Shelton office building sells for $16.7 million
A Shelton office building has been sold for close to $17 million. Jeffrey Dunne and Steven Bardsley, of CBRE’s Institutional Properties team, negotiated the sale of 6 Armstrong Road on behalf of an entity controlled by Marcus Partners Inc.
The team also was responsible for procuring the buyer, New York-based Windsor Management Corp.
The sales price was $16,730,000, according to a release by CBRE Group, a commercial real estate services and investment firm.
The 163,287-square-foot Class A office building at 6 Armstrong Road, near Bridgeport Avenue, is 87% leased, according to CBRE. It is located between Exits 11 and 12 of Route 8, “within close proximity to numerous shopping, dining and lodging options,” stated the release.
The building offers a full-service cafeteria, fitness center, conference facility and landscaped campus environment. In addition, a recently completed $2.2 million capital investment program included HVAC, restroom, lobby and common area upgrades as well as expanded parking.
Occupancy has been increasing
The amenities, combined with the recent improvements, “attracted a high-credit tenancy, which drove occupancy from 50% to 87% in only 12 months,” according to the CBRE release.
Dunne said the 6 Armstrong Road building’s “stable in-place tenancy, coupled with its recent capital program, should provide Windsor Management Corp. with the platform to continue its lease-up program, while benefiting from dependable income.”
CBRE Institutional Properties specializes in the sale of investment properties in the New York City metro region. CBRE Institutional Properties has closed over $11 billion in property sales in all property types during the last five years.
About CBRE Group
CBRE Group Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue).
The company has more than 52,000 employees, and serves real estate owners, investors and tenants through more than 370 offices worldwide. It is listed on the New York Stock Exchange under the symbol CBG.
Among its current listings in Connecticut is RiverPark, a 412,231-square-foot Class A office campus directly off Exit 13 of Interstate 95 in Norwalk.
Learn more about the company at www.cbre.com.
Two nearby office buildings being sold at auction: