ROCKY HILL, CT– Joseph C. French, Jr. (middle right photo) of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of 30 Waterchase Drive (top left photo), a 109,000-square foot, 83-percent occupied office and retail center located in Rocky Hill.
The sales price was $10,137,500 and the cap rate was 8.82 percent. Formerly anchored by an Ames department store, the property is now anchored by Porter and Chester Institute, a leading technical school with nine campuses throughout Connecticut and Massachusetts.
French, a senior director of Marcus & Millichap’s National Retail Group (NRG) in White Plains, represented the seller, a private investor based in Florida. The buyer was a private firm located in Trumbull, Conn.
Constructed in 1988, the 8.8-acre property at 30 Waterchase Drive served as the flagship for Ames department store until it closed in 2002.
“The seller acquired this property in 2005 with the 56,850-square foot anchor vacancy to fill. He was very creative in leasing up this asset with a non-traditional use,” says French.
“The center was further challenged by its lack of visibility from the busy Silas Deane Highway/Route 99 commercial corridor, which limited the number of traditional anchor retail tenants interested in the property.
“Ultimately, the seller was successful in marketing and leasing the vacant space because of its strategic location just off Interstate 91, a major New England thoroughfare, to the trade school Porter and Chester Institute.”
In addition to the 56,850 square feet of space occupied by Porter and Chester Institute, Namco, a dealer of swimming pools, patio furniture, and game rooms leases 18,350 square feet in the center and DaVita Dialysis occupies approximately 15,000 square feet. Currently, 18,810 square feet of office space is available.
“This property fits nicely into the local buyer’s portfolio of real estate holdings,” says French. “He expects to capitalize on the upside through lease-up of the vacant office space.”
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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