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January 29, 2024

(updated) Five-story Cheshire office building sells for $4M

Google 609 West Johnson Ave., Cheshire.

A New Jersey investor recently paid $4 million for a five-story, glass and concrete-sided office building in Cheshire.

In a deed logged Jan. 25, Commercial Investment Group LLC, whose principal is Hamden-based investor Joseph Moruzzi, sold the 55,154-square-foot office, 1994-vintage building on 3.95 acres at 609 West Johnson Ave., to Clark, New Jersey-based Cheshire Equities LLC.

The buying entity was formed on Jan.8, with Tzvi Koegel as principal. Cheshire Equities lists a business address in Clark, New Jersey.

Commercial Investment Group paid $750,000 for the property in 2016, according to assessing records.

The listing team for the property included Philip L. Gagnon, Scott de Lemos and Jeremi Johnson with Colliers.

Gagnon, a principal with Colliers in Hartford, said Moruzzi has invested more than $2 million into the building, which had previously served as office space for Webster Bank. Moruzzi had refinished the parking lot, and divided three floors into smaller tenant spaces, among other work, Gagnon noted. 

The building was 98% occupied, with 28 tenants, at closing, a testament to its attraction at a time many other office buildings are struggling with high vacancies, Gagnon said. 

"It was a flight-to-quality story," Gagnon said. "Because of difficulties in the office market currently, many office properties are languishing with poor management. Tenants have been flying out of those buildings for well-managed and well-capitalized buildings." 

The West Johnson Ave. building was on the market for about three months before it sold at a Ten-X auction on Dec. 15, Gagnon said. 

 Cheshire Economic Development Director Andrew Martelli said Muruzzi had performed extensive renovations, converting what had been a Webster Bank mortgage center into separate office spaces. 

The building is well tenanted, Martelli said, including an entire floor dedicated to corporate and back offices for manufacturer Element 119.

“It’s a really nice building,” Martelli said. 

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