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DaVita Anchored - Shaw's Cove Five 5 Shaws Cv

37,026 SF 87% Leased Office Building New London, CT 06320 $7,856,550 CAD ($212 CAD/SF) 8.10% Cap Rate

Investment Highlights

  • 85% Occupied Multitenant Medical Office Located in New London MSA | E-Commerce & Recession Proof Tenant Mix, Added Value Through Lease Up
  • 37,475 SF | 1.33 Acres | Major Tenants Include DaVita, Columbia Dental, and Hanger Prosthetics
  • DaVita has a Investment Grade Credit Rating of BBB- (S&P) | 10+ Year Historical Occupancy
  • Low Basis Entry Point with Staggered Lease Rollover | Rare Opportunity to Acquire Signature, Multitenant Office with Medical & Credit Tenants at Near

Executive Summary

Marcus & Millichap is pleased to present the DaVita Dialysis Anchored - Shaw’s Cove Five, a signature Medical and Professional Services property, located at 5 Shaw’s Cove, New London, Connecticut. The asset is a premier property in the Shaw’s Cove Master Planned office park, in downtown New London overlooking the marina and the Thames River. It is a 37,475 SF, 85% occupied multitenant office property built in 1987 with a unique, high-quality primarily medical tenant mix. The major tenant, DaVita, occupies over a third of the building and has an investment grade credit rating of BBB- (S&P). The remainder of the building is occupied by medical tenants and other professional service offices including Government Agencies. The majority of tenants have occupied the building through multiple renewal options.
Shaw's Cove Five rests on approximately 1.33 acres and is positioned within less than a mile south of the I-95 intersection (57,400+ VPD) the major interstate connecting New York and Boston. There has been continued growth in the immediate area including hundreds of new Class A multi-family properties and other retail amenities. The local and immediate economy is driven by Electric Boat building the nuclear submarines for the Navy, and also chemical research with Pfizer's large research and development campus.

Property Facts

Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
37,026 SF
Building Class
B
Year Built
1987
Price
$7,856,550 CAD
Price Per SF
$212 CAD
Cap Rate
8.10%
NOI
$636,381 CAD
Percent Leased
87%
Tenancy
Multiple
Building Height
2 Stories
Typical Floor Size
18,513 SF
Building FAR
0.64
Lot Size
1.33 AC
Opportunity Zone
Yes
Zoning
L-01
Parking
118 Spaces (3.19 Spaces per 1,000 SF Leased)

Amenities

  • 24 Hour Access
  • Bus Line

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • 2nd Floor
  • 2,942 SF
  • Office/Medical
  • -
  • Now

1,856 and 2,942 SF on 2nd floor in Shaw's Cove Business Park. Square footage size can be re-configured. Signature office building in Shaw's Cove. Parking on site (118 spaces). Elevator in building. Security cameras in common areas and entrances. Tenants include: DaVita; CT Parent Advocacy Center; Columbia Dental; US Properties; Dr. Henry Crabbe; Dept. of Labor; Korde & Associates PC; Resource Lighting Energy, Inc. & Fulcrum Energy Solutions and Hanger Prosthetics & Orthotics. NNN is approximately $11.04. Utilities included.

  • 2nd Floor
  • 1,856 SF
  • Office
  • -
  • Now

1,856 and 2,942 SF Class A office spaces available on 2nd floor in Shaw's Cove Business Park. Square footage size can be re-configured. Signature office building in Shaw's Cove. Parking on site (118 spaces). Elevator in building. Security cameras in common areas and entrances. Tenants include: DaVita; CT Parent Advocacy Center; Columbia Dental; US Properties; Dr. Henry Crabbe; Dept. of Labor; Korde & Associates PC; Resource Lighting Energy, Inc. & Fulcrum Energy Solutions and Hanger Prosthetics & Orthotics. NNN is approximately $11.04. Utilities included.

Space Size Space Use Condition Available
2nd Floor 2,942 SF Office/Medical - Now
2nd Floor 1,856 SF Office - Now

2nd Floor

Size
2,942 SF
Space Use
Office/Medical
Condition
-
Available
Now

2nd Floor

Size
1,856 SF
Space Use
Office
Condition
-
Available
Now

2nd Floor

Size 2,942 SF
Space Use Office/Medical
Condition -
Available Now

1,856 and 2,942 SF on 2nd floor in Shaw's Cove Business Park. Square footage size can be re-configured. Signature office building in Shaw's Cove. Parking on site (118 spaces). Elevator in building. Security cameras in common areas and entrances. Tenants include: DaVita; CT Parent Advocacy Center; Columbia Dental; US Properties; Dr. Henry Crabbe; Dept. of Labor; Korde & Associates PC; Resource Lighting Energy, Inc. & Fulcrum Energy Solutions and Hanger Prosthetics & Orthotics. NNN is approximately $11.04. Utilities included.

2nd Floor

Size 1,856 SF
Space Use Office
Condition -
Available Now

1,856 and 2,942 SF Class A office spaces available on 2nd floor in Shaw's Cove Business Park. Square footage size can be re-configured. Signature office building in Shaw's Cove. Parking on site (118 spaces). Elevator in building. Security cameras in common areas and entrances. Tenants include: DaVita; CT Parent Advocacy Center; Columbia Dental; US Properties; Dr. Henry Crabbe; Dept. of Labor; Korde & Associates PC; Resource Lighting Energy, Inc. & Fulcrum Energy Solutions and Hanger Prosthetics & Orthotics. NNN is approximately $11.04. Utilities included.

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
NLON-000026-000110-000001-000009
Land Assessment
$804,698 CAD
Improvements Assessment
$2,743,088 CAD
Total Assessment
$3,547,786 CAD
  • Listing ID: 34134709

  • Date on Market: 2024-12-09

  • Last Updated:

  • Address: 5 Shaws Cv, New London, CT 06320

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