In a recent transaction, a modern era industrial building which fell under a Chapter 7 bankruptcy, has sold to a Stamford based company. 480 Bunnell Street had formerly housed the All Phase Steel Company since 2006. When the company filed for bankruptcy, Bruce Wettenstein, SIOR and partner with Vidal/Wettenstein was appointed by the Federal Bankruptcy Court to liquidate the asset. Wettenstein listed the 23,000 square foot building for $1,600,000 and procured a buyer for the listed price.
J B Moving & Storage located in Stamford, had been attempting to locate a building that fit their requirement, and after a 1 year search, the owner of the company entered into a contract for the property. The company is in the process of an extensive renovation to the building, which includes installing loading docks, and upgrading the interior.
As part of the renovation, the two overhead cranes were not required and were hindering the needed height requirement. Wettenstein researched a company that purchased the cranes and removed them from the property. There were multiple shipping containers onsite that were not part of the transaction. Wettenstein contacted Mark Sopin of Atlantic Leasing Corporation who assisted in the removal of the containers. As with many industrial properties, there was an environmental issue that needed attention, and he was able to locate an environmental company that assisted in the cleanup. Connecticut Tank Removal of Bridgeport was contracted to assist in the contamination issue and documented its content within a very satisfactory timeframe. “In this economy, you can’t just be a commercial broker, your knowledge of the right contacts and ability to assist both parties in all facets of the transaction are needed to help facilitate the transaction in a timely manner, “ Wettenstein said.
George Roumeliotis of the Roumeliotis Law Group represented the creditors. Lawrence Grossman of the law firm of Hurwitz Sagarin Slossberg, & Knuff, LLC represented one of the two partners of All Phase. Bruce Elstein of Goldman, Gruder & Woods represented the other partner. Bill Petroccio of Q and R Associates was legal counsel for Mr. Barone. Bruce Wettenstein, SIOR, and partner with Vidal/Wettenstein was the listing broker and procured the purchaser.
Vidal/Wettenstein is a full service commercial real estate firm specializing in the sales and leasing of office and industrial properties, in addition to investment properties and land sales.