CBRE arranges $8M industrial sale

Real Estate Weekly, Jan 12, 2005

In one of the largest industrial sale transactions consummated in the Shelton, CT market in 2004, CB Richard Ellis has arranged the sale of 33 Platt Road. The 125,794 s/f industrial building was acquired by Elm Street Partners, LLC for approximately $8.4 million or $70.38-per-square foot.

Michael Dillon and Sean Cahill of CBRE's Connecticut operations worked closely with Gary Lemire of the firm's Boston Investment Properties Group in arranging the multi-million dollar sale. The CBRE team negotiated the sale on behalf of the seller, Paxtonville Corporation.

Centrally located in Shelton, CT, 33 Platt Road is currently fully leased to United Technologies Corporation, a $31 billion company whose products include Carrier heating and cooling (HVAC), Chubb security systems and industrial products, Otis elevators and escalators, Pratt & Whitney aircraft engines, Sikorsky helicopters and UTC Power fuel cells. Elm Street Partners acquired the stabilized asset for investment purposes.

"Elm Street Partners acquired a high-quality, stabilized asset in an extremely attractive and competitive market," said Mr. Dillon.

"By working closely with our colleague from the CBRE Boston office as well as the seller and buyer, we were able to negotiate sale terms that were extremely beneficial for all parties involved."