The fund is national in scope searching for "value-added opportunistic deals", Jordan Berns of TC Fund tells GlobeSt.com. The building is 71% occupied, most notably by the American Cancer Society, GSA and Webster Financial. Fusco-Meriden "developed the building in the mid-80s", explains Berns, so part of the plan is to renovate and retenant the buildings to bring the leasing up to capacity. Jeff Dunne vice chairman of Investment Properties at CBRE explains that Trammel Crow is going to "bring new capital in" and bring the building up to a 2008 standard.
Berns and Paul Barry represented the purchaser and CBRE's Institutional Sales group of Jeff Dunne, Pat Mulready, and John McCormick handled the sale. Dunne was out of the Stamford office, while Mulready and McCormick handled the deal locally from the Hartford office.
"The assets on the market are first class," comments Dunne. "Crow has a good opportunity." The property is well-located, highly visible from the I-91, he continues, they have the fundamentals. The deal has a lot of potential for growth, especially in the current climate of today's market. Dunne points out, "the price per sf is great, you couldn't build it for double that."
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