WILTON, CT–A well-located, 92,500-square-foot office building here has sold for $19.2 million. Wilton 372 was sold by Wilton 372 Associates LLC, an entity of Luzern Associates; Wilton LGSE LLC—a joint venture between Summit Development and the Grossman Companies, was the buyer.

The deal was brokered by CBRE's Jeffrey Dunne, vice chairman, Steven Bardsley, SVP and Erik Edeen, financial analyst. The team represented the seller and also procured the buyer. Wilton LGSE also purchased another property in Fairfield County within the last year: Lee Farm at the intersection of Route 7 and Interstate 84. That also was marketed by CBRE.

Wilton 372 sits on the recently expanded four-lane Route 7, within one mile of both the Wilton and MetroNorth train stations, surrounded by executive housing in Wilton, Ridgefield, Westport and New Canaan. Luzern performed extensive exterior and interior renovations, including new lobbies, fitness facility and building conference center transforming the property into a boutique class A office environment within the Wilton Route 7 corridor. Wilton 372 provides a rent that is 35% less than the rents in the CBD of Stamford, according to CBRE.

Says Dunne, “The purchase of Wilton 372 uniquely positions Summit Development/the Grossman Companies to capture tenants seeking high quality, value alternatives on both the North and South ends of Route 7. The property has outperformed the market over the last six years as a result of the well-executed reposition program put in place by Salvatore Campofranco, managing member of Luzern Associates.”