News Release: 1/3/2019
Advantage Realty Commercial and J. Michael Struna have been appointed the exclusive agent for the sale of the AAA Motor Club Building located at 93 Lake Avenue in Danbury CT.
This prime investment opportunity is for the first time formally available for sale. This pristine 41,185 s.f. fully leased office building is located at 93 Lake Avenue in Danbury CT. The location of this investment property is just one of the many reasons it has been fully occupied for the last 16 years. The building is conveniently located near the Danbury Fair Mall at the intersection of I-84 and Route 7 at Exit 4. Tenants and customers can get on and off I-84 to go East or West or travel North or South on Route 7. The location makes it convenient for visitors coming to the property from New York State, Danbury, Ridgefield, Newtown, Southbury, New Fairfield, and Bethel.
This Class A office building was built in 2002 as a new location of the AAA Motor club. AAA Motor has merged with other Motor Clubs in the northeast but has continuously maintained this location for AAA Motor club services and its travel agency. Entry to all tenant space is through it’s beautiful lobby area with double elevator service to all floors. Common rest rooms and dedicated IT room on each floor. The entire building has full HVAC and sprinklers. Many of the spaces have “Contemporary” space designs with open ducting, glass walled offices, and great views. There are 164 parking spaces available for Tenant and visitor parking. Excellent street signage available to all tenants.
The property is currently occupied by several credit rated tenants including Wells Fargo Financial Services, EverBank, Kohler Ronan Engineering, AAA Motor Club, and the International Union of Journeymen and Allied Trades. AAA Motor Northeast currently occupies a large portion of the ground floor and will consider a sales / lease back or vacate their space as a condition of the sale.
The investment 2017 Net Operating Income of $600,142 yields a "Cap Rate" of 6.86%. Class A office building built in 2002 with 4/1000 parking ratio.Fully leased Class A office building / investment property - possible expansion or pad site.
Brokers: A "Buyers Representation and Commission Agreement" will be necessary prior to the delivery of the investment details and financial information on this opportunity. Call the exclusive listing broker J. Michael Struna at Advantage Realty Commercial at 203-798-9345.