"The developer has no immediate speculative plans for the site,but is expected to develop office space in the near future,"according to the Grubb & Ellis team of George Lambros III,Patrick Colwell and Robert Gold, who negotiated the sale. "The landis zoned for office development in an area where there has been nosignificant new office construction in 10 years."
Grubb & Ellis says that the $1.8 million sale price reflectsa substantial allowance for significant development issuesincluding off-site improvements that may be required by theConnecticut State Traffic Commission.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
