Connecticut

IPA Negotiates Sale of 303-Unit Apartment Community in Manchester, Connecticut

by Taylor Williams July 25, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Place at Catherine’s Way, a 303-unit apartment community located in Manchester, an eastern suburb of Hartford. Built in 1998-1999, the property consists of 13 two- and three-story buildings. Units come in one-, two- and three-bedroom floor plans, have an average size of 1,043 square feet and are furnished with full-size washers and dryers and walk-in closets. Amenities include an indoor pool, sauna, fitness center, tennis courts and movie theater. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction. Afton Properties purchased the asset for an undisclosed price.

July 25, 2023

Acquisitions Connecticut Northeast Retail

Newmark Arranges Sale of 170,665 SF Shopping Center in Bridgeport, Connecticut

by Taylor Williams July 21, 2023

BRIDGEPORT, CONN. — Newmark has arranged the sale of Brookside Center, a 170,665-square-foot shopping center located in the southern coastal Connecticut city of Bridgeport. Grocer Stop & Shop, along with soft goods retailers Marshalls, Michaels and Petco, anchor the center, which was 95 percent leased at the time of sale. Paul Penman of Newmark represented the undisclosed seller and procured the buyer, DLC Management, in the transaction. Robert Griffin, Jon Martin and Casey O’Brien of Newmark provided additional support and financial analysis for the deal.

July 21, 2023

Acquisitions Connecticut Industrial Northeast Office

Cushman & Wakefield Brokers Sale of 605,502 SF Industrial Flex Facility in Windsor, Connecticut

by Taylor Williams July 19, 2023

WINDSOR, CONN. — Cushman & Wakefield has brokered the sale of a 605,502-square-foot industrial flex property in Windsor, located about 15 miles north of Hartford. The sales price was $9 million. The property sits on 78.6 acres and consists of approximately 400,000 square feet of industrial space and 200,000 square feet of office space. Amenities include a full-service cafeteria, fitness center with locker rooms and a conference center. Matt Torrance, Joel Grieco, Damon Bowers, Al Mirin, Kate Schwartz, Sean Duffy and Timothy D’Addabbo of Cushman & Wakefield represented the sellers in the transaction. The team also procured the buyer, a joint venture between two Connecticut-based investment firms, Hollister & Moore and The New Haven Group. Cushman & Wakefield has also been retained as the leasing agent.

July 19, 2023

Ellis-Street-Commons-New-Britain-Connecticut

Affordable Housing Connecticut Development Multifamily Northeast

WinnDevelopment Breaks Ground on $85M Affordable Housing Redevelopment in New Britain, Connecticut

by Taylor Williams July 18, 2023

NEW BRITAIN, CONN. — WinnDevelopment has broken ground on an $85 million redevelopment project in New Britain, located outside of Hartford, that will convert a historic industrial facility into a 154-unit affordable housing complex. The four-building site formerly housed the 115-year-old manufacturing facility for household appliances provider Landers, Frary & Clark. The new community will be known as Ellis Street Commons and will feature 79 one-bedroom units, 59 two-bedroom residences and 16 three-bedroom apartments. Units will be reserved for renters earning between 30 and 80 percent of the area median income. Amenities will include a fitness center, community room, game room and flexible workspaces. The Connecticut Department of Housing provided $4 million in state funding for the project, and the National Housing Trust Fund made a $3.8 million federal contribution. The Connecticut Housing Finance Authority provided an undisclosed amount of tax credit equity and tax-exempt bonds for the project. The first units are expected to be available for occupancy in mid-2025.

July 18, 2023

Connecticut Development Loans Multifamily Northeast

Dwight Capital Provides $34M HUD-Insured Construction Loan for Connecticut Multifamily Project

by Taylor Williams July 14, 2023

MYSTIC, CONN. — New York City-based Dwight Capital has provided a $34 million HUD-insured construction loan for the second phase of Harbor Heights, a 123-unit multifamily project in Mystic, located in southern coastal Connecticut. Harbor Heights II will feature one four-story building with one-, two- and three-bedroom units on a 5.8-acre site. Amenities will include a pool, fitness center, business center, dog park and outdoor grilling and dining stations. Daniel Malka and Jacob Gauptman of Dwight Capital originated the debt, which was structured with a 40-year term and a fixed interest rate, through HUD’s 221(d)(4) program. The borrower was not disclosed.

July 14, 2023

Acquisitions Connecticut Industrial Northeast

Coldwell Banker Brokers Sale of 68,750 SF Industrial Property in Bridgeport, Connecticut

by Taylor Williams July 13, 2023

BRIDGEPORT, CONN. — Coldwell Banker Commercial has brokered the sale of a 68,750-square-foot industrial property located at 1100 Boston Ave. in the southern coastal Connecticut city of Bridgeport. The site spans 3.7 acres. Chris O’Hara of Coldwell Banker represented the buyer, Soda Stop Plus Thrift & Bottle Return Center, in the transaction. Bradley Soules of Newmark represented the seller.

July 13, 2023

Acquisitions Connecticut Multifamily Northeast

Marcus & Millichap Arranges Sale of 63-Unit Apartment Complex in New Britain, Connecticut

by Taylor Williams June 28, 2023

NEW BRITAIN, CONN. — Marcus & Millichap has arranged the sale of The Bleu, a 63-unit apartment complex in New Britain, located southwest of Hartford. Built in 1970, the complex offers studio to four-bedroom units with an average size of 905 square feet. Eric Pentore, Wes Klockner and Ross Friedel of Marcus & Millichap represented the seller, a limited liability company, in the deal and procured a New York-based investor as the buyer. Both parties requested anonymity.

June 28, 2023

Acquisitions Connecticut Northeast Retail

GreenLake Provides $34.4M in Financing for Shopping Center in Shelton, Connecticut

by Taylor Williams June 27, 2023

SHELTON, CONN. — Los Angeles-based GreenLake Asset Management has provided $34.4 million in financing for Fountain Square, a shopping center that is under development in Shelton, located in Connecticut’s Fairfield County. The undisclosed sponsor will use the proceeds to refinance the property’s existing debt, including more than 60 liens from vendors, as well as to buy out the existing ownership and resume construction. Tenants that have already committed to Fountain Square include Chick-fil-A, Panera Bread and Taco Bell.

June 27, 2023

Acquisitions Connecticut Multifamily Northeast

NEPCG Arranges $8.1M Sale of Multifamily Portfolio in Bristol, Connecticut

by Taylor Williams June 16, 2023

BRISTOL, CONN. — Northeast Private Client Group (NEPCG) has arranged the $8.1 million sale of a portfolio of two multifamily properties totaling 75 units in Bristol, located in Connecticut’s Hartford County. Both buildings, which together are known as The Brook & Middle Portfolio, are located near ESPN headquarters and total 55,399 square feet. Brad Balletto and Bob Paterno of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

June 16, 2023

Acquisitions Connecticut Healthcare Northeast

Jacobson Properties Negotiates $15.2M Sale of Healthcare Property in Danbury, Connecticut

by Taylor Williams June 12, 2023

DANBURY, CONN. — New York-based brokerage firm Jacobson Properties has negotiated the $15.2 million sale of Western Connecticut Medical Center South, a 39,566-square-foot healthcare property located in Fairfield County. An affiliate of Connecticut Eye Consultants leases the entire medical office building. An entity doing business as Western Connecticut Medical Center South LLP sold the asset to an undisclosed institutional investment firm. Lisa Menin of Jacobson Properties brokered the deal.

June 12, 2023

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