Commercial Real Estate News
Angel Commercial Completes 7 Transactions in 40 Days
Fairfield, CT – October 12, 2011 – Jon Angel, President of Angel Commercial L.L.C., announced today that his firm has completed seven commercial real estate transactions in the past forty days.
Angel explains, “Transactions we have executed include leases, subleases, sales, and bankruptcy dispositions. There is activity in the market and opportunities still exist. High vacancy rates are one factor keeping the market active. A high inventory of properties can result in companies lowering their occupancy cost and, in some cases, upgrading to a higher quality building.”
Angel continues, “Some companies who have always leased buildings are now considering purchasing property. High inventory combined with low-interest rates and the SBA (Small Business Administration) initiative makes it very attractive for companies to purchase a property in the current market instead of leasing. The SBA program requires the buyer to put down only 10% of the acquisition price versus the typical 20%-30%, depending on the transaction.”
Angel believes that while economic conditions in the commercial real estate market will change, it will happen slowly and will likely follow a reduction of the current unemployment statistics.
Recent transactions include:
205 Edison Road, Orange, Connecticut
Angel was appointed by the United States Bankruptcy Court to handle the disposition of the former Finlay Jewelry building and also represented the buyer, Aurora Products, in the sale of the 75,530 s/f building which sold for $2,500,000. “Aurora Products needed additional space and this property complemented their existing Stratford facility”, stated Angel.
2243-2269 Post Road, Fairfield, Connecticut
Hyundai is coming to Fairfield, Connecticut this year with the dealership franchise appointed to D&D Auto L.L.C. Angel represented D&D Auto, the subtenant, in the negotiations and stated, “the premises became available when Infiniti expanded their operations and acquired a new facility located at 26 Commerce Drive, Fairfield – a transaction also handled by Angel Commercial”.
816 Honeyspot Road, Stratford, Connecticut
Jon Angel represented the seller, Bove Enterprises L.L.C., in the sale of 816 Honeyspot Road, for $440,000.00 and Patrick Bourque, Angel Commercial Sales Associate, represented the purchaser/landlord, Hawley Management Group and the subsequent tenant, Stonehenge Marble and Granite L.L.C., of 6,000 s/f of space within the 8,000 s/f industrial building. 2,000 s/f of space remains available for lease.
320 Quarry Road, Milford, Connecticut
Floor Shore Inc., whose national affiliation with ProSource Wholesale Flooring, leased, an 11,000 s/f building, in Milford, Connecticut to accommodate a new distribution center.
301 Commerce Drive, Fairfield, Connecticut
Champion Maintenance Services’ success has led them to lease 3,600 s/f of space as a result of their need for expansion. They join Dimension in Glass and Harrington J White at this location, bringing the building to full occupancy.
569 Commerce Drive, Fairfield, Connecticut
CLS Investments acquired a 12,500 s/f building from 569 Commerce Drive, LLC. The sale also included an acre of land. The purchaser plans to occupy the Flex building and utilize it for office and warehouse space. The property was previously occupied by four tenants.
2 Trefoil Drive, Trumbull, Connecticut
Jon Angel represented the landlord, JJJ Realty, LLC, in a long term lease of 12,972 s/f of space in Trefoil Business Park. The tenant, Gardner Denver Nash, LLC, brings this building to 100% occupancy. Trefoil Business Park is a modern, high bay building offering a total of 44,000 s/f of industrial space.