Lee Farm Corporate Park Sells For $37.5 Million
28 Feb, 2007, Danbury, CT
Cushman & Wakefield today announced the completion of the $37.5 million sale of Lee Farm Corporate Park located at 83 Wooster Heights Road in Danbury, Conn. The 215,000 square foot, Class-A building was sold by Danbury Prime Property LLC to Vision Equities.
Lee Farm Corporate Park is a high-profile five-story glass office tower situated on 10.5 acres and located on a rise that overlooks the Danbury Fair Mall and the Danbury Airport. Built in 1987, Lee Farm is 96% leased to a tenant roster that includes Wachovia Bank, Intel, GE Capital and Robert Half.
Andrew Merin, vice chairman, Gary Gabriel, executive director, and Patrick Colwell, senior director of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, represented the seller, Danbury Prime Property LLC, an investment partnership managed by Steven Sands, Martin Sands and Theodore Fowler, and also procured the purchaser.
"This was an excellent opportunity for the seller to take advantage of the favorable capital markets in a highly sought after submarket,” said Mr. Merin. “Lee Farm is one of the most desirable Class-A office properties in Fairfield County.”
"The completion of this transaction demonstrates the strength and demand of the Danbury office market,” said Mr. Colwell. “The building was on the market for a relatively short amount of time and the strong investor demand allowed us to achieve a record sale price in Danbury.”
Lee Farm Corporate Park is located just south of the interchange of Route 7 and Interstate 84.
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Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 195 offices in 57 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