Frontier Communications has sold a former SNET motor pool and storage site at 1175 Woodend Rd., Stratford. The 100,000-square-foot facility on approximately 10 acres sold for $8 million.
The buyer is a corporate affiliate of NYC-based Time Equities, which earlier this year spent in excess of $20 million to acquire the Bridgeport Trade & Technology Center and Bridgeport Innovation Center.
Located just off Lordship Boulevard near Exit 30 of I-95, the facility was built in 1972.Â
As part of the sale/leaseback deal, Frontier will continue to occupy the property as part of a 10-year lease. According to published reports, the town appraised the property at $8.1 million a year ago.
The deal is subject to approval by the state Public Utilities Regulatory Authority.
TRANSACTIONS
2344 Foxon Road, North Branford
Keith Hartenstein Custom Finishes has leased a 1,000-square-foot unit at 2344 Foxon Road, North Branford. The company finishes new wood products and repairs other wooden items. The building owner is Cooper Partners, LLC. Bill Clark of the Geenty Group, Realtors, was sole broker in the transaction.
