Office for Sale in New London, CT

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Office
  • Location: New London, CT 06320
  • Year built: 1987

Description

Marcus & Millichap is pleased to present the DaVita Dialysis Anchored - Shaw’s Cove Five, a signature Medical and Professional Services property, located at 5 Shaw’s Cove, New London, Connecticut. The asset is a premier property in the Shaw’s Cove Master Planned office park, in downtown New London overlooking the marina and the Thames River. It is a 37,475-square-foot, 85 percent occupied multitenant office property built in 1987 with a unique, high-quality primarily medical tenant mix. The major tenant, DaVita, occupies over a third of the building and has an investment grade credit rating of BBB- (S&P). The remainder of the building is occupied by medical tenants and other professional service offices including Government Agencies. The majority of tenants have occupied the building through multiple renewal options. Shaw's Cove Five rests on approximately 1.33 acres and is positioned within less than a mile south of the I-95 intersection (57,400-plus vehicles per day) the major interstate connecting New York and Boston. There has been continued growth in the immediate area including hundreds of new Class A multi-family properties and other retail amenities. The local and immediate economy is driven by Electric Boat building the nuclear submarines for the Navy, and also chemical research with Pfizer's large research and development campus. Investment Highlights: • 85 Percent Occupied Multitenant Medical Office Located in New London MSA | E-Commerce and Recession Proof Tenant Mix, Added Value Through Lease Up • 37,475 Square Feet | 1.33 Acres | Major Tenants Include DaVita, Columbia Dental, and Hanger Prosthetics • DaVita has a Investment Grade Credit Rating of BBB- (S&P) | 10-Plus Year Historical Occupancy • Low Basis Entry Point with Staggered Lease Rollover | Rare Opportunity to Acquire Signature, Multitenant Office with Medical and Credit Tenants at Near Full Occupancy

Market Context

This office in New London, CT is listed for sale. It is offered at an approximate 9.3% capitalization rate, a key benchmark for income-producing office assets. The building dates to 1987. It has been on the market for 38 days. Compare it against other office listings for sale in New London, CT — <a href="/search/sale/office/connecticut/new-london">view the full market</a>.

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