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