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MILFORD, CT-Third party logistics firm 3PL Worldwide, Inc. has moved from approximately 47,000 sf of space at 6 Waterview Dr. in Shelton to 122,508 sf of leased warehouse space at the 625,000-sf 500 Bic Dr. building here.
The 10-year lease deal between 3PL Worldwide and building owner MDC Milford Associates LLC was reported by Coldwell Banker Commercial NRT Inc. of Norwalk. Christopher O'Hara, SVP of Coldwell Banker Commercial NRT, represented the building owner, while Kevin Foley of Cushman & Wakefield represented the tenant. The owner's representative involved in the negotiations was Joseph Cocci of Mountain Development Corp. of Clifton, NJ, which owns and manages approximately six million sf of office, warehouse and retail space in New York, New Jersey, Connecticut and Massachusetts. 3PL Worldwide recently took occupancy of its new space.
O'Hara says the keys to the deal were the property's 28-foot clear ceilings and its location, just off Exit 35 of I-95. He adds that there is currently 153,015 sf of available air-conditioned warehouse space and 24,475 sf of office space available for lease at the property.
In April, Coldwell Banker Commercial reported that Outland Engineering, a producer of air conditioning accessories, leased 50,000 sf of warehouse space at the property. In December 2005, MDC Milford Associates LLC, an entity controlled by Mountain Development Corp., purchased 500 Bic Dr. from BIC Corp. in a $14-million sale/short-term leaseback transaction. The complex was the former site of BIC USA's ballpoint pen and single-blade shaver manufacturing operations and the company's administrative offices that include its USA consumer products business, its North American operations and global category and business management functions.
In September 2005 BIC announced it had purchased One Research Dr. in Shelton. The company eventually relocated its BIC USA consumer products business administrative offices from Bic Drive in Milford to the 155,571-sf Shelton facility. According to O'Hara, BIC still retains some operations at facilities on Bic Drive.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
