SHELTON, Conn. – An 82,000-square-foot flex/industrial building in Shelton recently sold for $9.2 million, showing a renewed demand for such space, Avison Young recently announced.
The sale of the building at 100 Trap Falls Ext. was arrange by its Fairfield/Westchester office.
“This sale represents the highest price per square foot for a flex building in eastern Fairfield County since 2008,” said Sean Cahill, principal and managing director at Avison Young. “This transaction is also another strong indicator of the increased demand for flex/industrial space by investors and developers in the region.”
The building, which was 94 percent leased at the time of the sale, closed at record price on the back of strong cash flow with increased annual income and credit-worthy tenants, including Red Bull, Microphase, Comet North America and Option Care, according to a statement.
Avison Young is a global commercial real estate services firm. Headquartered in Toronto, it is a collaborative, global firm founded in 1978 with 2,400 real estate professionals in 78 offices.