Grossman Cos. Inc. has partnered with Summit Development, LLC for a third joint venture in Connecticut in just the last 15 months. The pair have acquired the Class A office building located at 372 Danbury Road, in Wilton, from Luzern Associates, LLC for $19.2M, or approximately $237 per square foot. The building sold with a reported 9% cap rate, and was 92% occupied. 372 Danbury Road is situated on 5.95 acres of land in the Wilton Office Plaza with parking for approximately 120 cars. The property was marketed by CBRE’s New York Institutional Group.
The 80,980 square foot, two story office building has tenants such Havas Worldwide, Kantar Retail, and Northwestern Mutual. The property underwent extensive interior and exterior renovations in 2009 which included new lobbies, a fitness facility, and a building conference center. The building has been considered a high quality alternative to the expensive Stamford Central Business District, where rents can range up to 35% more than Danbury Road in Wilton.