A Boston-based real estate firm has sold a Shelton office building for nearly $17 million, more than doubling its money after owning the building for three years.
Marcus Partners Inc. bought 6 Armstrong Road, a 163,287-square-foot office building, for $8.15 million in May 2012, according to city land records.
This month the building was sold for $16,730,000 to Windsor Management Corp., a New York City-based property management firm, according to a prepared statement from CBRE, the brokerage firm that handled the sale.
The four-story building is off Bridgeport Avenue between exits 11 and 12 off Route 8. The property is 16 acres, featuring a three-acre pond.
The building underwent a $2.2 million renovation in 2012 which included upgrades to its HVAC, restrooms, and lobby, as well as expanded parking.
CBRE said that work, “coupled with a full-service cafeteria, fitness center, conference facility and beautifully landscaped campus environment” drove tenancy in the building from 50 percent to 87 percent in 12 months.
“6 Armstrong’s stable in-place tenancy coupled with its recent capital program should provide Windsor Management Corp. with the platform to continue its lease up program, while benefiting from dependable income,” said Jeffrey Dunne, of CBRE’s Institutional Properties team, who negotiated the sale with his colleague, Steven Bardsley.
