NGKF Capital Markets, in conjunction with Auction.com, has closed on the $8.5 million sale of Reservoir Corporate Centre at Four Research Drive in Shelton, Connecticut, to Rugby Realty, a private firm based in New Rochelle, N.Y. The 157,776-square-foot, Class A office building is situated on seven acres in Fairfield County.
David Noonan, Jennifer Schwartzman and Paul Gojkovich from NGKF Capital Markets, with Pierre Bonan of Auction.com, represented both sides in the transaction. Special servicer LNR Partners LLC acted for the seller, CSFB 2001-CP4 Research Drive, LLC, and enlisted the Newmark Grubb Knight Frank team to assist with marketing the site through the auction process.
“This is the latest of many transactions for LNR Partners, a long-time client,” noted Mr. Noonan. “We worked with LNR Partners through a foreclosure and bankruptcy to execute this sale.”
“Rugby Realty, which owns close to five million square feet of commercial property, now has five properties in the Eastern Fairfield County, Connecticut, office market, all within 10 to 15 minutes of each other,” said Rugby Realty’s Managing Partner Maurice Ades. “This Class A office building is complementary to our other assets in the market including the Fairfield Metro Center, our one-million-square-foot, mixed use development. Though the building shines already, we plan on modernizing the lobby and common areas. It should be at full occupancy very soon.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.
Auction.com is the nation’s leading online real estate marketplace and has sold $20 billion of property since inception. At Auction.com, we believe that bringing buyers and sellers together with an easy, transparent platform yields the true value of any real estate asset, whether it be a luxury home, a multi-story Class A office building, an entry-level foreclosed home, or a self-storage facility. Auction.com’s approach is simple: bring quality assets to the market, make all prospective buyers aware of the property through world-class marketing, and use state-of-the-art technology in a transparent online marketplace.
Buyers get a fair last look on each property. Sellers have confidence that the price they receive reflects the true market value. Auction.com does this in collaboration with buyers’ and sellers’ agents to ensure that everyone gets the information needed to ensure a satisfying experience and optimal outcome.