Main Office
132 Old Post Road
Southport, CT 06890
Phone: 203-255-1700
Fax: 203-259-3030
Mid Atlantic Office
511 W. Beechtree Lane
Wayne, PA 19087
Phone: 610-293-1976
Fax: 610-293-7617
Transaction History
Woodbridge Corporate Park
1764 Litchfield Turnpike, Woodbridge, CT.
Acquired: 1/9/2003
Description
Woodbridge Corporate Park, located in Woodbridge, CT is a 52,906 square foot Class A office building. The exterior of the building is very attractive incorporating brick and white limestone. The building offers its tenants the convenience of its proximity to New Haven as well as the scenic views of East Rock to West Rock. The building is 100% occupied by eight tenants.
Major Tenants
American Express Financial Advisors; Institute of Professional Practice; Chemwerth, Inc.; M&M Investments
Investment Rationale
•Strong going in yield of 9.3% on existing NOI of $456,000
•Limited lease rollover through long term leases executed at the building
•Purchased at a discount to replacement at $92/psf
•84% occupancy created upside via additional leasing
•Additional upside through the ability to build a 37,000 square foot building on the site
Value Added and Current Status
•Increased NOI 36% from $456,000 to $620,000 in eighteen months
•Raised occupancy from 84% to 100% in eighteen months through two expansions of existing tenants and two new tenants