Ivy Equities Sells Stamford Complex for $24M

STAMFORD, CT-CB Richard Ellis has brokered the sale of 1111 and 1177 Summer St., here in a $24.3-million deal. Ivy Summer Associates LP, an affiliate of Ivy Equities of Montvale, NJ, sold the 123,578-sf office property to an unnamed buyer that purchased the complex in a 1031 tax deferred exchange transaction. The property sale is valued at $196.64 per sf.

Jeffrey Dunne, Steven Bardsley and Christopher Leonard of CBRE’s New York Tri-State Investment Team represented the seller and procured the buyer.

Dunne says of the deal, “Due to the property’s prime location along the Summer Street corridor, it is well positioned to continue to retain and attract a solid tenant base. The buildings are also poised to benefit from significant rent growth as a result of the current rent spikes in Stamford’s CBD.”

He says that the complex’s location off Hoyt and Oak streets, near the new Marriott Courtyard, the Target/Citibank retail center, the Ridgeway Shopping Center, the Sheraton Hotel as well as Stamford’s restaurant row, makes it very attractive to prospective tenants.

The property at the time of sale was 91% leased to 16 tenants. Its major tenants include Ernst & Young, which has occupied a 42,243 sf office there since 1979; Cardiology Associates of Fairfield County, which leases 13,247 sf; Parker Global Strategies LLC, which has a lease for 12,395 sf; and Patriot National Bank, which maintains a 7,345-sf office.

In August, Ivy acquired 570 Broad St., a 200,000-sf 14 story class A office tower located in the North Broad Street business district of Newark from Heritage Management Co. for $21 million.