Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has announced the sale of 480-500 Lordship Boulevard in Stratford, Connecticut. The industrial distribution facility spans two buildings, totals 60,353 square feet, and is leased to four tenants. Stan Johnson Company’s Colin Couch represented the seller, The Marsilio Group. The asset was purchased by a private 1031 exchange investor from New York who was represented by Dave Richard of Colliers. The facility traded for approximately $6.1 million, reflecting a 6.83 percent cap rate.
“We were able to generate multiple offers and facilitated a competitive bidding environment,” said Couch, Associate Director in Stan Johnson Company’s Atlanta, Georgia office. “Over half of the two-building facility is leased to FedEx Express – an essential logistics provider that has proven resistant to recession and other COVID-19 related volatility. The remaining square footage is leased to a diverse mix of tenants spanning the electrical supply, moving and storage, and healthcare industries.”
The property is located in an opportunity zone and features prime industrial real estate directly along the Long Island Sound. The facility is less than one hour from New York City and is strategically located next to Sikorsky Memorial Airport, a FedEx cargo servicer. Additionally, the site provides convenient access to Interstate 95, also known as the Connecticut Turnpike. Originally built in 1952 on 3.84 acres, the property has since been renovated.
“The cap rate we were able to achieve emphasizes the strength we continue to see in the industrial sector of the net lease market,” added Couch.