May 2011

Development Corp. and Marcus Partners Form Venture to Acquire and Reposition 297 State Street, in North Haven, Connecticut

Marcus Partners is pleased to announce that a newly formed venture between NJ based Mountain Development Corp, together with ClearRock Properties, and MA based Marcus Capital Partners Fund I has acquired 297 State Street, a 386,000 square foot light industrial/warehouse facility in North Haven, CT which was formerly owned and occupied by a national printing company.

The property is strategically located in North Haven, CT just off I-91 at exit 10/Route 40. The 386,000 square foot building has interior rail siding, can be subdivided down to 76,000 and offers clear heights of up to 36’.  The property will undergo a capital improvement program to bring it up to contemporary standards.   The leasing team of Tim Fegan and Matt O’Hare at CB Richard Ellis has been retained to lease the property.

David Fiore, Principal of Marcus Partners, said “We look forward to working with Mountain Development to reposition this asset. This transaction fits in well with our investment strategy of acquiring quality, well located, value-add properties at a reasonable basis.  We will continue to seek additional direct and venture investment opportunities in New York, New Jersey and Connecticut markets as we look to expand our New York Metro region or tri-state portfolio.”

“We look forward to working with Marcus Partners as our financial partner and are excited to have this asset in our portfolio.  We are also looking forward to completing the major capital improvements we have planned for the property and to working with the brokerage community to satisfy their tenant requirements,” said Joseph Coci III, Managing Director of Mountain Development Corp.    Sean Duffy and Damon Bower of Cushman & Wakefield represented the seller while Tim Fegan and Matt O’Hare of CB Richard Ellis represented the Buyer.

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