Electric Boat’s Groton buying spree continues with $1.5M purchase of commercial lot
COSTAR
The commercial land at 435 Thames St. in Groton identified by the arrow.
Submarine builder Electric Boat is continuing a buying spree near its Groton shipyard.
The company has paid about $1.5 million to acquire commercial land at 435 Thames St., which it will use for employee parking, an Electric Boat spokesperson confirmed to the HBJ.
This is the third Thames Street property the company has purchased this month. Earlier in May, Electric Boat paid $3.6 million for properties at 359 and 415 Thames St.
The property at 415 Thames is a 34,700-square-foot warehouse built in 2002; 359 Thames is a 12,737-square-foot vacant restaurant property.
An Electric Boat spokesperson said the company will also use those properties for employee parking short term.
The lot at 435 Thames St. sits in an industrial/technology zone and was marketed as a redevelopment opportunity for a variety of uses, including manufacturing, technology development and industrial facilities.
Seaport Real Estate Services was the listing broker. The property last traded hands in 1998 for $300,000, property records show.
In early January, Electric Boat paid $5.5 million for a nearly 55-acre property in North Stonington, at 45 Frontage Road, where the company plans to construct a roughly 480,000-square-foot warehouse.
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