NORWALK and STAMFORD, CT—A pair of assets—one being an office building and the other a multifamily property—have been sold in Connecticut.
CBRE Strategic Partners US Value 7, a fund sponsored by CBRE Global Investors, has acquired RiverPark, a 412,231-square-foot, Class A office building in Norwalk. Purchased for $50 million, the property is 68% leased and is said to offer significant upside through lease up of 132,000 square feet of available space.
This is the second time for a fund in the Strategic Partners US series to own this asset. The first was from 2005-2007, during which time the team executed its value-added strategy.
Located at 800 Connecticut Ave., RiverPark is at the intersection of I-95 and Route 1 on a 15-acre campus. Its credit tenants include the Priceline Group, Interpublic Group and Hitachi Capital America Corp. The building consists of three wings connected by a four-story atrium and it features a 120-seat full-service cafeteria, a fitness center, shuttle service to nearby train stations, dry cleaning, picnic areas and a putting green.
“We know this building because we successfully owned and operated it in the past,” says Vance Maddocks, president of CBRE Strategic Partners US. “We look forward to re-invigorating RiverPark and restoring its market status to capitalize on current momentum in the submarket. With the enhancements we are planning, coupled with our overall strength of ownership, we can offer tenants a compelling proposition.”
Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE's Institutional Properties negotiated the deal. The CBRE team represented MLIC Asset Holdings II—a MetLife affiliate—and also procured the buyer.
“CBRE Global Investors' renovation and repositioning plans for RiverPark will make it one of the premier properties in Central Fairfield County, enhancing the lease-up of the very efficient available space,” says Dunne.
Meanwhile, in Stamford, TGM Associates sold Village at Stamford, a 160-unit Class A multifamily community for $45 million to the Silverman Group. Jeffrey Dunne again was on the deal, representing the seller, along with Gene Pride and Ivelin Spasov.
Built in 2001, Village at Stamford sits in what's considered the heart of the Stamford CBD. The community offers coastal recreation on Long Island Sound, over 80 restaurants in the downtown area and pedestrian friendly regional mass transit, providing access to Stamford and Greenwich, CT, along with New York City.
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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.
