CBRE announced the $17.8 million sale of Matrix Corporate Center, a 1,046,811-square-foot building on 99.53 acres in Danbury, Conn. The deal marks the largest square-foot sale in the suburban Metro New York office market thus far in 2018. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE’s Institutional Properties Group represented the court-appointed receiver in the sale. The team also procured the buyer, Summit Development, a Fairfield-based developer who plans to reposition the property, rebranding is as ‘The Ridge’.
The Ridge is located directly off of Exit 1 and Exit 2 of Interstate 84, providing access to Fairfield County, as well as New York’s Westchester, Putnam and Duchess Counties. The Property is located in one of the fastest growing areas of Fairfield County, where, within one mile of The Ridge, more than 800 new apartments have been delivered over the past three years and the population has grown 11% since 2010.
“The property’s central location within an area that has seen explosive residential growth provides an opportunity for Summit Development to create a mixed-use, live/work/play environment that is unique to Northern Fairfield County,” said Dunne of CBRE. “The developer, Felix Charney of Summit Development, plans to create an amenitized mixed-use property with office, multifamily and retail components. We expect that Felix will create an entire new amenity standard for office and multi-family tenants in this area.”
Charney continued, “We are excited to purchase such an iconic property in Fairfield County. We look forward to working with The City of Danbury and the real estate community to renovate, lease and return this property to its rightful place of prominence”
CBRE Institutional Properties has a number of attractive investment opportunities including: Landmark Square in Stamford, Connecticut, an iconic 815,921± square-foot seven building office complex; 42 Old Ridgebury Road, a 61,653± SF office building in Danbury, CT; The Source, a 260,866± square-foot a high-volume grocery anchored retail center at 99% occupancy in downtown White Plains, New York; and Crystal Lakes, a 106,345± square-foot building in West Orange, NJ.
The Ridge is located directly off of Exit 1 and Exit 2 of Interstate 84, providing access to Fairfield County, as well as New York’s Westchester, Putnam and Duchess Counties. The Property is located in one of the fastest growing areas of Fairfield County, where, within one mile of The Ridge, more than 800 new apartments have been delivered over the past three years and the population has grown 11% since 2010.
“The property’s central location within an area that has seen explosive residential growth provides an opportunity for Summit Development to create a mixed-use, live/work/play environment that is unique to Northern Fairfield County,” said Dunne of CBRE. “The developer, Felix Charney of Summit Development, plans to create an amenitized mixed-use property with office, multifamily and retail components. We expect that Felix will create an entire new amenity standard for office and multi-family tenants in this area.”
Charney continued, “We are excited to purchase such an iconic property in Fairfield County. We look forward to working with The City of Danbury and the real estate community to renovate, lease and return this property to its rightful place of prominence”
CBRE Institutional Properties has a number of attractive investment opportunities including: Landmark Square in Stamford, Connecticut, an iconic 815,921± square-foot seven building office complex; 42 Old Ridgebury Road, a 61,653± SF office building in Danbury, CT; The Source, a 260,866± square-foot a high-volume grocery anchored retail center at 99% occupancy in downtown White Plains, New York; and Crystal Lakes, a 106,345± square-foot building in West Orange, NJ.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
