The space contains 39,659 sf of office, 58,340 sf of flex, 56,534 sf of warehouse and is 100% leased. The office space and majority of the warehouse space--51,800 sf--are leased to AmeriCares Foundation Inc.--a not-for-profit disaster relief and humanitarian aid organization--until 2023. Carolee--maker of women's jewelry--and the World Wrestling Entertainment fill up the office/flex space until 2017 and 2012, respectively.
There were no special terms to the deal or any special financing with Bridgeport, CT-based Peoples United Bank as the lender. European American is selling the property because of its currently high value, according to CBRE.
"All the companies in there are solid companies," says Dunne. "So, it's a pretty safe investment." It's a low-risk, core deal, which is unique to Stamford, he explains. Stamford has gone through a fair amount of redevelopment, Dunne tells GlobeSt.com, and a lot of industrial space is leaving the market. With this property, he explains, you can have storage space, great assembly space and office space. Dunne concludes, "it's pretty diverse."
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