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297 State Street - ClearRock Properties

297 State Street

North Haven, CT

Project summary

Partner: Mountain Development & Marcus Partners

North Haven, CT

Total SF: 385,000

Partner

Mountain Development & Marcus Partners

Property

  • Industrial/Office
  • 385,000 SF

Timing

November 2011 – June 2016

Opportunity

  • Formerly owned and occupied by QuadGraphics, who vacated prior to sale
  • Transit located, with easy highway access to I-91 and I-95
  • 26 loading docks and 6 drive in doors
  • Submarket was 12% vacant at the time of sale
  • Marketed at 80% below replacement cost

Value Add / 
Execution

  • Upgraded building with new roof, new exterior and interior lighting systems and parking lot repaving
  • Executed major leases with FedEx Ground, 1-800-Pack-Rat and Red Thread
  • Leased to 75% occupancy prior to sale
  • In 2016, the property was sold for +2x the stabilized basis