TNREF III High Ridge LLC, a joint venture between Darien-based Baywater Properties and an investment fund managed by True North Management Group LLC, has bought 225 High Ridge Road in Stamford for $22.5 million. CBRE’s Institutional Properties represented the seller RA 225 High Ridge LLC, an entity controlled by RNY Property Trust, in the June 16, 2017 sale.The property contains two largely identical buildings each consisting of three-stories and 122,052 square feet. The structures were built between 1989-1990 and sit on 14.07 acre parcel.
At the time of sale, the buildings were approximately 81% leased with nearly 47,000 square feet of vacancy. The buyer sees a large-upside potential in the property that in its current form still provides a high credit rent roll within a strengthening Stamford commercial market. Tenants of the property include Synapse, Bank of America, and Mass Mutual which have anchored the buildings for several years. The seller confirmed a 6.25% in-place capitalization rate for the property, equating to an NOI of approximately $1,410,000.
In addition to the Class A office space, the property features a full-service cafeteria, private dining rooms, and a fitness center. There is substantial parking availability through two covered parking garages, and the surrounding acreage has been meticulously landscaped with jogging trails freely available for use. Images of the property can be seen below: