35 Nutmeg Drive, Trumbull
The CB Richard Ellis New York Tri-State Region Institutional Group brokered the recent $30.25 million sale of a Trumbull office building.
The 278,655-square-foot property, located at 35 Nutmeg Drive, was purchased by Nutmeg LLC, an entity controlled by Spinnaker Real Estate Partners. Jeffrey Dunne, Steven Bardsley and Todd Newman of CB Richard Ellis represented the seller, Fairhaven Investors Limited Partnership, which is an affiliate of BPG Properties. The team also procured the buyer.
At the time of the sale, 35 Nutmeg Drive was 87.2 percent leased, with tenants including General Reinsurance, leasing 38,125 square feet; NASDAQ, 46,794 square feet; ITT Flygt, 36,681 square feet; and Gartner Group, 45,695 square feet. The building features amenities including a full-service cafeteria and an on-site health club. It also has a redundant electrical power source, a feature that appeals to data centers, financial services firms and disaster recovery facilities.
The property is situated in the Trumbull Corporate Park, with more than 1,000 feet of frontage on the Merritt Parkway and access to Route 8.
Separately, CB Richard Ellis’ Westchester/Fairfield Private Client Group has been named the exclusive agent for two residential investment opportunities located in New Canaan and Norwalk.
The first property, Merritt Apartments, is a 3.49-acre site in New Canaan. The property has 34 rental apartments in four buildings and is within walking distance of local shops and restaurants, as well as the Metro-North train station.
The second property, Waterview East, is a 2.53-acre, fully approved site for sale featuring 36 residential units and two commercial units. Located at 142-144 East Ave. in Norwalk, the property offers more than 400 feet of river frontage on the Norwalk River and is within close proximity to office parks and restaurants.
Al Mirin and Silvia Pogosyan of CB Richard Ellis will oversee the marketing of the properties.
CB Richard Ellis Group, an S&P 500 company based in Los Angeles, has approximately 21,000 employees and serves real estate owners, investors and occupiers worldwide.
Groves Brokers Sale
Ron Groves, vice president of George J. Smith & Son, brokered the recent sale of Mario’s Pizza at 1492 Boston Post Road in Milford to Antonio DeNicola of Hamden.
DeNicola and his wife Antoinette own Sapor D’Italia in Hamden and Michaelangelo’s Pizza and Subs in West Haven.
Michaelangelo’s is under repair from an electrical fire that forced DeNicola to temporarily close the restaurant this winter. He plans to serve his West Haven customers from the new location until Michaelangelo’s reopens.
Norwich Mill Sold
Michael Hickey of Colliers Dow & Condon represented SK Venture Investments in its recent $3.27 million sale of Ponemah Mill in Norwich.
The property, located at 607 Norwich Ave., is a 370,000-square-foot historic riverfront industrial mill. The buyer in the deal was Ponemah Riverbank LLC.
Built in 1870, the mill once was Norwich’s largest employer and the operation expanded its facilities in 1884 and 1902. However, the business was hit hard by the Great Depression and ceased operations in 1970.
The New Jersey-based Ponemah Riverbank LLC, a development firm, plans to start a $40 million renovation project to convert the mill building into 302 luxury rental apartment units. Construction will be divided into three phases, with initial occupancy anticipated in the fall of 2008.
Dow Negotiates Lease
Ocean Accessories, a manufacturer and distributor of items for the boating industry, recently signed a lease for 5,100 square feet at 20 McDermott Road in Branford.
Robert Dow of Dow Realty represented the landlord and Bill Clark of The Geenty Group represented Ocean Accessories. Ocean Accessories plans to use its new facility for light manufacturing, as well as storage and distribution of new products.
