CBRE Group and Rugby Realty Announces the Sale of 375 Bridgeport Avenue, Shelton, CT
citybizlist – July 9, 2014
Gene Pride and Jeff Dunne, of CBRE Group Inc.’s Institutional Properties team, represented Maurice Ades, of Rugby Realty Company, LLC, in the sale of 375 Bridgeport Avenue, a ±46,364-square-foot office building built in 1985 that is currently 98% leased. The property sold for $6.3 million, or $136 per square foot, to Woodgreen Management Inc.
According to Mr. Pride: “375 Bridgeport Avenue is the highest quality small tenant office building in the Eastern Fairfield County market. Rugby Realty did an exceptional job modernizing the asset over the past five years with improvements that included granite flooring in the lobby, elevators and baths, new entrance door and tenant signage, completely renovated restrooms, new roof, new HVAC systems and new interior and exterior lighting, among other improvements. The quality of the asset is demonstrated by the strong demand from tenants that have leased virtually all the available space, as well as investor demand for the offering. 375 Bridgeport Avenue received nine written offers to purchase the property. Woodgreen Management will be able capitalize on the exceptional building condition and focus on operations and retaining tenants, in which they are highly experienced.”
According to Mr. Ades, principal at Rugby Realty: “CBRE’s detailed approach to this sale created a highly efficient process that greatly reduced any potential obstacles to a closing and gave us confidence we were achieving the highest possible price.”View the story here