CB Richard Ellis' vice chairman Jeffrey Dunne and first vice president Al Mirin represented the seller, 488 Main Avenue Associates, in the transaction.

The property is 100% leased to seven tenants. The largest leaseholders at the property are: law firm Grimes & Battersby, which occupies approximately 9,000 sf; Professional Media Group, which leases about 8,500 sf; Washington Mutual, which has a 6,800-sf location; and Financial Accounting Foundation, which maintains a 5,129-sf office there.

Craig Way, vice president and director of acquisitions and leasing for HB Nitkin, says the firm was drawn to the property due to its "excellent location across from the Merritt 7 Corporate Park." He adds that the 1.8-acre parcel also provides easy access to the Merritt Parkway, I-95 and Route 7.

CB Richard Ellis' Mirin adds that the office building is also near a number of restaurants, hotels, shopping centers and recreational areas.

"488 Main Ave. is a perfect example of why well located office properties continue to have huge interest and sell for premium prices," Dunne says. "The Route 7 corridor has seen significant growth over the past year with Xerox, Diageo and General Electric expanding their presence within the market."

HB Nitkin's Way says the firm plans to undertake a facade improvement program and institute some other capital improvements to the property in the near future. HB Nitkin owns approximately one million sf of office/retail space in Connecticut.