FilmChest Inc., a New York-based company that distributes video content has purchased a commercial property in Bridgeport for $435,000.

The purchase price for the 45,361-square-foot building equates to $9.59 per square foot. It is located at 110-118 Congress St.

"This is an ideal use for the dormant property and a great opportunity for FilmChest Inc. to acquire a facility well below the fair market value," said Jon Angel, president of Fairfield-based Angel Commercial LLC, who represented both parties in this transaction. "The building was previously used as a self-storage facility for two decades, but the owner-operator was foreclosed upon due to delinquent mortgage payments. The purchase price was a fraction of the appraised value."

The property last sold in 2006 for $1.5 million and is currently appraised at nearly $2 million, according to the town assessor’s office. The property was seized last October by the lender, Casco Bay Financial Corp. of Portland, Maine, through foreclosure.

"The purchaser acquired the property in an all cash transaction with a short due diligence period which afforded them the lowest price," said Angel. "Transactions with few contingencies and no financing can frequently be accomplished quickly at less than market values."