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December 8, 2021

Bristol industrial property sells for $5M

Photo | CoStar 60 Wooster Court in Bristol.
By Michael Puffer

A California-based real estate firm recently purchased a roughly 70,000-square-foot industrial building on eight acres in Bristol for $5 million, according to city and state records.

The 51-year-old building at 60 Wooster Court houses Metal Finishing Technologies. The company performs metal finishing work, with some limited electro-plating, for the aerospace, defense, medical and industrial sectors.

Grace Dawson CT LLC bought the property and its masonry-sided building from Titus Holdings LLC in a $5 million deal recorded Nov. 24, according to Bristol assessing records.

Grace Dawson was formed Oct. 1. The limited liability company’s principal is Stuart Fuss and it shares a California address with Montecito Real Estate Investments. Fuss is listed as CEO, CFO and secretary of Montecito Real Estate Investments in a business filing with the California Secretary of the State.

Titus Holdings is a limited liability company formed by Metal Finishing Products CEO Peter Mirabello to hold the real estate at 60 Wooster Court. He formed a separate limited liability company to own the business.

Mirabello said his Metal Finishing Technologies and its roughly 60 employees will continue at the Bristol site.

The metal-finishing business has roughly nine years left on a triple-net lease with the property, with an option for a long-term extension, Mirabello said.

With interest rates low and demand high, Mirabello said this was a good time to sell the property so he can focus on the expanding manufacturing business.

“Being the chairman and CEO (of MFT) and not having to worry about the property, that was a relief,” Mirabello said. “I have enough on my plate. I’m growing a business in a market that is very opportune. There is a lot of demand but very stringent requirements to adhere to. Not having this on my plate and having to worry about the real estate took a little bit off my plate.”

Metal Finishing Technologies performs metal finishing work, with some limited electro-plating, for the aerospace, defense, medical and industrial sectors. The company was founded in 1947 and purchased by Mirabello in 2011.

Under Mirabello’s leadership, the company reinvested and reinvigorated its operations and property. Mirabello sold a stake in the manufacturing business to Atlanta-based investors last year.

“We built MFT into a good business with a lot of potential,” Mirabello said.

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