Office-industrial buildings sold for $20.5M

STAMFORD — Two buildings in an office-industrial complex on Stamford’s West Side have sold for $20.5 million in one of the city’s largest property sales this year.

Located in the Stamford Executive Park, 419 and 650 West Ave. were sold by Elmsford, N.Y.-based Robert Martin Co., to Darien-based West Avenue Industrial LLC, according to city property records.

The site stands a few blocks south of Interstate 95 and a few blocks east of the Stamford-Greenwich line.

At 419 West Ave, there is an 88,000-square-foot building with 70,000 square feet of office space and 18,000 square feet of warehouse capacity, as well as three loading docks and a “drive-in” area. The structure formerly housed offices for Fujifilm Medical Systems, which announced in 2019 its relocation to Lexington, Mass.

A 60,000-square-foot building, which includes 20,000 square feet for a basement, stands next door at 650 West Ave. Earlier this year, parcel carrier Lasership announced it was leasing 40,000 square feet of warehouse space in the building.

“Today’s transaction reflects the firm’s long-term strategic plan, which includes seizing upon shortterm selling opportunities so we can shift capital towards making new investments with higher-growth potential,” Tim Jones, CEO of Robert Martin, said in a statement.

Robert Martin still owns the neighboring buildings at 500, 550 and 600 West Ave. In 2019, the firm acquired Stamford Executive Park for about $30 million.

The sale price compares with a “total appraised parcel value” of about $21.8 million, according to property records. The sale generated $101,000 in local conveyance taxes and $256,250 in state conveyance taxes.

Bill Anson and Jillian Reiner handled the transaction on behalf of real estate brokerage RM Friedland.

“With the recent explosion in demand for industrial/flex space in Stamford, this was an opportune time for Robert Martin to sell these two properties at a premium price,” Sarah Jones-Maturo, president of RM Friedland, said in a statement.

“Stamford, with its proximity to New York City and the northern suburbs, continues to garner the highest price per square foot for industrial/flex space in Fairfield County. In addition, the lack of inventory in adjacent markets is creating tremendous opportunity for the Stamford industrial market.”

During the past decade, industrial properties’ asking rents in Stamford have increased by more than $4 per square foot, with vacancy rates running below 6 percent, according to RM Friedland officials.

The firm added in its announcement of the sale that “a 10 percent vacancy rate indicates the market has achieved a level of equilibrium” and that “leasing activity has remained strong in Stamford — even throughout the pandemic — as sale prices have continued increasing at a dramatically faster pace.”

Aside from the sale of 419-650 West Ave., residential properties have dominated the list of the top sellers in Stamford this year. In the largest property transaction in the city in 2021, the downtown Parc Grove apartment complex changed hands for $154 million.

RM Friedland / Contributed photo This building at 650 West Ave., Stamford, and a neighboring building at 419 West Ave., have been sold for a total of $20.5 million.