MILFORD, CT-Outland Engineering Inc. has inked a 50,000-sf lease for warehouse space at 500 Bic Dr. here, according to Coldwell Banker Commercial NRT Inc. executives. Christopher O'Hara of Coldwell Banker represented building owner MDC Milford Associates LLC in the transaction.
The owner's representative in the transaction was Joseph Coci of Mountain Development Corp of Clifton, NJ, which owns and manages approximately six million sf of office, warehouse and retail space in New York, New Jersey, Connecticut and Massachusetts.
500 Bic Dr. is a 625,000-sf facility that has been subdivided to accommodate warehouse, manufacturing, data center and office tenants, O'Hara notes.
Outland Engineering, a producer of air conditioning accessories, leased space at 500 Bic Dr. as part of its planned expansion of its product lines. Approximately 450,000 sf of new leases have been signed at 500 Bic Dr. within the past 12 months.
In December 2005, MDC Milford, an entity controlled by Mountain Development Corp., purchased 500 BIC Dr. from BIC Corp. in a $14-million sale/short-term leaseback transaction. The complex was the former site of BIC USA's ballpoint pen and single-blade shaver manufacturing operations and the company's administrative offices that include its USA consumer products business, its North American operations and global category and business management functions.
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