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March 29, 2023

Darien-based doctor pays $7.18M for two Middletown office properties

CoStar 101 Centerpoint Drive, Middletown.
By Michael Puffer

Two limited liability companies tied to a Darien-based physician recently paid $7.18 million for two Middletown office buildings.

Dr. Denis Bouboulis is principal of a limited liability company that paid $2.62 million for a 13,470-square-foot building on 2 acres at 311 Centerpoint Drive, as well as another LLC that paid $4.55 million for a 34,530-square-foot building on 2 acres at 306 Industrial Park Road. The second property is also known as 101 Centerpoint Drive.

The sales were the result of an auction through online commercial exchange Ten-X and were recorded by the city on March 15.  

The selling LLCs are both headed by Middletown-based developer Leonard M. Leibenhaut.

The building at 311 Centerpoint Drive was completed in 2011. The building at 306 Industrial Park Road was completed in 1984 and renovated in 2016.

Bouboulis has a practice in Darien, where he specializes in the treatment of allergies, asthma and immunology, as well as pediatric autoimmune neuropsychiatric disorder. Attempts to reach Bouboulis were unsuccessful.

Thomas York and Dan Thibodeau from East Hartford-based Goman + York brokered for the seller.

Thomas York, a principal with the firm, said the new owner bought the properties as an investment with no plans for big changes in operations.  

The building at 306 Industrial Park Road was originally built for insurer Aetna as flex space, according to a release from Goman + York. It was renovated in 2003 and today hosts 15 tenants. 

The smaller building at 311 Centerpoint Drive is LEED Silver certified and hosts a law firm, government supply contractor and a health services company, according to Goman + York. 

The properties offer some of the newest and best-maintained office space in Middletown, catering to smaller office users, with one tenant offering fully furnished co-working space, York said. These qualities have appealed to distance workers who don't want to conduct business from home. Taken, together, these attributes helped the buildings attract tenants and fill completely even amid the pandemic, York said. 

"As the overall (office) market was softening, his demand and rents were growing," York said of the prior owner. "You have well-maintained, modern buildings. It's sort of the best-in-class in this market." 

 

 

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