A Connecticut developer snagged Subway’s former headquarters in Milford with plans for a tall order.
Robert Scinto purchased the 90,000-square-foot office building at 325 Bic Way — known as 325 Sub Way for its former occupant — for $10 million, the Hartford Business Journal reported. The deal also netted the R.D. Scinto president two other properties along the same stretch, spanning 36,400 square feet and 21,100 square feet, respectively.
The overall deal breaks down to slightly below $68 per square foot.
The pieces will stack up to a $20 million project. R.D. Scinto will demolish the former Subway HQ and erect a 160,000-square-foot warehouse while renovating the other two properties. The three-building campus will then be leased to FCP Euro, an e-commerce auto-parts distributor based in Milford.
FCP Euro’s warehouse facility will also include a 45,000-square-foot office building and 25,000-square-foot production studio.
Demolition has already commenced on the former Sub Way building as it gets broken down into crumbs. The developer told the outlet he is aiming to break ground on the new distribution center in four to six weeks and hopes to have a fully baked distribution center delivered by the end of the year.
The sandwich chain moved 10 miles down the road to 90,000 square feet at 1 Corporate Drive in Shelton’s Enterprise Corporate Park. The owner of that property is none other than R.D. Scinto, a prominent commercial owner in Fairfield County.
Details of Subway’s Shelton lease haven’t been confirmed publicly, but the sandwich chain will reportedly be at Enterprise Corporate Park for the next 15 years. The company also has another office in Miami, where chief executive officer John Chidsey resides.
— Holden Walter-Warner
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