DANBURY: Two New England companies under the name of Lee Farm Properties LLC have joined together to buy the Lee Farm Corporate Park in Danbury for $16.9 million.
Summit Development of Southport, Conn., and the Grossman Companies of Quincy, Mass., closed April 1 on the property at I-84 and Route 7 in northern Fairfield County.
The five-story hilltop structure was built in 1987 and there have been several renovations. It has 215,649-square-feet of office space and more than 70 percent is leased to several blue-chip tenants, including GE Capital, PepsiCo and IMS Health, a press release says.
“Lee Farm is a perfect addition to our growing office portfolio,” Felix Charney, principal of Summit Development, said in the news release. “The location is ideal, offering convenient access to Westchester, lower Fairfield County and the New York Metropolitan area.”
Charney said there will be an aggressive marketing campaign in conjunction with common area upgrades to lease the vacant space. “We’re confident that Lee Farm will attract additional high-quality tenants,” he added.
Currently 57,473 square feet are available for lease. The new owners expect to outperform the Northern Fairfield occupancy rate.
“Given its easy access, visibility and relative affordability, Lee Farm is ideal for a large company that is building a presence in this growing area or for smaller organizations that are looking to expand,” said Jake Grossman, Principal of the Grossman Companies. “The amenities are first rate and add to the unique value the park offers its tenants.”
According to recent market studies, typical rents for office space in the Danbury area are 33 percent lower than the rest of Fairfield County, and Lee Farm is being marketed at a competitive rate, according to the press release. Northern Fairfield has been a hot spot for commercial real estate attracting world-class companies such as PepsiCo, in part due to its access to a highly-educated labor force and affordable housing options.
Lee Farm has a full-service cafeteria, onsite property management and concierge, a fitness center and conference space along with emergency generator service and an Energy Star rating of 90 out of 100.
CBRE Investment Sales Team of Jeff Dunne and Steve Bardsley represented the Seller. Tim Breda and Kristin Adams of Goedecke & Co. arranged the first mortgage debt financing. For leasing information contact Felix Charney at Summit Development, 203-354-1500 or at email@example.com