Excellent Development/Investment Opportunity
FOR IMMEDIATE RELEASE
EXCELLENT DEVELOPMENT/INVESTMENT OPPORTUNITY
±36.20 Acre Site (Former Hershey Company Site)
To be Sold by CBRE in an Online Auction
Naugatuck, CT – August 18, 2014 – Douglas Johnson, managing director, CBRE Auction Services, announced that the Hershey Company has retained CBRE to sell its former Peter Paul site located at 889 New Haven Road, Naugatuck, Connecticut, in an online auction. The online auction will be held on September 25, 2014. The opening bid for the ±36.20 acre site will be $2,225,000, which is less than $1.60 per square foot.
“This development site offers a tremendous opportunity for potential buyers, providing easy access to and significant exposure on a main thoroughfare between Waterbury and New Haven. With an average daily traffic count approximating 15,600 within a one mile radius on New Haven Road, the site seems ideal for a retail development opportunity,” remarked Patrick Connell, managing director, CBRE Auction Services.
The former Hershey development site has a wide variety of potential uses. Permitted uses include retail, commercial and industrial. The site is situated between the Crosspointe Plaza Shopping Center to the west and Walmart to the east along Route 63, New Haven Road.
According to Mr. Johnson, “This is a rare opportunity for a developer or investor to acquire this site at auction pricing. The opening bid for the property of $2,225,000 is less than $1.60 per square foot.”
The online auction will be held on September 25, 2014. Initial earnest money deposits are required to participate. CBRE representatives are available to answer questions about the auction process, procedures, as well as the property. Detailed property information will also be available for review including the purchase and sale agreement. For this and other information about the auction, including the terms and conditions for the auction and a brochure, prospective bidders should visit www.cbre.com/auctionservices, or call CBRE Auction Services at 800-815-1038.
Led by Douglas Johnson and Patrick Connell, CBRE Auction Services assists lenders, investors and other owners in the disposition of commercial real estate assets. The group joins forces with experts in each of CBRE’s business lines to develop a comprehensive marketing program designed to achieve client goals and the selling of the asset(s) on a date certain. More information on CBRE Auction Services can be found at www.cbre.com/auctionservices.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.