Trumbull complex sold for conversion to senior housing

September 6, 2018

A few weeks after the largest office building in southwestern Connecticut landed a new owner, the Bridgeport area’s biggest available building has been sold to a pair of local developers who plan to convert it into a senior housing community.

Senior Living Development and Silver Heights Development paid $3.3 million for the former headquarters of Oxford Health Plans at 48 Monroe Turnpike in Trumbull, in a deal brokered by the Stamford office of Cushman and Wakefield of Connecticut.

The town of Trumbull had last appraised the building at $16.5 million, with Bank of America having assumed ownership in May 2017 from a limited partnership called RVW listing an address in Westport, according to town and state records.

The new owners plan to create some 200 units of housing, to include a memory care suite for patients with Alzheimer’s disease. In a written statement, Senior Living Development principal Mark De Pecol said the conversion will require a zoning change by the town of Trumbull.

It was the region’s second major sales transaction in the past few weeks, with Danbury’s massive Matrix Corporate Center sold to Westport-based Summit Development, as first reported in August by Hearst Connecticut Media.

Under principals Tommy Haendler and Seth Greenwald, Westport-based Silver Heights Development has focused to date on upscale subdivisions in Norwalk and Greenwich, also purchasing this summer the Darien Crossing office complex on the Boston Post Road near the Norwalk border.

The Oxford Health Plans subsidiary of UnitedHealthcare had its main local office at 48 Monroe Turnpike until 2015, when it relocated more than 1,000 employees to Shelton. In December 2015, a New York City entity called Madison Hawk Partners had run an auction on the 250,000-square-foot building, which has been vacant since with weeds choking unchecked the parking lot and landscaping as of early September.

With no early takers as an office destination, brokers had explored positioning 48 Monroe Turnpike for redevelopment as a retail or residential center. The building sits on nearly 18 acres of land just east of the Route 111 junction where Route 25 transitions from a highway to a local road, with that portion of Trumbull having seen extensive retail development including a Home Depot on the hill above 48 Monroe Turnpike.

Alex.Soule@scni.com; 203-842-2545; @casoulman

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