Bristol-Myers Squibb Corporate Complex Sold

Bristol-Myers Squibb Corporate Complex Sold

The expansive 915,000± square foot R&D complex at 5 Research Parkway in Wallingford sold recently for $5,000,000. Bristol-Myers Squibb, who first opened the facility over 30 years ago, sold the property to Massachusetts-based Calare Properties on February 13, 2018. The deal marks the end of a long process for Bristol-Myers Squibb, who originally announced the closure of the facility in June 2015 and saw a previous attempt to sell to a boarding school blocked by a change in town zoning laws. The buyer is a real estate operator that focuses on acquiring industrial-style properties throughout the Northeast, and will seek to improve and lease out the buildings to multiple tenants. At the time of sale, the property was reportedly only 20% occupied with Bristol-Myers Squibb entering a leaseback agreement to remain at the facility to the end of 2018. These were likely key factors in the property presumably selling well below its market value.

Property Details:

  • 915,000± square feet
  • 180± acre campus
  • Uses: Flex/Office, Research & Development
  • Buildings/Spaces: Materials Handling, pH Treatment, Child Development Center, Central Utility Plant, 20′ below grade Vivarium

 

The sale is off the heels of another recent acquisition by Calare Properties in the New Haven County flex/industrial market. On December 29, 2017 it was recorded that the Massachusetts firm purchased 33 Stiles Lane in North Haven. The 175,000± square foot warehouse/distribution facility sold for $10,500,000.

  • Two buildings, 175,000± square feet
  • 14± acres
  • Uses: Warehouse, Distribution
  • Features: 32′ ceilings, 18 tailboard docks, 3 drive-in doors
  • Renovated in 2002