SHELTON, Conn. -- Avison Young commercial real estate services announced that its Fairfield/Westchester office has arranged the sale of 100 Trap Falls Extension, an 82,000-square-foot flex/industrial building in Shelton, for $9.2 million.
Avison Young represented Cambridge Hanover, the seller of 100 Trap Falls Extension, in the record breaking transaction. The team included representatives from the Fairfield/Westchester and New York City offices, including Principal and Managing Director, Sean Cahill, Principal, Jon Epstein, Alison Luisi, an Associate in the Capital Markets group and Erik Edeen, a Financial Analyst.
“This sale represents the highest price per square foot for a flex building in Eastern Fairfield County since 2008,” said Cahill. “This transaction is also another strong indicator of the increased demand for flex/industrial space by investors and developers in the region. 100 Trap Falls is a quality asset with great long-term potential and we are thrilled to have helped our client, Cambridge Hanover, exceed their goals.”
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.
The Avison Young team has arranged several other sales in the wider market for this type of asset class during the first half of 2016, including properties in Stamford, South Norwalk, New Canaan and Armonk, N.Y.
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