Farmington Mountain Office Park — a five-building office complex off Route 6 — has been acquired by a local investor group for $4.75 million.
Siebar Farmington LLC, whose principals are Mark Siegal and Bradley Baran, closed Tuesday on the nearly, 13-acre office park, which contains 61,000 square feet. The seller was 627 Acquisition Co. LLC.
The purchase price is equivalent to $78 a square foot.
The complex, built in 1989, now has an occupancy of 73 percent. Tenants included Cisco Systems, Gentiva Healthcare, Innovative Computer Systems, Accenture and Reliance Standard Life Insurance.
Siegal told me today that he and Baran, the former owner of the Connecticut Culinary Institute, plan $500,000 in improvements and could expand the office park in the future. They also will use a “hands-on” ownership strategy to boost the occupancy of the office complex, Siegal said.
The property came on the market in February, drawing multiple bids, according John M. McCormick of CBRE/NE, which represented the seller and procured the buyer.
Siegal and Baran teamed up to acquire the signature, Xerox building in Windsor earlier this year for $5.6 million.