Sale of Danbury Industrial Property After Resolution of Decade-long DisputeApril 5, 2022
Attorney Marc T. Miller recently represented a prominent Danbury real estate development company in the successful sale of a 115,000 square foot industrial building in Danbury, Connecticut. The property had been languishing on the open market for more than a decade due to the pending legal dispute between parties. Consequently, the dispute prevented the owner and the primary lender from redeveloping the property, growing the local tax base, and bringing needed economic growth to the region.
Terms of the sale were consummated by Attorney Miller’s innovative approach to litigating the dispute and brokering the agreement. The property was sold free and clear of all debts and encumbrances for nearly $9 million to a buyer with the desire and resources to continue developing the property. Additionally, the transaction resulted in the seller’s creditors being paid in full or in large measure, the Town of Danbury receiving a substantial past due tax payment, and the seller finally receiving a return on its decades-long investment.
The principal of the seller described the sale as a “great resolution” that ended a years-long dispute and allowed all parties to move forward. The seller’s principals noted Attorney Miller’s ability to “hold everyone’s feet to the fire” leading to a resolution of the dispute and ultimate sale of the property.