CBRE team closes $20M Summer sale.

Jeffrey Dunne, Steven Bardsley and Christopher Leonard of CB Richard Ellis' New York Tri-State Investment Team recently represented Collins 2777 Summer LLC, an entity controlled by Collins Enterprises, in the sale of 2777 Summer Street, Stamford, CT, for $20 million or $180.63 psf.

The team was also responsible for procuring the buyer, Triple S 2777 LLC, an entity controlled by Mill Management, Inc.

2777 Summer Street is a seven-story 110,103 s/f office building conveniently situated at the northern tip of the Summer Street corridor, a prime tenant location for companies seeking quick access to both Interstate 95 (1.7 miles) and the Merritt Parkway (3.3 miles).

The property, which was 91% leased at the time of sale, underwent substantial renovations from 2003 to 2005, including an updated main lobby and new a HVAC monitoring system, in addition to the elevators that were substantially renovated in 2000.

Dunne commented, "Mill Management has acquired a prime building situated in a key commuter location that provides strong in-place cash flow from a variety of tenants (35 in total) and industry sectors. The building is also poised to benefit from future rent growth generated by the significant rental rate growth in Stamford's central business district."

Commented Dwight Collins, "Collins acquired the property in 2000 for $12.5 million as part of its strategy to acquire and significantly upgrade under performing assets. Through a combination of hands-on management, the implementation of aggressive tenant retention programs, renovations, and capital improvements, the property now offers a very stable cash flow and is poised for even further appreciation going forward."