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October 25, 2022

New Jersey investors pay $1.5M for Waterbury warehouse, plan renovations

CoStar 407 Brookside Road, Waterbury.

A New Jersey real estate investor recently paid $1.5 million for a long-neglected, 50,094-square-foot industrial building in Waterbury with plans to make repairs and lease it out.

Joseph Ceylan, managing member of BeKitto Realty Group, said he plans extensive landscaping, roof repairs and some internal repairs before leasing out the warehouse on 3.9 acres at 407 Brookside Road.

The property had sat unused and untended for several years, Ceylan said. But it has excellent highway access, great loading dock access and a big parking lot, making it well suited as a warehouse, he said. Ceylan said he has a rough estimate of at least $250,000 for repairs.

“It just needed a little bit of work, a little bit of love, and we were willing to do it,” Ceylan said. “It will help the neighborhood.”

The Brookside Road industrial building – which dates to 1965 – had once served gourmet specialty food retailer Volubilis Food Inc., and, later, the related D&M Packing LLC.

D&M Packing transferred the property back to Volubilis Food in March. Then, on Sept. 15, Volubilis sold the property to West Grove LLC – a vehicle of BeKitto – for $1.5 million.

West Grove LLC’s principals are Joseph, John and David Ceylan, who share a residential address in Oradell, New Jersey, according to Connecticut state business records.

Volubilis Food’s principals are Aziz Debagh and Hailsy Stoute, who share a residential address in New Rochelle, New York, according to state business records.
Attempts to reach a Volubilis representative were unsuccessful.

The property was listed by Ed and Brian Godin, partners in Godin Property Brokers, of Middlebury. 

Ed Godin said the building is on the market for triple net lease at $5.50 per square foot. The owners would prefer a single tenant but would consider dividing, Godin said. 

"With low vacancies out there, we are optimistic we will relet it and it will be a good situation for them," Godin said. 

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