A troika from CBRE’s New York Institutional Group represented Wilton 372 Associates L.L.C., an affiliated entity of Danbury-based Luzern Associates L.L.C., in the sale of Wilton 372 – at 372 Danbury Road, Wilton – for $19.2 million.
The team of Jeffrey Dunne, Steven Bardsley and Erik Edeen was also responsible for procuring the buyer, Wilton LGSE L.L.C., a joint venture between Southport-based Summit Development and Massachusetts-based The Grossman Companies. This is the joint venture’s second office purchase in Fairfield County in less than a year; it previously purchased Lee Farm at the intersection of Route 7 and I-84, a property also marketed by CBRE.
Wilton 372 is a 92,500-square-foot office building on the recently expanded four-lane Route 7, near to Wilton, Ridgefield, Westport and New Canaan. Luzern performed extensive exterior and interior renovations, including new lobbies, a fitness facility and building conference center, transforming the property into a boutique class A office environment.
The sale of Wilton 372 follows on the heels of several other sales by CBRE, including the $152 million sale of 333 Ludlow St,, Stamford, a 420,000-square-foot office building anchored by Starwood Hotels and Resorts, and two net-leased properties: at 1500 Boston Post Road, Darien ($445 per square foot) leased to Stamford Health Systems; and at 880 Canal St., Stamford ($302 PSF) occupied by Cornell Veterinary Specialists.
Said CBRE’s Dunne, “The purchase of Wilton 372 uniquely positions Summit Development/The Grossman Cos. to capture tenants seeking high quality, value alternatives on both the north and south ends of Route 7. The property has outperformed the market over the last six years as a result of the well-executed reposition program put in place by Salvatore Campofranco, managing member of Luzern Associates L.L.C.”
The CBRE New York Institutional Group specializes in the sale of investment
properties in the suburban markets surrounding New York City as well as select regional markets throughout the country. It has closed more than $9 billion in property sales across all property types in the last five years.