Buyer Recognizes Value-Add Opportunities in $7.6 Million Acquisition
Colliers International has brokered the sale of three office buildings totaling 52,000 square feet at 992 and 100 High Ridge Rd. and 1 Bank Street in downtown for $7,571,814. The buyer is local development and investment firm Kolich Holdings LLC. The sale was orchestrated by Enzennio Mallozzi, managing director of Colliers International’s Stamford office.
“Anthony Kolich is an aggressive landlord who is going to make these buildings shine,” said Mallozzi. “All three buildings are in prime locations and need capital improvements, so they present significant value-add opportunities. Anthony is the type of landlord that takes pride in ownership and will deliver a quality work environment to all of his tenants.”
The office buildings at 992 and 1011 High Ridge Rd., 12,500 and 24,500 square feet, respectively, sit almost directly across from each other. Kolich plans to make substantial improvements to interior common areas, overhaul exterior facades, renovate parking lots and make landscape enhancements. Located in the heart of downtown Stamford, 1 Bank Street is a mixed-use building of 15,000 square feet surrounded by bars and restaurants with numerous other amenities within walking distance. The renovated building will offer a prime location for office tenants ranging from 700-to-5,000 square feet. The name of the seller, who owned all three properties, was not disclosed.
“We are going to reposition the properties with new facades and do upgrades to lobbies, hallways, bathrooms and elevators,” said Kolich. “We are currently securing the contractors to do the work.”
Kolich also said he was very pleased with how smoothly Colliers executed the deal. “This was my first time working with Colliers International, and Enzennio Mallozzi did an amazing job,” he said.
Mallozzi noted that Stamford is a strong market for investment sales because it is an economic hub for Connecticut and is the city reporting the most economic growth in the state.
“It’s a vibrant market that offers a good mix of retail, office and multifamily. It has access to Manhattan on I-95, the Merritt Parkway to the Hutchinson Parkway, or a 40-minute train ride,” he said. “The demographics are appealing to millennials and baby boomers. Stamford has an affluent demographic and offers residents an 18-hour work-live-play environment. It is gentrifying by the day.”
About Colliers International Group
Colliers International Group Inc.(NASDAQ: CIGI; TSX: CIG) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
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