NJ Firm Completes Purchase of 500 BIC Dr.

MILFORD, CT-The $14 million sale of the BIC complex here at 500 BIC Dr. has been completed. Mountain Development Corp. of Clifton, NJ acquired the 625,000-sf mixed-use complex from BIC. The deal involves a short-term leaseback of space at the complex that consists of five interconnected buildings, including Buildings 1 through 4, which are industrial/warehouse properties, and a 40,475-sf office building.

The purchaser was MDC Milford Associates LLC, an entity of Mountain Development Corp. The sale was brokered by Chris O'Hara of Coldwell Banker Commercial NRT Corp. The property was financed with an acquisition and redevelopment loan from the Structured Finance Group of Marathon Asset Management LLC of New York City.

Joseph Coci, a principal of MDC Milford Associates, says BIC has signed short-term leases in order to effectuate the relocation of BIC USA's ballpoint pen and single-blade shaver manufacturing operations, as well as the company's administrative offices that include its USA consumer products business, its North American operations and global category and business management functions.

In September of this year, BIC signed a contract to purchase One Research Dr. in Shelton, a 155,571-sf office building that will eventually house its administrative operations that are now located on BIC Drive. In April 2004, the company announced plans to shut down its ballpoint pen and single-blade operations at the BIC Drive complex.

Coci says that the 271,324-sf Building No. 4 is available immediately for lease. Building No. 3, which totals 104,872 sf will be available in May 2006, while Building No. 1 (103,015 sf), Building No. 2 (104,060 sf) and the office building will be available by mid 2007. "It is going to be marketed to warehouse, industrial and office tenants and we are already fielding a number of requests for large blocks of space in the buildings," he adds.

Mountain Development Corp. owns and manages approximately six million sf of office, warehouse and retail properties in New York, New Jersey, Connecticut and Massachusetts. Its other Connecticut holdings include One Waterview Dr. in Shelton and Merritt 8 Corporate Center in Stratford.