REBusinessOnline

Connecticut

Brennan and Arch Street Form Joint Venture to Acquire Industrial Properties

GREENWICH, CONN. — Brennan Investment Group, a U.S.-based real estate firm, and a client of Arch Street Capital Advisors, a Greenwich, Conn.-based real estate investment advisory firm, have formed a fifth joint venture to acquire, own and manage a substantial portfolio of industrial properties throughout the United States. The venture will focus on acquiring individual industrial assets in major markets in the United States that are critical facilities to tenants and leased on a long-term..

August 22, 2017

CBRE Announces $31.25M Sale of 135-Unit Apartment Community in Danbury, Connecticut

DANBURY, Conn. — CBRE represented the seller Beachwold Residential in the sale of Willow Grove, a 135-unit Class A apartment community located in Danbury to an affiliate of Friedkin Realty for $31.25 million. The property, built in 1999, features a clubroom, fitness center and oversized pool, and oversized apartments. Beachwold renovated three-quarters of the apartments in the last few years. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller.

August 22, 2017

Sun Equity Partners Acquires 452,414 SF Flex Building in Shelton, Connecticut, for $26.2M

SHELTON, CONN. — Sun Equity Partners has purchased a flex building located at 710 Bridgeport Ave. in Shelton. RA 710 Bridgeport Avenue LLC, an entity controlled by RNY Property Trust, sold the property for $26.2 million. At the time of sale, the 452,414-square-foot property was 72 percent leased by a variety of tenants, including PerkinElmer Health Sciences and Panolam Industries International. The property is approximately 30 percent office and R&D space, with the remainder warehouse and..

August 14, 2017

Northeast Private Client Group Facilitates $3M Sale of Apartment Property in Ashford, Connecticut

ASHFORD, CONN. — Northeast Private Client Group has brokered the sale of Ashford Hills Apartments, a 52-unit apartment community located at 95 Varga Road in Ashford. Brookline, Mass.-based Naviah Investment LLC acquired the property from Affordable Realty One LLC for $3 million. Bradley Balletto and Taylor Perum of Northeast Private Client Group represented the undisclosed seller and sourced the buyer in the deal. The property features 28 one-bedroom, 20 two-bedroom and four three-bedroom..

August 11, 2017

Marcus & Millichap Arranges $3M Sale of Retail Property in Old Saybrook, Connecticut

OLD SAYBROOK, CONN. — Marcus & Millichap has brokered the sale of a retail property located at 107 Main St. in Old Saybrook. An undisclosed limited liability company acquired the 3,690-square-foot property for $3 million. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap brokered the sale. The name of the seller was not released.

August 9, 2017

Despite Challenges, Fairfield County Office Market Shows Improvement Potential

With employment representing one of the most critical factors in the health of the office sector, people naturally look to the unemployment rate as a key metric to quickly assess a given market. By this standard, Fairfield County should be thriving, with the unemployment rate at 4.4 percent in April 2017 — just under the 4.8 percent rate reached just prior to the recession. And yet, the availability rate in Connecticut’s largest office market stood at 24.5 percent at the end of the first..

August 9, 2017

CBRE Facilitates $97M Sale of Two Office Buildings in Stamford, Connecticut

STAMFORD, CONN. — CBRE has arranged the sale of Stamford Towers, a two-building office property located in Stamford’s central business district. SL Green and TH Real Estate sold the property to CBRE Global Investors for $97 million. Tenants at the Class A property include Citigroup, UBS Financial Services, H/2 Credit Manager, Titan Advisors, Gerald Metals, Bank of Ireland, Oaktree Capital, Oppenheimer, CoreCommodity and Newmark. Jeffery Dunne, David Gavin and Travis Langer of CBRE..

August 8, 2017

Connecticut’s Tight Industrial Market may Limit Opportunity for Growth

[caption id="attachment_183528" align="alignright" width="100"] Mark Duclos, Sentry Commercial[/caption] One might expect that the industrial real estate market is in rough shape in a state with a projected $1.7 billion state budget deficit, where the capital city (Hartford) has discussed bankruptcy, and where one of the most famous employers (General Electric) has moved out — not to mention the state’s high taxes and high wages. However, the industrial real estate market is one of..

July 31, 2017

O,R&L Commercial Facilitates Sale of 133,283 SF Industrial Park in North Haven, Connecticut

NORTH HAVEN, CONN. — O,R&L Commercial has arranged the sale of an industrial park located at 222 Universal Drive in North Haven. The 11-building park totals 133,283 square feet; each building is on separate utilities. Corporate Drive Properties acquired the park from Branco Inc. for $3.7 million. Frank Hird of O,R&L Commercial represented the seller, while Bryan Atherton of Northeast Investment Realty represented the buyer in the transaction.

July 31, 2017

Angel Commercial Facilitates $1M Sale of Retail Strip Center in Bridgeport, Connecticut

BRIDGEPORT, CONN. — Angel Commercial has arranged the sale of a retail strip center located at 4086-4108 Main St. in Bridgeport. A private investor acquired the property from Applebaum Schneider for $1 million. Luigi’s Italian Pastries anchors the 6,380-square-foot property. Lester Fradkoff of Angel Commercial represented the seller and buyer in the deal.

July 25, 2017