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600 PEPPER STREET SELLS TO INVESTMENT GROUP

Monroe, CT – It was announced today that the commercial real estate firm of Vidal/Wettenstein has sold the 600 Pepper Street property in Monroe to Torrington based 600 Pepper Street, LLC.  The price was $1.2 million or $78.95 per square foot.  The building is 15,200 sq. /ft. and is situated on 4.9 acres of land.  The purchaser has plans to lease the facility as a single or multi-tenant facility, and possibly add on to the building.  The site would accommodate an expansion to the existing building up to approximately 40,000 sq. /ft.

Bruce Wettenstein, SIOR and partner with Vidal/Wettenstein had listed the property for sale and procured the buyers.  He had originally sold the property to Fred George, President of Accuspec who purchased the building for his companies.  When Accuspec and Accutrol needed growth and a building in Danbury fit their requirement, Fred George purchased the property and placed Pepper Street on the market.  Vidal/Wettenstein has been given the task of finding a tenant for the building on behalf of 600 Pepper Street LLC.

Bruce Wettenstein is the listing broker and has a few prospects for the site.  “The market in Monroe has picked up over the past couple of years, with many new companies moving their business’s into the industrial park area.”  Wettenstein said.  “The building has 2 overheard cranes, full air conditioning, an office portion in the front of approximately 5,000 square feet, and has all the necessary amenities that a manufacturing company would need such as heavy power, sprinklers, air lines and much more.  He recently closed on a 6 acre parcel which was sold to a Stamford based company with plans for an 18,000 square foot owner occupied building.

Counsel for the seller was Smart, Donohue and NeJame PC of Danbury.  Counsel for the purchaser was Mark Kirsch of Cohen & Wolf’s Bridgeport office.