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PerkinElmer's sign in February 2022 out front of the entrance to 710 Bridgeport Ave. in Shelton, Conn. The property's owner has put the building up for sale, at more than 450,000 square feet of space the second largest industrial facility on the market in Connecticut in early 2022.
Construction proceeds in February 2022 at Fountain Square on Bridgeport Avenue in Shelton, Conn. Just down Bridgeport Avenue, one of Connecticut's largest industrial listings recently hit the market, with tenants including PerkinElmer, Panolam and Thule.
SHELTON — Months after lining up Thule to fill the remaining available space at a sprawling industrial building, the owner has put the facility up for sale.
At more than 450,000 square feet, the facility is the largest of its kind in Connecticut that is being actively marketed for sale on public websites, and is among the largest on the market in the Northeast.
Nearly the size of eight football fields and located off Route 8, the building is owned by limited liability companies managed by partners of the New York City-based real estate investment firm, Sun Equity.
The firm could not be reached for details on the decision to sell the property.
In November, Thule moved into the facility, where it is making racks for pickup trucks with plans to add lines of kayak racks and other rooftop lines, according to spokesperson Chris Ritchie. The company anticipates having 50 workers in Shelton by summer, Ritchie added, while adding up to 40 more to its Americas headquarters in Seymour during the peak season for bike racks. Thule also has a distribution center in Milford.
Two other companies occupy the 710 Bridgeport Ave. building that is now on the market: PerkinElmer, which makes mass spectrometry machines that identify the chemical composition of substances, and Panolam Industries, which sells decorative laminate surfaces that can hold up to the wear and tear of settings like restaurants.
The city of Shelton has turned down multiple requests for new construction on the 36-acre property to accommodate apartments or new restaurants. Just up Bridgeport Avenue, Fountain Square is now taking shape as the city’s latest retail development, on land where United Illuminating once had a facility.
Real estate broker CBRE does not list a price sought by the owners of 710 Bridgeport Ave., with the city appraising it most recently at $26.9 million. The owners acquired the property in 2017 for $26.3 million, about $13 million less than the property fetched in 2006 in a prior transfer.
In December, the owners of 710 Bridgeport Ave. shelved plans for a trio of new buildings at the Bridgeport Avenue site that would include a pair of standalone restaurants, after PerkinElmer voiced concern over the plan. An earlier proposal called for as many as 340 new apartments.
Amazon has been the most prominent developer of new industrial properties in Connecticut and nationally, with the company announcing plans late last month for its latest distribution center on the Waterbury-Naugatuck line.
But beyond warehousing and fulfillment, some experts see continuing supply chain struggles and geopolitical uncertainty as providing a boost to U.S. manufacturing in the long run, as companies scout opportunities stateside for new plants.
In an updated study of U.S. industrial space nationally, CBRE calculated a 3.2 percent vacancy rate, the lowest on record.
Includes prior reporting by Brian Gioiele and Luther Turmelle.
Alex.Soule@scni.com; 203-842-2545; @casoulman