Stamford, CT CBRE has completed the $12.44 million sale of a 10-acre parcel at 201 High Ridge Rd., to an affiliate of National Development of Newton, Mass. Jeffrey Dunne, Steven Bardsley, Gene Pride, Jeremy Neuer and David Gavin of CBRE’s Institutional Properties Group represented the seller, Steven Wise Associates, LLC (SW Associates).
National Development, and its partner Epoch Senior Living, plan to redevelop the property into a 150-unit independent and assisted living senior housing community to be known as Waterstone on High Ridge. 201 High Ridge Rd. contains a vacant 196,000 s/f office building originally constructed as the world headquarters of Waldenbooks and more recently owned by General Electric. National Development intends to raze 110,000 s/f of the existing building on their portion of the site to construct Waterstone on High Ridge. SW Associates will reposition the remaining building on the adjacent 6.5-acre site.
Dunne said, “National Development’s new independent and assisted living community and Steven Wise Associates’ plan to repurpose the remaining 86,000 s/f of office is a classic example of the effective re-use of inefficient single tenant surplus corporate real estate. In addition, National Development is providing much needed senior living housing in the Stamford area.”
CBRE Institutional Properties has a number of attractive apartment development sites on the market including: Liberty Place a 6.4- acre, 150-unit approved site in Union, NJ; an approved 414-unit, 57-acre site in Middletown, CT; and a 2.96-acre, subject to approval site in New Brunswick NJ allowing up to 1,030 units per zoning.