Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.