The Meriden Executive Park is scheduled for auction next month with a starting bid of $2.25 million.
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The Meriden Executive Park, a two-building office complex in Meriden that recently went through foreclosure, is scheduled for auction next month with a starting bid of $2.25 million.
The property, at 530 and 538 Preston Ave., totals about 152,800 square feet. Built in the late 1980s and renovated in 2008, the three-story buildings are 33% and 44% occupied, respectively, according to marketing materials.
Albany Road-Preston I LLC, controlled by Boston-based Albany Road Real Estate Partners, bought the complex in 2014 for $8.15 million, but lost it to foreclosure earlier this year, court records show. The property is now controlled by Wilmington Trust N.A., acting as trustee for commercial mortgage securities, city records show.
The office park sits off Interstate 91.
The auction will take place between Oct. 20-22, and is being conducted through Ten-X, an online commercial real estate marketplace.
The sale comes amid high vacancy rates in Connecticut’s office market, particularly in cities. Brokers say demand has weakened as many tenants reduce their space needs in the shift to hybrid work.
Jose Cruz and Jeremy Neuer, of JLL, are listed as the property brokers.
