Robert Martin Sells Two Industrial/Flex Buildings in Stamford, CT
Real Estate In-Depth | August 19, 2021
HARRISON—Commercial RM Friedland reported recently the sale of two industrial/flex buildings in Stamford, CT on behalf of Robert Martin Company for a total of $20.5 million. The buyer of the properties was not disclosed.
The buildings, 419 and 650 West Ave., are located in the Stamford Executive Park, where Elmsford, NY-based Robert Martin Company continues to own 500, 550, and 600 West Avenue.
419 West Ave. is an 88,000-square-foot building with 70,000 square feet of office space on two, street-level floors and 18,000 square feet of warehouse space.
The building has three loading docks and one drive-in and is currently vacant. 650 West Ave. is a 60,000-square-foot building, of which 20,000 square feet is basement space. The 40,000 square feet of grade-level warehouse space was recently leased to Lasership Inc.
Bill Anson and Jillian Reiner handled the transaction on behalf of RM Friedland.
“With the recent explosion in demand for industrial/flex space in Stamford, this was an opportune time for Robert Martin to sell these two properties at a premium price,” said Sarah Jones-Maturo, President of RM Friedland. “Stamford, with its proximity to New York City and the northern suburbs, continues to garner the highest price per square foot for industrial/flex space in Fairfield County. In addition, the lack of inventory in adjacent markets is creating tremendous opportunity for the Stamford industrial market.”
Tim Jones, CEO of Robert Martin Company, said, “Today’s transaction reflects the firm’s long-term strategic plan, which includes seizing upon short-term selling opportunities so we can shift capital towards making new investments with higher-growth potential.”
Over the past decade, industrial asking rents in Stamford have increased by more than $4.00-per-square-foot with vacancy rates below 6%.