Church Hill Road Facility Sells For $6.95 Million

By John Voket

The home of a popular local auction house, a high tech manufacturing firm, and a private and commercial development firm located off Church Hill Road recently changed hands, with no apparent plans to change or modify the space occupied by existing tenants.

Acme Realty sold the 65,372-square-foot manufacturing facility at 53 Church Hill Road for $6.95 million, or approximately $106 per square foot, to private investor Philip Clark, according to a July 18 release from the CoStar Group.

The facility is currently fully leased to three long-term tenants, whose rents are expected to increase the cap rate from its present rate of 7.46 percent to 8.8 percent in 2011.

Tenants of the property are Fairfield Auction, Sonics and Materials, Inc, and Toll Brothers. The building sits on about 17.2 acres and was renovated in 2001.

Fairfield Auction owner Jack DeStories told The Bee Thursday that while there is more land that might sustain additional commercial development, the existing building’s recent renovations have brought all necessary code and infrastructural improvements to satisfactory standards.

“I don’t know that the transfer of ownership will have any substantial affect on us,” Mr DeStories said. “I understand the partnership that acquired the building is made up of local individuals and it’s always nice to have local people in charge of local properties.”

According to the release, J Michael Struna of Advantage Realty Inc represented both parties in the transaction.

In a May release from NorthMarq Capital, a New York State investment banking service, two officers from its Greater Westchester NY/CT Regional office, cooperated to arrange first mortgage financing of $5.5 million for 53 Church Hill Road. Financing for the industrial property was based on a ten-year term with a 30-year amortization schedule and was arranged for the borrower, 53 Church Hill Road, LLC, through NorthMarq’s relationship with Goldman Sachs.