$39OK NOI | Global Tenant w Excess Land

$39OK NOI | Anchored by Global Tenant Regus since 1998 with recent lease renewal
Mill Crossing, situated at 1224 Mill Street, is an excellent opportunity for both investors and owners/users, with 35,270 square feet in three buildings and excess land for additional development. Built in 1995 and meticulously maintained over the years this asset is primed to be an excellent investment. The property comes equipped with a 6.65-acre lot and over 200 parking spaces perfect for both employees and visitors. The simple façade and well-groomed landscaping surrounding the asset makes it ideal for tenancy. New ownership can continue to run the property as-is while collecting incomes from in-place tenants Buyers can also revamp current tenant leases to yield a higher net operating income. Alternatively, this is an excellent opportunity for owners/users with excess land for new develoment of medical or apartments subject to town approval.

Berlin is at the crossroads of Central Connecticut, where Interstate 91 merges with Route 9, making it the perfect place for office investment. The area has a very low vacancy of 2.3% which is 0.4% lower than it was this time last year. Current vacancy is lower than its trailing three-year average of 3.2%, which is also lower than the 9.7% trailing three-year average of the Hartford market as a whole. Rents have increased in the past 12 months. Nothing is under construction in the Berlin Outlying Office Submarket making existing inventory highly valued.

Berlin offers residents and businesses a small-town feel with access to city amenities. Just 7 miles south of Hartford, this area is highly connected. 1224 Mill Street is located near the Berlin Turnpike and CT 9, which connect Berlin to all of Connecticut. Nearby are many retailers and conveniences, including Dunkin’, McDonald’s, Chili’s Bar and Grill, and more.

Property tours are available by appointment only, please contact the listing broker to schedule.
IWG Chief Executive Mark Dixon. (IWG)
By Paul Norman
CoStar News
March 5, 2024 | 5:06 AM
IWG, the publicly traded flexible offices group that owns the Regus and Spaces brands, has posted the highest revenue in its 35-year history.
In preliminary results for the period through the end of last year, IWG, listed on the London Stock Exchange but considering a New York listing, said revenue had lifted 10% to £3.3 billion.
IWG describes itself as the world's largest hybrid workspace platform, with operations of 895,000 rooms across 3,514 locations in 120 countries. In clear contrast to the difficulties faced by its global coworking peer WeWork, earnings before interest, taxes, depreciation and amortisation) increased 34% to £403 million (2022: £311 million) driven by a combination of higher revenue and "cost focus" at the firm.
IWG said it had been dramatically growing its footprint globally across "diverse locations" with a doubling in its open rate in 2023 from 2022. It says this has been done "almost all with no" capital expenditures. It added a record 867 locations globally in 2023, with 95% in its partnership model.