Date: Fri 24-Jan-1997

Publication: Bee

Author: KAAREN

Quick Words:

Dual-Lite-Insilco-Goldblum

Full Text:

New Owners Seek Commercial Tenants For Old Dual-Lite Building w/ cut

B Y K AAREN V ALENTA

The former Dual-Lite building at 3-6 Simm Lane has been sold and the new

owners are looking for tenants.

The 85,000-square foot building and 13 acres of land were sold on December 31

by Insilco Corp of Dublin, Ohio, to David and Murray Goldblum, real estate

developers from New Haven, for $690,000. James M. Desmond, president of J.M.

Desmond Commercial Realty of Norwalk, is representing the new owners to market

the property for lease.

"The property will be very aggressively marketed," Mr Desmond said. "We hope

to attract smaller to medium-size tenants [each of whom] will utilize 5,000 to

40,000 square feet."

The building was vacated in November 1995 when Dual-Lite, a division of

General Signal Corporation of Stamford, moved its operations to Cheshire. The

property was owned by Insilco, a conglomerate which began as the International

Silver Company of Meriden, and had been leased by Dual-Lite since 1987.

Elizabeth Stocker, Newtown's community development director, said she already

is working on a couple of leads which could result in new tenants.

"The building is configured in such as way that is good for multiple tenants,"

she said. "Of course, it would be nice to have one tenant who would use the

entire building, but I don't think that will happen."

The building, which was constructed in the 1950s and enlarged several times,

consists of three floors of warehouse, light industrial, and office space.

Floor sizes are 41,000, 31,000 and 13,000 square feet. Mr Desmond said space

is available for lease at prices ranging from $3.85 to $5.50 per square foot

on an "as is" basis.

One tenant, who occupies less than 5,000 square feet, is currently in the

building under an agreement with the previous owner but a lease with the new

owners has not yet been executed, Mr Desmond said.

Insilco was the subject of Chapter 11 bankruptcy proceedings in US District

Court in San Antonio, Texas, in February 1995 in which it agreed to set aside

$2 million to clean up the Simm Lane property. The water and ground on the

property had been found to contain traces of tetrachlorethlene (PCE), a

grease-cutting solvent generally used to clean machinery or in dry cleaning

operations.

Insilco hired an environmental firm from Virginia to oversee the cleanup,

which was monitored by the state Department of Environmental Protection.

Completing the cleanup was a condition of the sale, Mr Desmond said, who added

the property "is fit for occupancy."

Ms Stocker said the property had been listed with a realtor since Dual-Lite

left, but the listing was terminated last fall and the owners worked with the

community development office instead.

"Because of efforts that were made through this office, the building was

sold," she said. "I got a call from Insilco thanking me."

Calls by The Newtown Bee to Insilco's Dublin, Ohio, office were not returned.

Mr Desmond said anyone interested in more information about the Simm Lane

building can contact him at 203/853-3999.