The 126,000-sf facility is on a 21-acre parcel and has been occupied by Sikorsky since 1983. Michael Dillon from the Stamford office of CB Richard Ellis arranged the deal, one of the largest industrial real estate transactions to take place in Shelton in 2004, Elm Street Partners officials say.
The property was purchased from Paxtonville Corp., an overseas holding company. Sikorsky's lease at the building expires in 2013.
The principals of Elm Street Partners, Anthony Giordano and Harry J. Traub, arranged financing for the transaction. The 10-year, fixed-rate loan with 30-year amortization was placed through Morgan Stanley Mortgage Capital Inc. of New York City.
The transaction represented the third acquisition by Elm Street in 2004 and the fourth in its two-year history. The firm also owns a multifamily property in Greenwich, a strip shopping center in Orange and a 100,000-sf warehouse/distribution facility in Chestnut Ridge, NY.
Traub adds, "We are under contract for another shopping center in Orange, CT." While he would not divulge the identity of the property, he and partner Giordano say the deal should close within the next 45 days.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
