Spinnaker continues its march on CT with $30m office building purchase.CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. announced that its New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Tri-State Region Institutional Group represented Fairhaven Investors Limited Partnership, an affiliate of BPG BPG Blocks Per Game (basketball statistic) BPG Bisphosphoglycerate BPG Bi-National Planning Group (NORADHQ) BPG Belgian Polymer Group BPG Binational Planning Group Properties, Ltd., in the sale of 35 Nutmeg Drive, a 278,655 s/f office/flex building located in Trumbull, Connecticut for $30.25 million to 35 Nutmeg LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , an entity controlled by Spinnaker Real Estate Partners, LLC. The team comprised of Jeffrey Dunne, Steven Bardsley and Todd Newman of CB Richard Ellis' represented the seller and procured the buyer. "This acquisition is consistent with Spinnaker's strategy to build a portfolio of high-quality commercial assets throughout the region," commented Kim Morque, principal of Spinnaker. "We see opportunity to add value here, and the Trumbull market will continue to mature over time. We will continue to seek additional acquisition opportunities with similar characteristics." With 279,000 s/f of space on three floors, the building has unique redundant electrical power sources and is attractive to data centers, financial services firms and disaster recovery facilities. "35 Nutmeg Drive provides Spinnaker Real Estate Partners with significant in-place income and the opportunity to grow revenue through further lease-up," said Jeffrey Dunne. At the time of sale, 35 Nutmeg Drive was 87.2% leased to a tenant roster of quality tenants that include General Reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. , NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on , ITT ITT Initial Teacher Training (UK) ITT I Think That ITT Invitation To Tender ITT Individual Time Trial (professional cycling) ITT Intention-To-Treat ITT In This Thread (forums) Flygt, and Gartner Group. "The sale of 35 Nutmeg completes the successful liquidation of our Fairhaven Portfolio whose assets included 2150 Post Road in Fairfield, 187 Danbury Road in Wilton and 185 Plains Road in Milford," stated Albert J. Corr, vice president of BPG Properties, Ltd., who along with Mark Ledger of BPG was responsible for the disposition. "We remain committed to the tri-state region and continue to seek new acquisitions opportunities in which we can employ our value added strategy." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion