. “We are concerned about the rent going up.”
The store has been in business for more than 75 years, and at the same location on Sound Beach Avenue for 12 years.
“We love change, but we prefer to keep it centered around small businesses. That’s what makes Old Greenwich,” she said. “And the rents are already high.”
A family-owned real estate trust with properties that include four buildings with 10 apartments, 10 office suites and 17 retail storefronts will go on the market this winter, a real estate brokerage firm announced. Nolan Thomas Properties LLC is currently owned by family members of the early developer of Sound Beach Avenue; The initial process of selling parcels has begun.

Three large parcels of land in Old Greenwich along Sound Beach Boulevard and Arcadia Road are scheduled to go on the market this winter. The warehouse is also part of the real estate portfolio.

Marcus and Millichap

And at Alpen Pantry Food Store, one of 17 retail storefronts included in the portfolio, co-owner Drew Nimitz said he was concerned about turning stores along Arcadia Road into a “parking lot” for new construction that could follow a sale. For developers and new owners.

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