Flex Building in Middlebury, Conn., With Land Available for Development Offered for Sale
Ten-X teaming with Colliers to sell 313,000 square-foot Preston Park,
a two-parcel, single-tenant building with future income potential
MIDDLEBURY, Conn. – June 6, 2016 – Ten-X, the nation’s leading online real estate transaction marketplace, will offer the Preston Park single-tenant flex building for sale on its Ten-X Commercial online platform in an online event June 28-30. Nicholas Morizio and Ian Hunt of Colliers are working with Ten-X to market and sell the two-parcel, 313,000-square-foot property in Middlebury, Conn., which currently is 64-percent occupied. The property includes a second parcel that is available for future development.
Located at 199 Benson Road, Preston Park is a 118-acre campus. Its 40.6-acre Parcel A contains the main single-tenant flex building, while Parcel B contains 77.4 acres of unimproved land. The vacant land is approved for warehouse, office, corporate headquarters, educational learning center, manufacturing, assembly packaging and research/development. Of the rentable area, 200,000 square feet is currently leased to a single tenant, leaving another 113,000 square feet available for lease. The 1972-built property had renovations done in 2010 and 2014.
“Preston Park is the type of high-quality, stabilized asset investors can expect to find on the Ten-X Commercial platform that presents potential owners with a vast array of income opportunities,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “From lease-up, to value-add, to future development, this is a versatile flex property that also benefits from numerous state and local tax incentives.”
Preston Park offers 1,107 parking spaces and amenities including a fitness center with locker rooms, a cafeteria and an auditorium. The asset is centrally located in northern New Haven County, which is home to strong manufacturing and chemicals industries with companies such as American Brass, U.S. Rubber and Timex all originating there. The asset itself is 38 miles from Hartford, Conn., and 86 miles from New York City.
A commission is offered for duly registered brokers representing a winning bidder to be paid upon a successful closing. For more information, please click here or call 844-694-4976.
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Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 200,000+ residential and commercial properties totaling nearly $39 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.
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