Lexington Corporate Properties Sells Milford Building for Over $2M

MILFORD, CT-CB Richard Ellis brokered the sale of 183 Plains Rd. here to 183 Plains Road LLC, an entity of the Tolchin Property Group for about $2.5 million. The 27,000-sf building was sold by Lexington Corporate Properties Trust, a New York City-based REIT. The property was built in 1994 for Ikon Office Solutions. Ikon, the sole tenant in the building, plans to vacate the property by the end of the year, CB Richard Ellis officials say.

Sean Cahill and Michael Dillon of CBRE were the sole brokers in the transaction. They note that although the building has to date served as a single-tenant flex property, the property can be subdivided if necessary. CBRE has been retained by the Tolchin Property Group to market the building for lease. They add that the building can also be converted rather easily to a strictly office use.

Commenting on the deal, Scott Tolchin of Tolchin Property Group says, “In 183 Plains Rd. we saw something impressive–a flex building that offered tremendous upside value without the necessity of a significant capital infusion.”

He adds that the building, located off exit 36 of I-95, offers tenants “an identity-building at a state of the art location with unbeatable transportation access in a market with a serious lack of similar properties. We knew it would prove a winning investment.”