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Five-Property Portfolio Sold in Connecticut

NORTH HAVEN, CT-The five properties attracted interest from local groups who saw potential in the portfolio's 28% vacancy rate.

By John Jordan | Updated on August 21, 2000

Totaling 410,020 sf, the portfolio was sold for $10.6 million to Hamden, CT-based 1350 Capital Drive Associates LLC, which is headed by a local jewelry concern. Four properties are in the Wallingford area: 20, 22 and 30 North Plains Industrial Rd and 20-68 Capital Drive. Also included was 200 Elm St. in North Haven. CB Richard Ellis and CBRE/Whittier Partners represented the seller.

Jeff Dunne, team leader of CB Richard Ellis’ Tri-State Investment Team, says, “There was significant interest in the portfolio, mostly by local groups who saw the upside potential in the portfolio’s vacancy rate of 28%. The buyer knows the market and should do well with the purchase as evidenced by the leasing activity that occurred between contract signing and closing.”

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