2777 Summer Street, Stamford
Jeffrey Dunne, Steven Bardsley and Christopher Leonard of CB Richard Ellis’ New York Tri-State Investment Team recently represented Collins 2777 Summer LLC, an entity controlled by Collins Enterprises, in the sale of 2777 Summer St. in Stamford for $20 million or $180.63 per square foot. The team was also responsible for procuring the buyer, Triple S 2777 LLC, an entity controlled by Mill Management Inc.
The building is a 7-story 110,100-square-foot office building conveniently situated at the northern tip of the Summer Street corridor, a prime tenant location for companies seeking quick access to both Interstate 95 (1.7 miles) and the Merritt Parkway (3.3 miles). The property, which was 91percent leased at the time of sale, underwent substantial renovations from 2003 to 2005, including an updated main lobby, common areas and new a HVAC monitoring system, in addition to the elevators that were substantially renovated in 2000. The building also offers garage parking, security-controlled access, a full-service delicatessen and access to the adjacent 484-room Sheraton Hotel and Conference Center, as well as a key commuting location in the Bull’s Head section of Stamford at the intersection of Summer Street, Bedford Street, Washington Boulevard, High Ridge Road and Long Ridge Road.
“Mill Management has acquired a prime building situated in a key commuter location that provides strong in-place cash flow from a variety of tenants (35 in total) and industry sectors,” Dunne said. “The building is also poised to benefit from future rent growth generated by the significant rental rate growth in Stamford’s central business district.”
“Collins acquired the property in 2000 for $12.5 million as part of its strategy to acquire and significantly upgrade under performing assets,” said Dwight Collins of Collins Enterprises. “Through a combination of hands-on management, the implementation of aggressive tenant retention programs, renovations, and capital improvements, the property now offers a very stable cash flow and is poised for even further appreciation going forward.”
Newtown’s Fireside Inn Sold
Coldwell Banker Commercial – Scalzo Group of Bethel recently brokered the sale of the Fireside Inn and Restaurant located at 121-125 South Main St. in Newtown for $2.925 million, and the business for an undisclosed amount. The new owners, Highland HC LLC, plan to redevelop the existing building and add an additional retail building to the site.
Robert Cascella, senior vice president of Coldwell Banker Commercial – Scalzo Group and Doug Rose of Scalzo Group represented both the seller, DonJim Realty of Fairfield, and the buyers, Highland HC LLC. Coldwell Banker Commercial – Scalzo Group has also been awarded the exclusive right to lease the retail development.
Coldwell Banker Commercial is a registered trademark licensed to Coldwell Banker Real Estate Corp. The company has independently owned and operated affiliate real estate offices in more than 325 markets throughout the world and leads the industry in providing commercial real estate solutions and the management of commercial real estate property. Coldwell Banker Commercial – Scalzo Group is part of the Scalzo Group Real Estate Services companies.
