Waterbury's 20-Acre Gem Returns to Market

Costar

Approximately 12 months after a Massachusetts-based firm acquired a 20-acre parcel of vacant commercial land near the Waterbury-Cheshire border for $5 million, the property is now back on the market.

In September of the previous year, The Shearwater Cos., a real estate investor-developer from Raynham, Massachusetts, took possession of the land at 3800 East Main St. However, in October, the property was relisted with an asking price of $7 million.

The location is situated in a highly commercialized area of Waterbury, neighboring prominent retailers such as Kohl's and Costco. This corridor boasts convenient access to Interstate 84 via two nearby interchanges, enhancing its appeal for potential development.

Once a hilly landscape, the property underwent excavation to provide the foundation for future development. It had been considered for a Walmart supercenter in the past and had recently obtained local land-use approvals for a 90,000-square-foot "last-mile" distribution center intended for e-commerce titan Amazon.

However, the Amazon distribution center plan was shelved when the company scaled back its rapid expansion in the logistics sector. Subsequently, Shearwater acquired the property.

At the time of purchase, a representative from Shearwater emphasized the site's substantial development potential and the favorable price tag compared to Massachusetts real estate, where the company had traditionally concentrated its efforts.

Joseph McGrath, Waterbury's Economic Development Director, revealed that the Massachusetts-based company had initially intended to construct a speculative warehouse space. However, this plan was hampered by rising interest rates and increased construction costs.

Nicholas Morizio, President of Colliers International in Hartford and New Haven, is responsible for marketing the property. As of Thursday morning, Morizio reported significant interest in the site, with a potential buyer scheduled to tour the property that same morning.