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News : Real Estate Mar 18, 2014 - 5:51:21 AM

C&W reps Torchlight Investors in $4M sale of Danbury building

By Cushman & Wakefield

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STAMFORD, CT - Cushman & Wakefield on Monday announced the sale of 40-42 Old Ridgebury Road, Danbury, Conn., also known as Pegasus Park. Cushman & Wakefield represented the seller, Torchlight Investors, in the sale to KS Partners, a New York-based developer and investor with offices in Woburn, Mass. and Rocky Hill, Conn. The property sold for $4,000,000 or $31.75/square foot.

The Cushman & Wakefield sales-disposition team was comprised of Tom O’Leary, senior director; David Bernhaut, vice chairman; and Grace Braverman, associate director, of Cushman & Wakefield’s Capital Markets Group.

Situated on more than seven acres, the site includes two, three-story office buildings totaling almost 126,000 square feet, and a three-level parking facility. Pegasus Park is conveniently located less than one mile from Exit 2 off Interstate 84 in Danbury, Conn. and is within minutes of the Greater Danbury area, Route 7, and I-684 in Westchester County, New York. I-684 links Connecticut with cities from Boston to Washington D.C. along the Northeast transportation corridor.

Pegasus Park is in proximity to two Metro North train stations – Danbury, Conn. and Brewster, New York – and to a major shopping mall, airport, parks and golf courses. The building is home to notable tenants, such as General Electric and Shemin Nurseries. The buildings are currently 60 percent leased with 72,340 square feet of space remaining. 40-42 Old Ridgebury Road was recently renovated with new common areas, lobbies, and bathrooms.

Commenting on the sale, Mr. O’Leary said, “Historically, 40-42 Old Ridgebury Road has always been considered one of the most attractive office parks in the Greater Danbury market. The buildings offer a truly convenient location and very flexible floor plates, making it ideal for virtually any size tenant.
KS Partners is known for its hands-on management style and commitment to tenant service. I’m confident that under their management, 40-42 Old Ridgebury Road will be much in demand from tenants in the area.”

Lawrence Smoler of Torchlight Investors said, “It was a pleasure working with Cushman & Wakefield. They are extremely professional and I’m confident that the team found the ideal buyer and that KS Partners are the right people to make 40-42 Old Ridgebury Road into all that it should and can be.”

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