Building Sales For $20.5 Million Announced In Stamford

STAMFORD, CT — RM Friedland, a commercial real estate brokerage, announced on Monday the sale of two industrial/flex buildings in Stamford on behalf of Robert Martin Company for $20.5 million, according to a news release.

The buildings are located in the Stamford Executive Park at 419 and 650 W. Ave. Robert Matin Company, which is based in Elmsford, N.Y., continues to own 500-600 W. Ave.

The building at 419 W. Ave. is 88,000 square feet with 70,000 square feet of office space on two street-level floors. There's also 18,000 square feet of warehouse space, according to a news release. The building has three loading docks and one drive-in, and is currently vacant.

The other building at 650 W. Ave. is 60,000 square feet, of which 20,000 is basement. The 40,000 square foot, grade-level warehouse space was recently leased to Lasership Inc., the news release stated.

Bill Anson and Jillian Reiner handled the transaction on behalf of RM Friedland.

"With the recent explosion in demand for industrial/flex space in Stamford, this was an opportune time for Robert Martin to sell these two properties at a premium price," said Sarah Jones-Maturo, President of RM Friedland, in a news release. "Stamford, with its proximity to New York City and the northern suburbs, continues to garner the highest price per square foot for industrial/flex space in Fairfield County. In addition, the lack of inventory in adjacent markets is creating tremendous opportunity for the Stamford industrial market."

Tim Jones, CEO of Robert Martin Company, said in a news release, "[Thursday's] transaction reflects the firm’s long-term strategic plan, which includes seizing upon short-term selling opportunities so we can shift capital towards making new investments with higher-growth potential."

The announcement explained that over the past decade, industrial asking rents in Stamford have increased by over $4 per square foot with vacancy rates below six percent.

"According to RM Friedland analysts, a 10 percent vacancy rate indicates the market has achieved a level of equilibrium. Leasing activity has remained strong in Stamford — even throughout the pandemic — as sale prices have continued increasing at a dramatically faster pace," the news release said.