BPG Affiliate Sells Wilton Corporate Center To The Davis Companies For $29.1 Million
4 Jan, 2006, Stamford, CT
Rare Fairfield County Investment Opportunity Attracts Significant Interest
Commercial real estate services firm Cushman & Wakefield today announced today the $29.1 million sale of Wilton Corporate Center at 187 Danbury Road in Wilton, Conn. The 137,269 square foot (sf) property was sold by an affiliate of BPG Properties, Ltd. (BPG), the operating affiliate of Berwind Property Group, Ltd., to The Davis Companies.
Wilton Corporate Center consists of two interconnected Class-A office buildings, known as Riverview and Courtside, interconnected by a glass-enclosed walkway. Originally developed in 1978 and entirely renovated in 1998, Wilton Corporate Center formerly served as the headquarters building for The Dun & Bradstreet Corporation. It is now 92.5% leased to nine tenants including Beiersdorf, A.G. Edwards and Bank of America.
Andrew Merin, vice chairman and Patrick Colwell, senior director of Cushman & Wakefield's Capital Markets Group together with Paul Kauffman, executive director, Cushman & Wakefield Brokerage Services, handled the sale of the property and procurement of the purchaser. The Cushman & Wakefield team worked closely with Joseph Nahas, Jr., vice president, BPG and Albert J. Corr, vice president, BPG, during the process. The offering was extended to local, regional and national public and private investors.
"This was an excellent opportunity for a savvy investor to acquire a centrally located Class-A office property with easy access to I-95 and the Merritt Parkway," said Mr. Merin. "There was significant interest from a number of prominent, well-financed investors."
"Wilton Corporate Center offered the investor a highly attractive combination of location, building quality, current income, and long term growth in investment value," said Mr. Colwell.
Amenities at Wilton Corporate Center include a +5,000-square foot, full-service cafeteria, an outdoor dining area, fitness center equipped with showers and locker rooms as well as a security/reception area servicing the entrances into both buildings. Wilton Corporate Center offers complete electrical redundancy with a back-up generator capable of running all building systems.
Wilton Corporate Center is located on Route 7 (Danbury Road), off of the intersection with Route 106. Close proximity to the Merritt Parkway and Interstate 95 offers access to the area's established labor market and the nearby high-income areas of New Canaan, Westport, Darien and Greenwich. The property is easily accessible to Fairfield and New Haven Counties; and commuter rail transportation is within one mile of the site.
BPG Properties, Ltd., is a Philadelphia-based privately held real estate investor, with a portfolio consisting of over 20 million square feet of office, retail, hotel and industrial properties and 20,000 + apartment units located in more than 80 communities throughout the U.S.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 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.
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