O,R&L Commercial real estate brokerage team of Jay Morris and Colleen Sheridan has completed the sale of 1559 King St., a 184,000 s/f office/warehouse/retail building, situated on 17 acres at exit 46 along I-91 to Baker Properties, a division of The Baker Cos. The property was sold for $5.2 million. The property will be divided to accommodate tenant needs.
Baker Properties specializes in commercial real estate development and acquisition of warehouse and flex buildings on major distribution corridors in N.Y., N.J., Conn. and Penn.
Morris and Sheridan were the sole brokers in this transaction.
Morris, managing partner of the firm said, "This is a great outcome for this building, which was formerly the home of Bernie's corporate offices, retail showroom and distribution center, to be put back in service."
Sheridan said, "This in one of the most highly visible locations in the state of Connecticut with an immediate 4-way interchange at the property. It will attract companies seeking a business location that offers modern efficient space coupled with maximum highway exposure. The zoning accommodates a wide variety of uses including retail, office, warehouse and others. The property has a very high parking ratio which makes it an ideal location for high density employee companies."
Philip King, vice president of acquisition said, "Baker Properties services its clients with a broad array of real estate expertise: Experienced management, years of design and construction experience, combined with a proven track record of integrity, and financial strength assures a value-added advantage for today's demanding corporate client. We see this highly visible location on I-91 as a key component in our portfolio of properties."