Washington Trust”™s Commercial Real Estate Group has provided a $6.6 million loan to refinance and make tenant improvements to a multitenant office and industrial property in Trumbull.
The 14-acre parcel at 60 Commerce Drive consists of two interconnected buildings: a three-story building comprising 15,505 square feet of office space and another building that provides 67,688 square feet of office and industrial space, for a total of 83,193 square feet.
With the loan, owners CH Commerce Drive Associates LLC and City Park Commerce Drive LLC are in the midst of providing significant upgrades and redevelopment of the buildings.
The Trumbull property was bought in 2014 by New Canaan-based industrial real estate investment firm Cambridge Hanover for $4.45 million from the Pilot Corp. of America. It had served as the North American headquarters of the Pilot Pen Corp., which moved to Jacksonville, Florida in 2008.
