Strategic Pivot From Office to Medical Use Creates Added Value in Prime Location
Davis Marcus Partners, a joint venture of Boston based real estate firms Marcus Partners and The Davis Companies, today announced the sale of 60 Danbury Road, a 75,000 square foot office building within Wilton Corporate Park in Wilton, CT. The purchaser is Wilton Medical Realty, a special purpose entity affiliated with Constitution Surgery Alliance, the developer and manager for the intended medical use project. The transaction closed at $17.1 million.
The Davis Marcus Partners team identified a strong demand for medical space in the market and worked strategically with the buyer to manage the required entitlements and permitting to convert the office building for medical use, which is expected to include an ambulatory surgery center, a multi-specialty medical practice, and several single-specialty physician offices. The building was developed in 2008 for a single office tenant and now is being re-purposed for today’s optimal use. Davis Marcus Partners will remain as the property’s manager and oversee the conversion.
“Our strategy identified the highest and best use for the property and delivered a solid return for our investors,” said David Fiore, Principal and New York Regional Director for Marcus Partners. “This market is seeing high demand for medical use and we believe that the resulting product here at 60 Danbury will be best-in-class.”
Wilton Medical Realty was represented by Rich Lee of OR&L.
About Marcus Partners
Marcus Partners is a vertically integrated real estate firm with a strong history of successful investment, management and development. The firm is based in the Financial District of Boston, with regional offices in Metro New York City and Metro Washington, D.C. The firm focuses on strategic and opportunistic investment strategies across residential, industrial, biomedical, medical office, office, and mixed-use properties where it can create value and maximize risk-adjusted returns. Its current portfolio includes approximately 7 million square feet of commercial real estate along the East Coast. For more information please visit www.marcuspartners.com.
About The Davis Companies
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $7.2 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 11.8 million square feet of office, retail, hospitality, light industrial, healthcare and life science properties and approximately 4,000 residential units across the Eastern United States. For more information please visit www.thedaviscompanies.com.
