Wettenstein of Vidal/Wettenstein brokers $6.6 million off-market sale of 60 Watson Blvd.

Stratford, CT In an off-market transaction, an 81,000 s/f industrial building located at 60 Watson Blvd. has been sold. The property was sold to BHD 60 Realty LLC of Secaucus, New Jersey. The buyer is an investor who owns multiple commercial properties in Connecticut. The sales price was $6.6 million, or $81.50 per s/f. The sales price was based on the fact that the building is in need of some maintenance on the structure and parking lot.

The building had originally been built in 1983 by the Stratford Development Company and leased to Avco Lycoming. Avco Lycoming developed and manufactured the legendary AGT1500 gas turbine engine at the Stratford Army Engine Plant. This 1,500-horsepower engine was the iconic powerhouse that drove the U.S. Army’s M1 Abrams main battle tank. The building was used for maintenance and upkeep of the engines until 1986 when the company relocated the work to the 125 Access Rd. building.

In 1994 the property was sold to the Blase Manufacturing Company. Blase specializes in the metal stamping and ball bearing industry. Since the early 2000’s, the firm had leased out portions of the building to a multitude of tenants, such as The Shop, Concentra, and B & T Warehouse. Vidal/Wettenstein had been the leasing company for John Blase since the purchase.

As part of the sale transaction, Blase Manufacturing will remain as a tenant.

Bruce Wettenstein, SIOR of Vidal/Wettenstein negotiated the sale dynamics of the transaction. Counsel for John Blase Was Justin Galletti of Brody Wilconson, Southport, CT. Counsel for Richard Balik was David Speranzini of Wiggins & Dana, New Haven.