$15 Million Property Sale Breaks 'Great Divide'

Stratford’s days of sitting somewhat stagnant in the middle of the “great divide” between Fairfield and New Haven counties is a thing of the past, according to the city’s economic development director.

The most recent evidence is a $15 million sale of the 175,000-square-foot office building at 99 Hawley Lane, Stratford. This sale, the official said, is the latest and most significant in what has been an impressive uptick in economic activity in the city since last year.

Year-over-year, Stratford enjoyed a 93 percent increase in building permits pulled – the third highest increase since 1997. That figure translates to $19 million in revenue, which is more than double the average of $7.8 million, according to J. Bruce Alessie, Stratford’s special projects coordinator of economic development.

“It’s a positive sign,” Alessie said.

Square Mile Capital Management, LLC sold the building at 99 Hawley Lane to Merritt 8 Owner LLC, an affiliate of Mountain Development Corp. The transaction returns the asset back to its previous owners, and they are thrilled.

“It’s a great asset. We always thought it was,” said Michael Seeve, president of Clifton, NJ-based Mountain Development Corp. “It has always attracted the most desirable clients.”

Among the Class-A office building’s 15 tenants are Yale New Haven Hospital, Cablevision and New York Life. There is about 10,000 square feet of space still available at the building, which is located off Route 8.

Mountain Development’s additional office space in Shelton is home to Carter’s, the children’s clothing store; and one in Milford that was purchased from Bic now houses Donghia, the Italian textile company.

“We think we’re really good at cultivating relationships with tenants,” Seeve said.

Part of their advantage, Alessie said, is that the company is represented locally by Joseph Coci.

“Were excited to own the property again,” said Coci, who manages Mountain Development's Connecticut operations.

“We love doing business in Connecticut,” Seeve said. “And we’re leading with our pocket.”

In addition to the Hawley Lane acquisition, Mountain Development recently purchased the property at 297 State St. in North Haven. Seeve didn’t disclose the sale price but a 2009 appraisal put the value at about $10 million.

The company plans on upgrading the sprawling series of buildings and leasing the space to multiple tenants.

“We’re pretty bullish on the local and regional economy,” Seeve said. “It’s a good time to be a real estate investor.”

He added, “We think the economy is picking up, especially in Connecticut.”