CBRE has closed the $10 million sale of a shallow-bay industrial complex at 260-284 Quarry Rd. in Milford, CT, in New Haven County. The brokerage team of Jeff Dunne, Steve Bardsley and Travis Langer worked on the assignment in collaboration with Matthew O’Hare from CBRE’s New Haven office. CBRE represented the seller, LM Quarry Road II, LLC, an entity managed by LM Real Estate Partners, and also sourced the buyer, Albany Road Strategic Opportunity Fund LLC, which is managed by Albany Road Real Estate Partners.
The property at 260-284 Quarry Rd. consists of two industrial buildings totaling 85,821 square feet situated on 7.74 acres. The complex is described as shallow-bay industrial, a format that typically accommodates a range of small to mid-sized industrial users. According to information provided by CBRE, the asset is fully occupied, with 100% of the space leased to a diverse tenant base.
Current rental rates at the property are characterized as below market, indicating embedded upside potential as leases roll and are marked to prevailing rates. The property benefits from its location near Interstate 95, providing regional connectivity for tenants and positioning it within New Haven County, which CBRE notes is among the strongest industrial markets in Connecticut.
CBRE highlighted the industrial fundamentals in New Haven County as a key element supporting the investment thesis for the asset. Strong underlying market conditions, combined with full occupancy and below-market in-place rents, suggest an opportunity for the new ownership to capture income growth over time while maintaining tenant stability.
Commenting on the transaction, Steve Bardsley of CBRE noted that 260-284 Quarry Rd. is well-positioned within a historically strong industrial market. He added that the asset’s location and market dynamics support expectations for continued high occupancy and the potential for further value creation driven by rising rental rates in the area.
The sale underscores ongoing investor interest in infill and highway-accessible industrial product in Southern New England, particularly assets that offer both stabilized cash flow and room for rent growth. With CBRE advising both the seller and buyer, the transaction reflects continued brokerage activity around fully leased industrial properties in supply-constrained submarkets.
