40 Pepes Farm Road, Milford
Stoltz Real Estate Partners has acquired 40 Pepes Farm Road in Milford from CalEast Industrial Investors for an undisclosed price, according to Cushman & Wakefield officials. Cushman & Wakefield’s Metropolitan Area Capital Markets Group represented the seller and procured the buyer in the sale.
The Metropolitan Area Capital Markets Group received more than a dozen bids for the 200,000-square-foot industrial property, which is fully leased.
“40 Pepes Farm Road sits right on Interstate 95, providing great accessibility and proximity to area port facilities,” said Gary Gabriel, a Metropolitan Area Capital Markets Group executive director. “Its stable cash flow from credit tenants and lack of near-term lease rollover drew a great deal of interest. Ultimately, Stoltz has added an outstanding asset to its regional portfolio.”
Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in real estate sales, joint ventures and financing in Connecticut’s Fairfield County, northern New Jersey, and New York’s Long Island and Westchester County. The team has completed more than $7 billion worth of transactions during the past decade. For the past three years, those included more than $1 billion in annual volume.
Corridor’s Business Booms
Companies in search of cost-effective rent and top-quality buildings in employee-friendly locations continued to make the Merritt 7 Corridor one of Fairfield County hottest markets this year. The property at 20 Glover Ave., a renovated historic building that formerly served as the Caldor Corp.’s headquarters, saw its share of that action, with three significant companies committing to space in the building.
In the largest of those deals, Aetna Inc. leased 11,550 square feet at 20 Glover Ave. The transaction represents a relocation from 2700 Westchester Ave. in White Plains, N.Y., for the provider of health, dental, group, life, disability and long-term care benefits plans. Aetna will occupy a portion of the fourth floor on a long-term lease. More than 44 people will move into 20 Glover Ave. before the end of July.
The United Way also will relocate its Wilton office to the building. The charitable organization, which seeks to improve people’s lives and the local communities it serves, committed to 3,140 square feet of space on the third floor of the building. “United Way’s new offices will allow it to deliver services to the community more efficiently and quickly,” said David R. Kennedy, president and chief executive officer of United Way of Norwalk & Wilton.
Aetna Inc. and The United Way are among the latest of a slew of companies choosing to relocate or expand within Norwalk. Others include FactSet Research Systems, GE Capital, Marsh Inc., Diageo PLC and Hewitt Assoc.
Centerchem Inc., a chemical company offering raw materials for research and development to the cosmetic, food and pharmaceutical industries, recently chose to expand its existing occupancy at 20 Glover Ave. by an additional 3,000 square feet. The firm will now occupy a total of 12,000 square feet in the building on the fourth floor.
The property was completely renovated and upgraded by Building and Land Technology in 2000 and 2001. It features an on-site cafeteria, proximity to the Merritt 7 Metro-North station, immediate access to the Merritt Parkway, Route 7 Connector and Interstate 95, and on-site property management.
