Both buildings are at or near fully leased. The 777 Commerce Dr.property is a two-story building totaling 62,545 sf. The Kings Hwy.East location is a three-story building containing nearly 30,000sf.

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Matthew Keefe, president of HK Group, represented the buyer andthe seller in the transaction. Holliday Fenoglio Fowler arranged$17.5 million in financing to Abbey Road Fairfield LLC, asingle-purpose entity controlled by Abbey Road Advisors, inconnection with the property purchases. Abbey Road Fairfieldsecured a three-year adjustable rate loan with CIT Lending ServicesCorp. HFF officials say the loan proceeds were used to acquire bothproperties. HFF managing director Tim Breda of the firm's Hartfordoffice and director Christine Riniti, who works in its Westportlocation, helped arrange the financing for the buyer.

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HFF's Breda says "777 Commerce Dr. and 1375 Kings Hwy. East willbenefit greatly from their location next to the new Fairfield trainstation--due for completion in two years. This will provide easyaccess to New York City and the metropolitan area as well as accessto the suburban labor pool from the north and east. Abbey RoadAdvisors will be uniquely positioned to take advantage of thestrong demand for good quality, reasonably priced office spaceneeded in this location."

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HFF officials add that capital improvements includingrefurbished lobbies, updated bathrooms and improved landscapinghave been instituted since 2004. Celestial Capital Group, accordingto information on its corporate website, acquired the twoproperties in 2004 for approximately $12.3 million

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.