Boston-based Marcus Partners has added another Shelton building to its growing portfolio, announcing the acquisition of 6 Armstrong Road.
"It is part of Armstrong Park and is one of the best properties in eastern Fairfield County," said David Fiore, a Westport resident and a principal of the real estate investment firm. "It was always a very good competitor in the area."
Marcus already has two other Shelton properties in its portfolio, 1000 Bridgeport Ave., and Reservoir Corporate Center.
Fiore said 6 Armstrong was about 50 percent leased and is a reason the firm was able to get it at a good price. Marcus Partners bought the 175,000-square-foot office building for $8.15 million and plans to invest about $4.5 million in upgrades.
The building's last listed owner was Armstrong Park Associates.
Fiore said the Class A office building was built in the 1980s. Marcus Partners is renovating lobbies, bathrooms and common areas and updating mechanical systems. Work has already begun on those projects.
He didn't disclose the rental rates, saying it will be competitive.
"We certainly welcome their investment in our community," said Bill Purcell, president of the Greater Valley Chamber of Commerce. "It's a handsome development with some exciting companies within the building."
United Illuminating and GTI are among the tenants.
Purcell said Marcus Partners' investment is further evidence the area's real estate market is on solid footing.
"I think the fundamentals are strong here in Shelton and the Valley," he said.
Marcus Partners has been growing through acquisitions along the East Coast in the past 18 months with 10 transactions involving 34 buildings in the Miami, Atlanta, Washington, D.C., and suburban New York City markets totalling more than 2.9 million square feet of office, bio-medical, medical office, research and development and industrial space.
This transaction brings Marcus Partners portfolio of properties owned and managed by its affiliates to 6.7 million square feet.
Source: http://www.ctpost.com/news/article/Boston-firm-expands-real-estate-holdings-in-3593885.php
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