RD Scinto Acquires Shelton Pointe Complex for $15M

RD Scinto, which is headquartered here, is the largest office property owner in the Shelton/Trumbull marketplace, owning approximately 20 office buildings in the area, according to chairman Robert Scinto. The company's entire portfolio totals approximately three million sf of office space in 30 buildings in Fairfield County. The firm's other major holdings in the region include Enterprise Corporate Park in Shelton and 888 White Plains Road in Trumbull.

The CB Richard Ellis New York Tri-State Investment Team, led by Jeffrey R. Dunne, represented Equity Office in the sale. Dunne also procured the buyer. The purchase helped satisfy a 1031 tax deferred exchange for RD Scinto, according to CB Richard Ellis officials.

Shelton Pointe, located on 8.8 acres, is leased to a host of tenants including Nielsen Media Research Inc., which occupies 37,335 sf and Butler Service Group, which has a 29,067-sf office.

Scinto says that prior to the purchase, his firm's portfolio was nearly fully leased. At present, there is approximately 50,000 sf of space available at Shelton Pointe. Scinto reveals that he is in discussions with a tenant that requires approximately 70,000 sf of space at the building. He says that because of his other holdings in the local market, he may approach an existing tenant at Shelton Pointe to relocate to another Scinto property nearby in order to free up the space necessary to accommodate the prospective tenant. Scinto did not reveal the identity of the company looking to lease space at his newly acquired property.

CB Richard Ellis' Dunne says of the deal, "Given the limited number of office sites for new development, coupled with RD Scinto's strong presence in the submarket, Shelton Pointe should be a terrific investment for them." Shelton is one of the fastest growing office markets in the state, with more than 3.6 million sf of office space added since 1984, CBRE officials note.