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STAMFORD, CT-Mill Management Inc. of Greenwich has acquired the 110,103-sf 2777 Summer St. office building here for $20 million, reports CB Richard Ellis, which brokered the transaction. The seller was locally based Collins Enterprises LLC, which had acquired the property in 2000 for $12.5 million and undertook significant capital improvements shortly thereafter.

Jeffrey Dunne, Steven Bardsley and Christopher Leonard of CB Richard Ellis’ New York Tri-State investment team represented Collins 2777 Summer LLC, an entity controlled by Collins. They also procured the buyer, Triple S 2777 LLC, which is controlled by Mill. Among Mill Management’s assets are three townhouse complexes in Greenwich: Putnam Green, the Mill and Weaver’s Hill.

Collins Enterprises president Dwight Collins says the deal, which was valued at almost $181 per sf, is part of the firm’s “shifting our focus from commercial to residential. We had it for a reasonable period of time. We had increased its value and stabilized the rent roll and felt it was time to move on.”

With the deal, Collins has reduced its commercial office holdings to about 200,000 sf. At one time, the firm, which was founded in 1992, had about two million sf of office in its portfolio.

On Sept. 14, Collins will be breaking ground on Hudson Park North, the second phase of its Hudson Park complex in Yonkers.

CB’s Dunne says the 2777 Summer St. property attracted a good amount of interest from potential buyers and secured a fair price for a property located on the fringe of Stamford’s Downtown district. “The building is poised to benefit from future rent growth generated by the significant rental rate growth in Stamford’s central business district,” he says. He notes that at the time of sale the property was 91% leased to 35 tenants.

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