Bridgeport, CT In a recent transaction, an industrial building which fell under a Chapter 7 bankruptcy, has sold to a Stamford based company. 480 Bunnell St. had formerly housed the All Phase Steel Company since 2006.
Bruce Wettenstein, SIOR and partner with Vidal/Wettenstein was appointed by the Federal Bankruptcy Court to liquidate the asset. Wettenstein listed the 23,000 s/f building for $1.6 million 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.
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 Barone. Bruce Wettenstein, SIOR, and partner with Vidal/Wettenstein was the listing broker and procured the purchaser.