Praedium pays $17m for Mack-Cali CT building

Real Estate Weekly, June 20, 2007

Cushman & Wakefield announced the completion of the $17 million sale of 1000 Bridgeport Avenue a 133,000 s/f 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.

1000 Bridgeport Avenue 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. 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 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 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."