STRATFORD, CT-The Westport, CT office of Holliday Fenoglio Fowler, L.P. reports it has arranged a $6.3-million first mortgage for the ownership of 500 Long Beach Blvd., a recently completed 117,000-sf industrial flex building here. Construction on the building was completed about three weeks ago, according to HFF officials.
The 500 Long Beach Blvd. property is part of the 575,000-sf nine-building Stratford Executive Park complex located off Exit 30 of I-95. ING Insurance and Annuity Company financed the transaction for the property owner, 500 Long Beach LLC, an entity controlled by Stratford Development Company.
Before construction began, HFF managing director Al Epstein and director Christine Riniti worked with the owner to arrange a "forward" loan and lock a low interest rate—less than 6%. The agreement was reached prior to any significant leasing activity at the property, HFF officials add.
"Now only eight months since the start of construction, the building is complete and most of the space is leased and occupied," says Riniti. "That's an enviable position for a new development. Usually, a new speculative development takes 18 to 24 months to stabilize."
Matrix International Logistics has signed a lease for approximately 60,000 sf and St. Acquisition Company has inked a deal for about 30,000 sf. HFF's Epstein adds, "two additional industrial buildings of the same design are planned in the same section of the park as 500 Long Beach Blvd."
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