🔒NJ real estate investor buys Stratford industrial building for...

An 81,000-square-foot industrial building in Stratford has sold in an off-market deal for $6.6 million. The property at 60 Watson Blvd. was acquired by BHD 60 Realty LLC, a Secaucus, New Jersey-based entity controlled by real estate investor Richard Balik, who has acquired commercial properties in Stamford and Ridgefield in recent years.

The purchase price equates to about $81.50 per square foot. Built in 1983, the building was originally developed by Stratford Development Co. and leased to Avco Lycoming, which used it to support maintenance of AGT1500 gas turbine engines for the U.S. Army's M1 Abrams tank before relocating those operations in 1986.

Blase Manufacturing acquired the property in 1994 and has since leased portions of the building to multiple tenants. It will remain in the building as a tenant following the sale. Bruce Wettenstein of Vidal/Wettenstein represented the seller in the deal.