STAMFORD, Conn. – Three offices buildings with a total of 52,000 square feet of space in prime locations in Stamford have been sold for $7.6 million to local development and investment firm Kolich Holdings.
The three office buildings are located at 992 and 100 High Ridge Road and at 1 Bank St. in downtown Stamford, and the buyer plans to make many improvements in the buildings.
Colliers International brokered the sale. The sale was orchestrated by Enzennio Mallozzi, managing director of Colliers International’s Stamford office.
“Anthony Kolich is an aggressive landlord who is going to make these buildings shine,” said Mallozzi. “All three buildings are in prime locations and need capital improvements, so they present significant value-add opportunities. Anthony is the type of landlord that takes pride in ownership and will deliver a quality work environment to all of his tenants.”
The office buildings at 992 and 1011 High Ridge Road, with 12,500 and 24,500 square feet, respectively, sit almost directly across from each other.
Kolich plans to make substantial improvements to the interior common areas, overhaul exterior facades, renovate parking lots and make landscape enhancements.
Located in the heart of downtown Stamford, 1 Bank St. is a mixed-use building of 15,000 square feet surrounded by bars and restaurants with many other amenities within walking distance. The renovated building will offer a prime location for office tenants ranging from 700 to 5,000 square feet.
The name of the seller, who owned all three properties, was not disclosed.
“We are going to reposition the properties with new facades and do upgrades to lobbies, hallways, bathrooms and elevators,” said Kolich. “We are currently securing the contractors to do the work.”
Mallozzi noted that Stamford is a strong market for investment sales because it is an economic hub for Connecticut.
“It’s a vibrant market that offers a good mix of retail, office and multifamily. It has access to Manhattan on I-95, the Merritt Parkway to the Hutchinson Parkway, or a 40-minute train ride,” he said. “The demographics are appealing to millennials and baby boomers. Stamford has an affluent demographic and offers residents an 18-hour work-live-play environment. It is gentrifying by the day.”
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