CoStar
Online real estate news
Shelton, CT
July 20, 2016
July 20, 2016
Flex Building Sells for Highest PSF Price in Eastern Fairfield
County Since 2008
New York Family Office Acquires $9.2M Property as Part of 1031 Exchange
By Chris Ulrich
Cambridge Hanover has sold 100 Trap Falls
Ext. along with two adjoining parcels in
Shelton, CT for $9.2 million, or about $113
per square foot.
A private family office that invests primarily in property located within the
five New York City boroughs that was seeking to diversify its portfolio
purchased the property as part of a 1031 exchange.
Built in 1978, the 81,526-square-foot flex building was 94 percent leased
at the time of the sale. Major tenants include Red Bull, Microphase,
Comet North America and Option Care.
According to Avison Young, which represented Cambridge Hanover, the
sale price was the highest price per square foot paid for a flex building in
Eastern Fairfield County since 2008.
Avison Young Managing Director Sean Cahill, along with Jon Epstein,
Alison Luisi and Erik Edeen arranged the sale. The buyer was
represented by investment sales specialist Alan S. Cohen of ABS
Partners.
Please see CoStar COMPS #3646317 for more information on this
transaction.