Developer buys 14-acre property in Stratford for $10.6 million


STRATFORD — A commercial real estate developer purchased a 14.2-acre property at 775 and 975 Lordship Boulevard for $10.6 million on Wednesday, according to Jon Angel, president of Angel Commercial, LLC. The buyer intends to build warehouses on the land, Angel said.

“The new owner plans to build warehouses on this property, which is in short supply and in high demand in this area,” Angel said in a written statement. “The property is located less than a mile from the off ramp to I-95, exit 30 (Lordship Boulevard) and next to the FedEx Ship Center.”

The property was sold by Stratford Land Development Company Limited Partnership to Lordship Land, LLC. Both deferred their comments to the broker, as did Mary Dean, the city’s director of economic development.

The idea is to build on the property and then rent the space. There is no agreement in place to lease the property at this time, but there are potential interested tenants, Angel said.

“The intent here is to build a facility for lease. This is unlikely to be a buy-in for resale,” Angel said. “This market is a very desirable market for online distribution. warehouse and e-commerce and related type uses, largely due to proximity to freeways.”

The property had multiple bidders and sold quickly, Angel said.

“Build it and they will come,” Angel said, referencing the 1989 film “Field of Dreams.”

“That’s the mentality right now. Right now, the industrial sector is a very, very hot commodity,” he said. “And we have other buildings in the area under construction as needed, which is an important factor for any developer who chooses to jump into this arena and construct a new building.”

The developer is still in the planning stages with the property, Angel said. He anticipates that they will submit development proposals to the Planning and Zoning Commission within the next 30 to 60 days.

Pending city approval, Angel expects the building to be similar in size to the FedEx facility at 495 Lordship Blvd., where the former ExxonMobil Chemical Co. building was located. That building is expected to be 368,000 feet squares with ceilings 36 to 40 feet high, Angel said.

The building will be designed to be divided, but the owners have not decided on the size or size of the buildings, Angel said.

The lot is divided into two parcels, a 2.3 acre portion at 775 Lordship Blvd. and a 12-acre lot at 995 Lordship Blvd. The buyer purchased each of these parcels together in a single sale. The parcels’ proximity to the freeway and nearby businesses was key to the deal, Angel said.

This story has been updated to correct the current occupant of 495 Lordship Blvd.

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