Winstanley acquired the building, which sits on approximately 75 acres, in 2000 in a partial sale-leaseback with Alexion Pharmaceuticals. Winstanley earlier this year added 36,000 sf to the building to accommodate Alexion's growth, says Patrick Mulready of CB Richard Ellis|New England, who along with colleagues John McCormick, Tim Fegan and Anna Kocsondy represented Winstanley in the transaction. Jim Stanulis of Colliers Dow & Condon, as well as Samuel Begun and Jim Kowats who worked in-house for UniStar, represented the buyer in the deal.
Besides Alexion, which occupies approximately 126,000 sf, Arch Chemicals leases 45,000 sf of space at the 350 Knotter Dr. property. Alexion's lease expires in 2017, while Arch Chemicals' lease term ends in 2010.
"The Knotter Drive property in Connecticut is an excellent addition to UniStar's portfolio as we continue our growth throughout New England and along the east coast," says UniStar founder Lee Jundanian. "Through its strong institutional funding relationships, UniStar is in a good position to purchase additional properties and continues to seek profitable opportunities."
CBRE's Mulready says of the deal, "Due to seller creativity and flexibility, 350 Knotter Dr. closed at contract price despite a very tumultuous time in the capital markets. While turbulent debt markets limited the number of lenders, we were still able to achieve a strong sales price for the asset in term of both dollars per sf and cap rate."
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