Patrick Colwell, senior director, and Andrew Merin, executive vice president, of Cushman & Wakefield's Capital Markets Group represented the seller, CalEast (Cabot Acquisition LLC) and procured the purchaser. "The offering attracted substantial interest from regional and national investors," Colwell says. "The property offers current income and the highly attractive combination of location, quality, stable proven income and long term investment value."
Built in 1981 and situated on 14.5 acres of land, the site is occupied by two long-term tenants Bunzl Distribution Northeast Inc., which occupies 100,000 sf, and Clairol/Proctor & Gamble, which occupies the remaining 100,000 sf at the property that is located within 1.4 miles of exit 40 of Interstate 95.
Merin adds that the property was attractive to investors because of its uniqueness to the Milford area market. "40 Pepe's Farm Rd. is one of only a few high quality warehouse/distribution facilities located along the I-95 corridor in southern Connecticut," he says. "Industrial properties of this caliber are rarely available for sale in this market."
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