39 Lindeman Dr., Trumbull
CB Richard Ellis recently arranged the sale of 39 Lindeman Drive in Trumbull. The single-story, 22,000-square-foot office building was acquired by The Kennedy Center for occupancy for approximately $1.85 million, or $85-per-square-foot.
Sean Cahill, Michael Dillon and Mike Nelson of CBRE’s Westchester/Fairfield operation negotiated the sale on behalf of the building’s owner, Regency Savings Bank. Fred Frassinelli of AMS Realty represented the purchaser.
The Kennedy Center, one of the largest nonprofit rehabilitation agencies in Connecticut, will relocate its entire Garden Street, Bridgeport, operation to 39 Lindeman Drive before the end of July. It will occupy the entire building, which is walking distance from its 2440 Reservoir Ave., Trumbull, administrative headquarters.
The deal marks the fourth property sale the CB Richard Ellis team has negotiated this year in the same Trumbull office park. Other properties recently sold include 40 Oakview Drive, 12 Cambridge Drive and 7 Cambridge Drive. CB Richard Ellis has now been responsible for the disposition of nearly 50 percent of the properties in that office complex.
“Because of its location so close to the agency’s administrative headquarters, 39 Lindeman Drive offered an excellent investment opportunity for The Kennedy Center, which was looking for more efficiency in its space occupancy,” said Dillon. “And ownership was excited to sell the property to a company with such a strong commitment to the Greater Bridgeport community.”
Paret Brokers Prospect Sale
Catherine Paret of Matthews Commercial Properties recently brokered the sale of Prospect Self Storage, located at 38 Industrial Park Road in Prospect.
Prospect Self Storage is a multi-building complex with small, medium and large storage buildings. Units range from 5-by-10 unheated storage cubicles to bay garages with heat and necessary utility services that stand 1,200 square feet high. The business, including seven state-of-the-art self-storage buildings and approximately 12.2 acres of land, sold for $2.3 million.
Thomas Battiste of Litchfield was the seller and PSS LLC of Waterbury was the buyer. Paret represented both parties in the $2.3 million transaction. Matthews Commercial Properties has brokered the sale of three self-storage facilities in the past 24 months. The other two facilities are located in Waterbury and Oxford.
Velocity Signs Sublease
Albert B. Ashforth Inc. brokers Jeff Gage and John Stoddard, as agents for Modem Media Inc., recently negotiated a 33,700-square-foot sublease into 2009 with Wilton-based Velocity Sports, which anticipates taking possession in early August.
James Randel, president of Rand Real Estate Services, represented Velocity Sports. The subleased space, primarily on the third floor of 230 East Ave. in Norwalk, was not being used by Modem, which remains in possession of the remainder of the 117,000-square-foot building. Known as the former Norwalk Factory Outlet building, it was constructed as a manufacturing plant in 1910, converted to a retail outlet and, due in part to its location at the East Norwalk Train Station, was successfully redeveloped as an office building in 1999.
Cardiology Practice to Move
Cardiology Associates of New Haven has agreed to rent 2,250 square feet for its Billing and Receiving Department. The organization is currently located in Guilford and will be moving to Sturbridge Square Office Condominiums, which is located at 250 State St. in North Haven.
The landlord, Sturbridge Square Limited Partners, and the tenant were represented by Marty Ruff and Bernie McLoughlin of Levey Miller Maretz Realtors.
