Dunne team ends year with double whammy.

Jeffrey Dunne, Patrick Bisceglia and Jeffrey Oram of CB Richard Ellis' New York Tri-State Investment Team recently closed on tow sales.

The team collaborated with William Bronson of CBRE's Hartford office to represent Bristol Industrial Associates LLC, an entity controlled by the Praedium Group, LLC, in the sale of the Bristol Business Center for $28.3 million.

The team was also responsible for procuring the buyer, a joint venture between Hudson Realty Capital and Savanna Partners.

Bristol Business Center, located at 780 James P. Casey Road in Bristol, Connecticut, is a 1.163 million square feet single-story industrial building located within five miles of Route 8 and nine miles of Interstate 84.

At the time of sale, the building was 67.3% occupied by high-quality tenants including Firestone

Building Products, Arett Sales Corporation and MDF, Systems Inc.

Firestone, who uses the space to manufacture and distribute two types of roofing material, has been in the space since 1997 and Arett Sales, who warehouses and distributes lawn and garden products to stores such as Home Depot, has been expanding since they occupied the building at the end of 2000.

Commented Dunne, "The Bristol Business Center is a highly attractive investment opportunity for a variety of reasons. In addition to its stable in-place income from a high quality tenancy, the property offers substantial upside through the lease of vacant space. These factors can be leveraged to lease up vacant space and escalate rents to generate substantial upside."

The team also represented Merritt River Apartments LLC, an entity controlled by institutional investors advised by JPMorgan Asset Management--Real Estate, in the sale of Merritt River Apartments.

CBRE also procured the buyer, a fund advised by UBS Global Asset Management Real Estate. The purchase price was undisclosed.

Merritt River Apartments, which was built in 2002, is a 227-unit luxury high-rise apartment building with covered parking, a full amenity package and convenient commuter access (via an excellent highway network and Metro North stop) to the major employment centers of Norwalk, neighboring Stamford, CT and New York City. The community is within a short drive of numerous parks, beaches, golf clubs and marinas, historic South Norwalk and the Route 1 and Route 7 "big box" retail corridors. At twelve stories tall, the building sits above the adjacent 2.2 million SF of office properties in the "Merritt 7 Corridor." The property was approximately 90% leased at the time of sale.