C&W Reps Torchlight Investors in $4,000,000 Sale of 40-42 Old Ridgebury Road, Danbury, CT

Cushman & Wakefield today announced the sale of 40-42 Old Ridgebury Road, Danbury, Conn., also known as Pegasus Park.  Cushman & Wakefield represented the seller, Torchlight Investors, in the sale to KS Partners, a New York-based developer and investor with offices in Woburn, Mass. and Rocky Hill, Conn. The property sold for $4,000,000 or $31.75/square foot.

The Cushman & Wakefield sales-disposition team was comprised of Tom O’Leary, senior director; David Bernhaut, vice chairman; and Grace Braverman, associate director, of Cushman & Wakefield’s Capital Markets Group.

Situated on more than seven acres, the site includes two, three-story office buildings totaling almost 126,000 square feet, and a three-level parking facility.  Pegasus Park is conveniently located less than one mile from Exit 2 off Interstate 84 in Danbury, Conn. and is within minutes of the Greater Danbury area, Route 7, and I-684 in Westchester County, New York.  I-684 links Connecticut with cities from Boston to Washington D.C. along the Northeast transportation corridor. 

Pegasus Park is in proximity to two Metro North train stations – Danbury, Conn. and Brewster, New York – and to a major shopping mall, airport, parks and golf courses. The building is home to notable tenants, such as General Electric and Shemin Nurseries.  The buildings are currently 60 percent leased with 72,340 square feet of space remaining.  40-42 Old Ridgebury Road was recently renovated with new common areas, lobbies, and bathrooms.  

Commenting on the sale, Mr. O’Leary said, “Historically, 40-42 Old Ridgebury Road has always been considered one of the most attractive office parks in the Greater Danbury market.  The buildings offer a truly convenient location and very flexible floor plates, making it ideal for virtually any size tenant. 

KS Partners is known for its hands-on management style and commitment to tenant service.  I’m confident that under their management, 40-42 Old Ridgebury Road will be much in demand from tenants in the area.”

Lawrence Smoler of Torchlight Investors said, “It was a pleasure working with Cushman & Wakefield.  They are extremely professional and I’m confident that the team found the ideal buyer and that KS Partners are the right people to make 40-42 Old Ridgebury Road into all that it should and can be.”

About Torchlight Investors
Torchlight Investors provides investment management services to institutional clients seeking exposure to commercial real estate-related debt markets.  Torchlight has been organized as an independent SEC-registered investment advisor, applying thorough fundamental real estate analysis to the investments that it makes on behalf of its clients. Since its inception, Torchlight has acquired more than $20 billion in commercial real estate debt investments - successfully managed portfolios through market cycles and has grown to a firm with $3.9 billion of assets under management.  For more information go to www.torchlightinvestors.com.

About KS Partners, LLC
KS Partners, LLC is a private New York-based real estate investment and development company, which owns and operates commercial property.  With offices in Conn. and Mass., they manage more than three million square feet of commercial property along the east coast.  From its regional office in Rocky Hill, Conn., KS Partners oversees and manages more than 700,000 square feet in Connecticut.  For more information go to www.kspartnersllc.com.

About Cushman & Wakefield:
Cushman & Wakefield is the world’s largest privately held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments. Founded in 1917, it has approximately 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has nearly $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.