Russell of Smith Completes $7,000,000 Sale/Lease
Carl G. Russell, CCIM, SIOR, Executive Vice President of George J. Smith & Son Commercial & Investment
Real Estate, Milford, is pleased to announce the sale and leasing of approximately 40,600 sq. ft. of light industrial
and office space at 235 Edison Road in Orange, CT. The property, formerly owned by Wallach Surgical Products
was represented by Jon Angel, President of Angel Commercial LLC of Fairfield. The Buyer, TMC Properties,
and the Tenant, Numet Machining Techniques were both represented by Carl Russell of George J. Smith & Son.
“This was a very exciting and challenging project to work on”, Russell said. “I had a quality tenant in search of a
modern facility to lease. We found an excellent match with the building on Edison Rd. in Orange, but the real
estate was only available for sale. I was able to sell the property to an investment group who then leased it to
Numet. The total transaction value of the sale and lease is in excess of $7 million.”
Currently based in Stratford, Connecticut, Numet is a highly regarded manufacturer of precision machined
components for jet turbine engines for a wide variety of commercial and military aircraft. The Company
specializes in highly engineered five-axis milled components and assemblies made from extreme temperature
alloys. Numet is a Tier 1 supplier to both General Electric Aviation and Pratt & Whitney.
Numet currently operates out of three facilities with aggregate square footage of 20,000 square feet. As part of
the lease agreement, Numet Machining Techniques will upgrade the electrical service, improve the lighting, and
install all new flooring systems throughout the entire building. Management estimates that the improvements to
the facility and the move from the current operations will be completed by the end of May 2012. In addition to
fully refurbishing all of its existing equipment as part of the move, Numet will also be purchasing over $2 million
in new equipment during the next year. The facility move and equipment investments are needed to support the
strong demand that Numet is seeing from its OEM (original equipment manufacturer) customers.
According to Andrew Gale, Numet President and CEO, “Based on contracts recently awarded, we project our
2013 sales to exceed $30 million, up from just $20 million in 2011. There is no way we could support a 50%
growth in two years without this investment in facilities and equipment. We have also started recruiting for
experienced CNC machinists to support our growth plans. In a competitive market for these skilled workers, this
facility will be a major recruiting tool as it is one of the nicest working environments in the entire region. The
new location also strikes a balance between where our current workforce lives and the I-91 corridor where we
expect many of these new workers to come from.”
Since its recapitalization in September of 2011 by Kidd & Company, a Greenwich-based private equity group,
Numet’s workforce has already grown from 24 employees to 30, with plans to hire an additional 6 employees by
June 2012, and expects total staffing to approach 50 by the end of 2013.
This will make the 4th new company to call Orange it’s home in the last few months. They include Aurora Foods,
Colony Hardware, and United Illuminating Co. This is expected to increase the employment base by almost
1,700 jobs. Combined with the new Edison Road extension, this light industrial area of Orange has blossomed,
and brought the vacancy rate for light industrial property in the Town of Orange down to 4.9%. First Selectman
James Zeoli said, "Orange's light is shining bright at the moment. We have put in a lot of hard work and effort
over the last several years to prepare the industrial zone for this level of development. With continued support
from our team, which includes the Orange Economic Development Corporation and our local commercial realtors
like George J. Smith & Son we expect to maintain this momentum through the long term."
Carl G. Russell is a member of the Society of Industrial and Office Realtors (SIOR) and a Certified Commercial
Investment Member (CCIM); he is a nationally known instructor in the CCIM program. In addition, Carl is an Assistant Adjunct Professor of Real Estate at New York University. He is also past president of the Greater New
Haven Association of Realtors.
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