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STRATFORD, CT-In a deal between two New York State-based investment firms, Tarragon Corp. of New York City has sold the Merritt 8 office complex here to Phoenix Capital Partners, LLC of Purchase for $24.5 million.

The 178,000-sf office property at 99 Hawley Lane will be renamed the Pinnacle at Merritt 8 by the new ownership and will undergo a major capital improvement program that entail upgrades to the lobby, common areas, café, building entrances and landscaping.

Andrew Merin, vice chairman, David Bernhaut, executive vice president, Gary Gabriel, executive director, and Jose Cruz, senior director of Cushman & Wakefield’s Metropolitan Area Capital Markets Group, along with Paul Kauffman and Tom O’Leary, senior director of Cushman & Wakefield Transaction Services, represented the seller and procured Phoenix Capital Partners, which also has operations in New York City.

The five-story office building is approximately 75% occupied. Its major tenants are New York Life and Cablevision. Cushman & Wakefield’s O’Leary will continue on as exclusive agent, handling the leasing of the remaining 57,000 sf of vacant space, company officials say.

“We’ve got some people looking at the third floor where there is 46,000 sf of space vacant,” O’Leary says. He adds that there is “sincere interest” from some prospective tenants for a majority of the third floor space.

Commenting on the deal, Cushman’s Merin notes, “Phoenix Capital Partners had the unprecedented opportunity of acquiring one of the finest class A office properties in the Stratford area, with a historically low vacancy rate. The offering generated a great response from the investment community.”

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