Commercial Real Estate News
Two Roads Brewery Initiates $20 Million Adaptive Re-Use Project In Stratford, CT
Stratford, CT – March 22, 2012 – Jon Angel, President of Angel Commercial L.L.C., a Fairfield-based commercial real estate brokerage firm, announces the sale of the landmark U.S. Baird Corporation building to Two Roads Brewing Company L.L.C. for $2,850,000.00.
The 103,652 SF building on 6.6 acres, once headquarters of The U.S. Baird Corporation, which merged operations in 2007 and relocated to Thomaston, CT, stands proud at 1700 Stratford Ave, Stratford, CT.
Two Roads Brewing Company plans to revitalize the former manufacturing building, while retaining the building’s integrity, by creating a “state-of-the-art” brewing facility. Extensive renovations include the creation of a Rolec 100 barrel brew house, high-speed bottling, canning, and kegging equipment, an expansive tasting room overlooking the brew house, and space for private events and outdoor festivals.
With $18 million raised through private investors, Two Roads anticipates opening its doors in September 2012.
“The U.S. Baird Corp. retained the factory in Stratford for 150 years, making it part of the Stratford landscape. Personally, I am pleased that Two Roads appreciates this solidly built structure and plans to renovate it, not rebuild it,” said Angel.
According to Two Roads company co-founder Brad Hittle, it is expected that the brewery will create 15 new jobs within a year and 70 jobs overall. “We are so pleased that Angel Commercial helped us find such a well-built building in such good condition due to the Baird Corporation’s efforts. Our brewery tasting room will retain the manufacturing esthetic, with bridge cranes and booms being kept and old pictures of Stratford’s manufacturing might throughout. We want to honor this proud history.”
The town of Stratford and the Economic Development department supported this project wholeheartedly, recognizing it as an impetus for growth and opportunity in Stratford during a difficult economic time. Stratford’s Mayor, John Harkin, and the late Bruce Allessie, former Economic Developer, were instrumental in realizing this project.
“This is a great opportunity for the town of Stratford. The former U.S. Baird building offers Two Roads Brewery the square footage, a high-bay center to accommodate tall fermenting tanks, distribution space, an ideal location, and room to grow,” explains Angel, who represented both the seller, U.S. Baird Corporation, and purchaser. Irv Kern, Esquire of Cohen and Wolf’s Bridgeport, CT office was the corporate counsel representing the seller, and Steve W Russo, Esquire of Fogarty Cohen Selby and Nemiroff, L.L.C. of Greenwich, CT represented the buyer in the transaction.
In addition to acquiring a building for their own company, Two Roads has also acquired a tenant. The Norwalk Compressor Pump Co. currently leases approximately 35,000 SF of space at the industrial property and has recently extended its lease term at the property.
The original landmark site comprised of 11 acres of land in addition to the 103,652 SF building. In January 2011, Angel Commercial represented the seller, U.S. Baird Corporation, and purchaser, United Illuminating, in the sale of 1.77 acres for $1,295,000. Currently, only a 2.5-acre site, 1526 Stratford Avenue, of unimproved land in an MA and CA zone remains available from the original parcel as well as 5,000 SF of office space, previously occupied by US Baird Corporation, is available for lease.