Wilton 372, a 92,500 square-foot, two-story office building at 372 Danbury Road in Wilton, has been acquired in a joint venture between The Grossman Companies, Inc., based in Quincy, MA, and Summit Development LLC, based in Southport, CT. The purchase price was $19.2 million ($208 / square foot.)
The announcement was made by Jake Grossman, Principal of The Grossman Companies, and Felix Charney, Principal of Summit Development.
BRE’s New York Institutional Group represented the seller, Wilton 372 Associates LLC, an entity controlled by Luzern Associates LLC, and procured the new joint venture entity buyer, Wilton GSE LLC.
Among Wilton 372’s current blue-chip tenants are Havas Worldwide, Kantar Retail and Northwestern Mutual. There are three office suites available for lease in the building, each consisting of about 2,500 square feet.
In 2009 the property underwent $2.6 million in exterior and interior renovations including new lobbies, fitness facility and conference center.
“It is within one mile of the MetroNorth train station, and offers tenants high quality, value alternatives on both the north and south ends of the newly-expanded Route 7,” Grossman said in a statement.
“Wilton 372 is an easy commute for executives living in Wilton, Ridgefield, Westport and New Canaan, and the workforce residing in southern Fairfield, Hartford and Westchester counties," Grossman continued.
He added: “This most recent addition to our portfolio follows our previously announced commitment to pursue ‘middle market’ investments ($2 - $20 million) through a disciplined and analytical approach. We continue to seek investments in which we can unlock value through repositioning or redevelopment, where we think there’s revenue growth potential, and/or where we can structure investments that capture market inefficiency.”
Purchase of Wilton 372 was the third joint-venture acquisition in Connecticut and the second in Fairfield County in the past 15 months by Summit and Grossman, two highly-respected regional commercial real estate investment, development and management firms.
In April, 2013, the joint venture partners acquired Lee Farm Corporate Park in Danbury, CT, a first-class 215,649 square-foot building at the intersection of Route 7 and I-84, home to such blue-chip tenants as GE Capital, PepsiCo and IMS Health. In September 2012, Grossman and Summit acquired a 210,000 square-foot industrial building in Killingly, CT.
The Grossman Companies has built a reputation for investing in under-achieving properties and repositioning them to create value. It owns a commercial and residential real estate portfolio of over two million square feet in southern New England. Summit Development has completed over 70 projects in three states representing 5.2 million square feet www.summitdevelopment.com
The Grossman Companies’ acquisitions and investment criteria are available atwww.grossmanco.com. Over the past year, Grossman also expanded its private lending activities through its affiliate, First Boston Capital Partners, which provides short-term bridge capital for real estate investors, developers, and home builders who need immediate funding for acquisitions or refinancing.
For leasing information, contact Meredith Siburn /Meredith.Siburn@cushwake.com / (203) 326-5863.
For more information, to arrange an interview and/or for electronic images, please contactJacob Grossman: 617-472-2000 / firstname.lastname@example.org.