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BDP Holdings Acquires Office Building In Shelton, CT From Pitney Bowes For $52.2M

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SOLD
$52,200,000

Connecticut

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Office300,000 SF
Sold 04/04/2022
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SOLD

BDP Holdings Acquires Office Building In Shelton, CT From Pitney Bowes For $52.2M

27 Waterview Dr, Shelton, Connecticut 06484, United States

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Office300,000 SF
Sold 04/04/2022
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Summary

CONNECTICUT
Asset Type:Office
Price Per Square Foot:$174
Total Square Footage:300,000 SF
Transaction Type:Sale

The property asset involved in this transaction is an office located at 27-35 Waterview Dr in Shelton, CT. The property spans approximately 300,000 square feet and was sold for a price of $52,200,000. The buyer of the property is BDP Holdings, represented by Dennis Lim, while the seller is Pitney Bowes.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $52,200,000
  • Address: 27-35 Waterview Dr, Shelton, CT
  • Market: Shelton, CT
  • Buyer: BDP Holdings - Dennis Lim
  • Seller: Pitney Bowes
  • Size: 300,000 square feet
  • Price per Square Foot: $174

The buyer, BDP Holdings, represented by Dennis Lim, acquired the office property located at 27-35 Waterview Dr in Shelton, CT from the seller, Pitney Bowes. This transaction demonstrates a significant investment in the real estate market, with the property selling for a total of $52,200,000. The property offers ample space with approximately 300,000 square feet, making it an attractive asset for BDP Holdings. The deal highlights the role of Dennis Lim as the representative for BDP Holdings in this transaction, ensuring a successful purchase of the office property.

Players

3 deals$128.7M volume
BUYER

Details

SOLD
IMAGE: Dennis Lim DATE: 04/04/2022 ADDRESS: 27-35 Waterview Dr MARKET: Shelton, CT ASSET TYPE: Office BUYER: BDP Holdings - Dennis Lim SELLER: Pitney Bowes SALE PRICE: $52,200,000 SF: 300,000 ~ PPSF: $174

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$2,784,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$185,455.57
Cash-on-Cash Return-1.27%
Monthly Debt Service$247,454.63
Annual Debt Service$2,969,455.57