FedEx Anchored Facility In Stratford Sells For $6.1 Million

STRATFORD, CT — The multi-industrial facility anchored by FedEx Express in Stratford has been sold for $6.1 million, according to officials.

The sale of 480-500 Lordship Boulevard was arranged by the Stan Johnson Company, a real-estate brokerage firm. The industrial distribution facility spans two buildings, totals 60,353-square feet, and is leased to four tenants.

Stan Johnson Company’s Colin Couch represented the seller, The Marsilio Group, and the asset was purchased by a private 1031 exchange investor from New York who was represented by Dave Richard of Colliers.

The facility traded for approximately $6.1 million, reflecting a 6.83 percent cap rate, according to a news release.

“We were able to generate multiple offers and facilitated a competitive bidding environment,” Couch said in a statement. “Over half of the two-building facility is leased to FedEx Express – an essential logistics provider that has proven resistant to recession and other COVID-19 related volatility. The remaining square footage is leased to a diverse mix of tenants spanning the electrical supply, moving and storage, and healthcare industries.”

The property is located in an opportunity zone and is strategically located next to Sikorsky Memorial Airport, a FedEx cargo servicer. Originally built in 1952 on 3.84 acres, the property has since been renovated.

“The cap rate we were able to achieve emphasizes the strength we continue to see in the industrial sector of the net lease market,” Couch said.