Northeast Private Client Group Sells Milford, Conn. Office Building for $3.4 Million
Leading mid-market investment sales firm reps seller and sources buyer for 17,436 SF office building
SHELTON, Conn. (May 8, 2018) – Investment sales broker Northeast Private Client Group, with offices in Massachusetts, New York and Connecticut, has announced the sale of 57 Plains Road in Milford, Conn., a 17,346 square foot office building. Brad Balletto, Vice President, Investments, and Rich Edwards and Jeff Wright, both Investment Associates with the firm, represented the seller and procured the buyer in the $3,400,000 transaction, which closed on April 27th.
“We have a proven track record of matching our clients with qualified buyers for multifamily and commercial properties,” explained Balletto. “Our relationship-based approach to building owners, whether or not a transaction is imminent, is what distinguishes us within the brokerage community. In this transaction, we were able to source a New York-based 1031 exchange buyer who acted aggressively to purchase the property. The seller was also willing to accommodate the buyer in their exchange.”
The Plains Road Office Building is in a desirable Milford location just off of the Boston Post Road and is close to both I-95 and Route 15. The executive suite floor plans, front and rear parking lots, and newly renovated lobby and common areas make this a perfect value-add opportunity.
The seller, 57 Plains Road LLC, is a Connecticut-based investor and the buyer, Plains Professional Center LLC, is a New York-based investor. The property traded at a price that equates to approximately $195 per-square-foot, and a capitalization rate of 7.6 percent on in-place NOI.
“Our team has a deep understanding of investment real estate with local expertise in regional submarkets from Boston to New York,” explained Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. “Our specialized knowledge and relationship-based approach provide unmatched results for our clients.”
About Northeast Private Client Group
Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to each client’s needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year, and been ranked on the Inc5000 list of America’s fastest-growing private companies. To learn more, visit: www.northeastpcg.com.