CBRE navigates Shelton sale for buyer, seller

CBRE”™s New York Institutional Group represented 1000 Bridgeport Associates L.L.C. in the sale of the 134,000-square-foot office building at 1000 Bridgeport Ave. in Shelton recently. The price was $8.1 million.

The CBRE team consisted of Jeffrey Dunne, Steven Bardsley and Erik Edeen. They also procured the buyer, Fairfield Realty Group L.L.C. of Shelton.

Bridgeport Associates is a joint venture of Abbey Road Advisors L.L.C. and an unnamed New York fund.

The property possesses frontage on both Bridgeport Avenue and Route 8 and is accessible between exits 11 and 12 on Route 8. It is adjacent to the Shelton Square Shopping Center and close to other retailer locations on Bridgeport Avenue. CBRE said in a statement the property “provides a wide range of amenities for current and future building tenants, including numerous retail, restaurant, grocery and banking options.”

The property is currently 62 percent leased. In its statement, CBRE said, “With a highly educated labor force and average rental rate that is 50 percent less than Southern Fairfield County, Shelton has and will continue to be a preferred alternative for companies seeking to reduce running costs, without sacrificing labor force quality.”

CBRE New York Institutional Group reports it has closed on more than $9 billion in property sales in the last five years.