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NORTH HAVEN, CT-Elm Street Partners LLC of New Canaan and Fountainhead Capital LLC purchased a 117,000-sf office/flex building in the Wharton Brook Industrial Park here for about $8 million. The seller of the property at 60 Dodge Ave. was Winstanley Enterprises LLC, which owned the building since 1998 and completely renovated it a year later.

Harry J. Traub, a principal of Elm Street Partners, says that the quality of the tenancy and the property’s proximity to the I-91 corridor made the deal attractive. The building is 100% net leased to HB Communications Inc. and Nestle Waters North America, manufacturer of Poland Spring water. HB Communications, Inc., which provides custom audiovisual, video and audio services to educational institutions and business, leases approximately 89,000 sf. Nestle uses the property for the sales and distribution of its Poland Spring brand as well as for corporate offices, Traub notes. The firm occupies approximately 27,500 sf.

Financing for the transaction was arranged directly by Elm Street principal Anthony Giordano. The loan was placed through Morgan Stanley Capital, Inc. of New York City.

The acquisition was the second for Elm Street Partners so far in 2005. In April, the firm purchased the 38,000-sf Peck N Post Shopping Center on Boston Post Rd. in Orange for approximately $5 million. In the past 18 months, Elm Street has also acquired Daddy’s Plaza, an adjacent 20,000-sf retail property located at 517-519 Boston Post Rd. in Orange; a 100,000-sf warehouse building in Ramapo, NY; and a 126,000-sf industrial building in Shelton that is net-leased to the overhaul and repair operations of Sikorsky Aircraft.

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