MILFORD, CT-CBRE announced Thursday that Milford Place Corporate Center, an office building located at 185 Plains Rd. here, has sold for $5.25 million. Spanning 143,802 square feet, the property was snapped by a national mortgage broker, which will occupy 30% of the building. CBRE declined to reveal the buyer's identity.
The seller was represented by Tim Fegan, SVP, brokerage services, and Dave Hansen, associate, brokerage services, of CBRE New England's New Haven, CT office, along with Gene Pride, SVP, capital markets private capital group, of CBRE's Stamford, CT office.
Demand for Milford Place Corporate Center was strong, according to the announcement, with 74 investors from 11 different states and one foreign country requesting the offering memorandum and generating eight written offers to purchase, CBRE reports in its statement. The purchaser plans to upgrade the building by renovating interior common space and implementing an aggressive leasing strategy for the space that they will not occupy.
Adds Gene Pride, “This offering created a remarkable amount of interest from regional and national buyers that could take advantage of this opportunity to create substantial value by repositioning a high quality asset.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
