Cushman & Wakefield Negotiates $17 Million Sale of 1000 Bridgeport Ave. In Shelton, CT
22 May, 2007, Shelton, CT
Cushman & Wakefield today announced the completion of the $17 million sale of 1000 Bridgeport Avenue a 133,000 square foot Class-A office property in Shelton, Conn. The building was sold by Mack-Cali Realty Corporation to a partnership of The Praedium Group LLC and Abbey Road Advisors LLC.
Located in eastern Fairfield County, 1000 Bridgeport Avenue has a history of strong occupancy and is currently 93% leased to 14 tenants, including Peoples Bank and Toyota Motor Credit Corp.
Built in 1986, 1000 Bridgeport Avenue contains five stories of office space with a two-story covered parking garage. The property is located off exit 52 off the Merritt Parkway and exit 11 of Route 8. On-site amenities include a cafeteria and full-service retail bank.
Andrew Merin, vice chairman, David Bernhaut, executive vice president, Gary Gabriel, executive director, and Jose Cruz, senior director of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, represented the seller and procured the purchaser.
"The completion of this transaction demonstrates the strength and demand of the eastern Fairfield County submarket,” said Mr. Merin. “The building was on the market for a short amount of time and generated an enormous response from the investment community.”
"The sale of 1000 Bridgeport Avenue offered Mack-Cali the opportunity to take advantage of the favorable capital markets,” said Mr. Cruz. “It was also an occasion for an investor like Praedium Group/Abbey Road to obtain a premier office property that has a historically low vacancy rate.”
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133, or visit the firm’s Web site at www.cushmanwakefield.com.
Contact: Alison Miller