The 151,000 square foot office complex located at 2 and 4 Armstrong Road in Shelton, Connecticut has been sold to Armstrong Shelton Properties, LLC for $8 million. The purchase was financed by Washington Trust’s Commercial Real Estate Group based out of Westerly, Rhode Island.
The vacancy rate within the 47.8 million square foot Fairfield County retail market is stable at 4.7% as of the 1st Quarter 2016, and remains below the 10 year average vacancy rate of 5.3%. The average asking rent is $29.04 per square foot triple net, which is within 2% of the pre-recession high of $29.75 per square foot reached in the 3rd Quarter 2008.
Chris Kerin and David Herbst will be among the presenters at University of Connecticut’s Annual Assessor’s School held at the Storrs campus in the beginning of June. The School offers courses approved by the CCMA Committee and advanced CAAO workshops.