316 Courtland Ave., Stamford
Jeffrey R. Dunne and Jeffrey J. Oram of CB Richard Ellis’ New York Tri-State Investment Team recently represented 316 Courtland Avenue Assoc., an entity controlled by Seaboard Properties, in the sale of 316 Courtland Ave. in Stamford for $10.2 million or $87.36 per square foot. The team was also responsible for procuring the buyer, a joint venture between Sivan Properties and Benerofe Properties.
The property is a 116,472-square-foot, multi-tenanted, 96 percent leased warehouse building located on a 6.8-acre lot along the westerly side of Courtland Ave. The property has a stable, strong credit income stream with telecommunications giant SBC (rated A+ by Standard & Poor’s) leasing 64.5 percent of the building. Other major tenants include Fairfield County Record Retention LLC (15,500 square feet), Planet Fitness (15,125 square feet) and NSW Professional Billing Inc. (6,375 square feet).
“[The property] is an ideal location from which to service the local Stamford economy,” Dunne said. “New ownership acquired a reliable long-term income stream given the length of the leases and the credit of the tenants at 316 Courtland Ave.”
The CB Richard Ellis New York Tri-State Investment Team specializes in the sale of investment properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. The team closed in excess of $1.1 billion in transactions in 2003 and $1.26 billion in 2004. Recent sales include the Riverside Portfolio in Westport ($54.15 million); the Northeast Atlanta Portfolio in Duluth and Norcross, Ga. ($44 million); 411 West Putnam Ave. in Greenwich ($32.3 million); 1400 Cavalier Blvd. in Chesapeake, Va. ($13.2 million); Solo Cup Distribution Center in Hampstead, Md. ($37.5 million); RiverPark in Norwalk ($73.3 million); Fairgrounds Plaza in Middletown, N.Y. ($28 million); Coram Plaza in Coram, N.Y. ($38.5 million); Montgomery Corporate Center II in Upper Dublin Township, Pa. ($40.8 million); 55 Railroad Ave. in Greenwich ($97.75 million); Solo Cup Distribution Center in North Andover, Mass. ($18.5 million); and Westwood of Lisle in Lisle, Ill. ($44.7 million).
The team also has a number of investment opportunities currently on the market including Norden Park, a 612,119-square-foot business park building in Norwalk; 333 Meadowlands, a 136,000-square-foot office building in Secaucus, N.J.; 571 Jersey Ave., a 301,626-square-foot net leased distribution center in New Brunswick, N.J.; 225 High Ridge Road, a two-building, 227,966-square-foot office campus in Stamford; and Eagle Road Shopping Center, a planned 214,033-square-foot retail property consisting of three freestanding buildings in Danbury.
Milford Post Road Property Sold
Levey Miller Maretz was the sole real estate agency involved in the sale of a 54,000-square-foot commercial building located at 1770 Boston Post Road in Milford (U.S. Route 1) with Fred Maretz representing the seller, 1770 Boston Post Road Assoc., and William Silverman representing the buyers, Corner Properties 3 LLC and Devonshire Assoc. d/b/a tenants in common. The building was sold for $2.7 million.
The property, which was owned for 20 years by the 1770 Boston Post Road Assoc., consists of retail businesses and a record storage facility.
The managing general partners of the seller were Attorney James Brownstein of Woodbridge and Fred R. Maretz, who together acted as the property manager while the property was owned by the seller.
The principals of the buyers are local architect Richard Michaud and William Kinn.
The sellers were represented at the closing by James S. Brownstein of Kantrovitz & Brownstein, and the buyers were represented at the closing by Daniel Hoffnung of Winnick, Ruenen, Chambers, Hoffnung & Peabody.
