Savings Bank of Danbury, Wolcott Street, Waterbury
Tom Hill III of Coldwell Banker Commercial Scalzo-Tom Hill Group of Waterbury and Peter Brooks recently completed two site searches and transactions in Waterbury for Savings Bank of Danbury.
The first site, located in front of Shop Rite on Wolcott Street, is a full-service branch that will provide state-of-the-art banking products to the Waterbury area. The second site is the former Metro Mortgage location on Bank Street and will serve as the bank’s loan production office for the region.
Westport’s Riverside Portfolio Sold
Jeffrey R. Dunne and Steven P. Bardsley of CB Richard Ellis’ New York Tri-State Investment Team recently represented Riverside Investors, a partnership between Lexham Private Investors and Normandy Realty Partners, in the sale of the Riverside Portfolio in Westport for $54.15 million or $371.45 per square foot. Dunne and Bardsley were also responsible for procuring the buyer, Investcorp International.
The Riverside Portfolio is comprised of three subdivided properties with seven Class A buildings, a total of 145,782 square feet, located directly on the waterfront of the Saugatuck River with water views from over 50 percent of the total floor space. The portfolio is strategically located between Interstate 95, less than a mile from Exit 17; the Merritt Parkway, 2.5 miles from Exit 41; and about a mile from downtown Westport, which has dining and retailers.
The 285 Riverside Ave. asset, the largest of the buildings at 54,756 square feet, was substantially renovated in 2003-2004 during its conversion from a single tenant facility to its current multi-tenant state. The other buildings, 321-329 Riverside Ave., consist of five independent 2-story buildings that are around 10,000 square feet each. Leased to a total of five tenants, the five clustered buildings ideally accommodate the primary tenant demand of 8,000 square feet to 10,000 square feet in Westport, affording building identity while benefiting from a corporate campus type setting. The building at 355 Riverside Ave. is currently a single-tenanted building of 41,336 square feet, leased to Allied Domecq as its U.S. headquarters.
“The Riverside Portfolio acquisition provided a rare opportunity to acquire a substantial inventory of highly leased assets, without existing debt, in a supply-constrained market that is dominated by office properties between 30,000 square feet and 60,000 square feet,” Dunne said.
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 Northeast Atlanta Portfolio in Duluth and Norcross, Ga., for $44 million; 411 West Putnam Ave. in Greenwich for $32.3 million; 1400 Cavalier Blvd. in Chesapeake, Va., for $13.2 million; Solo Cup Distribution Center in Hampstead, Md., for $37.5 million; and RiverPark in Norwalk for $73.3 million.
