Cushman & Wakefield of Connecticut, Inc.

Cushman & Wakefield of Connecticut, Inc. has negotiated the $20 million sale of Merritt 8 Corporate Park, located at 99 Hawley Lane in Stratford, CT. Thomas J. O'Leary and Paul Kauffman of Cushman & Wakefield's Stamford, CT office negotiated the sale on behalf of the property owner, YCP Merritt LP. O'Leary also procured the buyer, Merritt 8 Acquisitions LLC, a joint venture between Mountain Development Corp., a New Jersey-based owner/manager, and Tarragon Realty Investors, a NASDAQ-listed REIT.

The transaction represents the second time in two years that Cushman & Wakefield has sold the property. In 1997, O'Leary negotiated the $15.5 million sale of Merritt 8 Corporate Park, when the property was 75 percent leased. O'Leary and Kauffman have acted as the property's exclusive leasing agent for the 164,000 square-foot, Class A office complex since 1997. Merritt 8 Corporate Park is currently 98 percent leased, a nearly 25 percent increase in tenants, achieved through new leases, renewals and expansions over the two-year period.

Merritt 8 Corporate Park is situated on eight acres at the intersection of the Merritt Parkway and Connecticut Route 8. The property, which features two adjoining rectangular wings accessed by a three-story atrium lobby, offers complete on-site amenities,, including a full-service cafeteria, fitness center and community conference room, covered parking and extensive landscaping.

"The recent sale of Merritt 8 Corporate Park is testimony to the property's quality construction, high-quality tenant base and, in general, the increasing level of investor interest in eastern Fairfield County. The region is home to numerous, large and growing corporations, affordable housing nearby, and solid labor pools, which further attract growing companies," said O'Leary.