An 86,225-square-foot industrial property in Watertown housing precision manufacturer Utitec Inc., recently sold to a Brooklyn real estate investment group for $5.89 million.
The building on 20 acres at 169 Callender Road was sold by three partial owners to 169 Callender Owner Limited Partnership in a series of transactions recorded on Dec. 13. The buyer ties back to Brooklyn-based Snowball Development, a real estate investment group headed by Brian Ker.
An attempt to reach Ker was not immediately successful Monday.
A Utitec representative said the manufacturer has a new landlord, but that operations at the roughly 80-employee outfit will not be affected.
Utitec designs and manufactures “miniature, ultra-high precision deep drawn tubular and flat-stamped components,” for use in medical applications, according to its website.
The 48-year-old industrial building at 169 Callender Road previously sold in 2016 for $3.85 million in equal shares to Jonsar LLC and Oakville Investments LLC. The two limited liability companies share as principal John Lombard, of Prospect.
Lombard heads real estate investment and development outfit The Lombard Group.
In a series of transactions recorded on Dec. 13, Jonsar LLC granted Enrico Sarandrea a 6% interest in the property, then Enrico and Jonsar sold their respective percentages to 169 Callender Owner Limited Partnership.
Sarandrea’s 6% sold for $354,000 and Jonsar’s 44% for $2.59 million, according to town documents.
Oakville Investments sold its half-share of the property to 169 Callender Owner Limited Partnership for $2.95 million in another transaction recorded Dec. 13.
Lombard, reached Monday, said the sale was part of a broader move to reposition long-term investments into new developments, an effort that began more than a year ago. With interest rates climbing, property values are bound to trend downward, Lombard said. Lombard said he feels the sale was well timed.
In addition to Utitec, the Watertown property also hosts a dog grooming outfit in a roughly 4,000 square foot space, Lombard said. The two tenants in the building essentially have a new landlord and will not be disrupted, he said.
Deno Bistolarides, Brandon Abdelnour and Marcel Sarkisian of Encore Real Estate Investment Services represented the seller.
