Simone Development Companies Acquires Auto Dealership Properties on West Putnam Avenue in Greenwich, CT

GREENWICH, Conn., March 21, 2014 /PRNewswire/ -- Simone Development Companies announced the acquisition of auto dealership properties on West Putnam Avenue in Greenwich, for an undisclosed price. Together, the four properties house two luxury car dealerships, including the local Mercedes-Benz and Cadillac franchises. Joseph Simone, president of Simone Development Companies, made the announcement.

"This stretch of West Putnam Avenue has become a magnet for luxury auto dealers, and these properties are right at the 50-yard line," Mr. Simone said. "We believe they are valuable as car dealership space, and will continue to be so. Simone invests in all types of commercial and residential real estate, and these properties will further diversify our portfolio."

The property addresses are 217 West Putnam Avenue, which houses Cadillac's Greenwich location; 252 West Putnam, which is the showroom for Mercedes-Benz of Greenwich; 261 West Putnam, dealership space for Mercedes-Benz; and 262 West Putnam, which is the Mercedes auto service building. The row of dealerships also includes Porsche, Audi, Aston Martin, and Bentley.

Simone's other holdings in Greenwich include One Sound Shore Drive, a multi-tenant office building located within walking distance of the Greenwich Metro-North train station, and 644 West Putnam Avenue, a newly redeveloped 40,000-square-foot mixed-use property anchored by a CVS drugstore.

About Simone Development Companies:

Simone Development Companies is a full-service real estate investment company specializing in the acquisition and development of office, retail, industrial and residential properties in the New York tri-state area. Headquartered in the Bronx, the privately held company owns and manages more than 5 million square feet of property in the Bronx, Westchester County, Queens, Long Island and Connecticut.  The company's portfolio includes more than 100 properties and ranges from multi-building office parks to retail and industrial space. The company's largest and most successful development is the 42-acre Hutchinson Metro Center office complex located directly off the Hutchinson River Parkway in the Pelham Bay section of the Bronx. The first two phases of the complex (1200 Waters Place and 1250 Waters Place), which comprise nearly 750,000 square feet of Class A office and medical space, are fully leased. Two additional phases totaling 650,000 square feet (the 370,000-square-foot Metro Center Atrium and 280,000-square-foot Tower Two, adjacent to 1250 Waters Place), are currently under development.

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SOURCE Simone Development Companies