BRIDGEPORT, CONN. — Eastern Union has arranged a $28 million acquisition loan for a portfolio of 13 multifamily properties totaling 437 units in Bridgeport, located in southern coastal Connecticut. Motti Blau, Mendy Pfeifer, Hershy Fried and Dov Bakon of Eastern Union originated the 10-year loan, which was structured with a 5.25 percent fixed interest rate, a 30-year amortization schedule and five years of interest-only payments. KeyBank provided the financing. The borrower was not disclosed.
HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a 28-unit apartment building located at 385 Main St. in downtown Hartford. The five-story building houses 25 one-bedroom residences and three two-bedroom units. Eric Pentore, Ross Friedel and Wes Klockner of Marcus & Millichap represented the seller, a Connecticut-based private investor, in the transaction. The trio also procured the buyer. Both parties requested anonymity.
ELLINGTON, CONN. — An affiliate of Connecticut-based Cornerstone Properties has sold Valley Farms Shopping Center, a 99,936-square-foot retail property in Ellington, a northeastern suburb of Hartford, for $27.7 million. Big Y World Class Market anchors the center, which was originally built in 2007 on a 30-acre site that has land for potential expansion. Other tenants include McDonald’s and Liquor World. Tom Boyle of locally based brokerage firm Chozick Realty represented the seller and procured the undisclosed buyer in the transaction.
BRANFORD, CONN. — Colliers has brokered the sale of a 28,126-square-foot life sciences building located at 15 Commercial St. in the southern coastal Connecticut city of Branford. The sales price was $5 million. The building was built on 4.4 acres in 1979 and was fully leased to biotechnology firm Ancera Inc. at the time of sale. John Cafasso and Ian Hunt of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed.
FARMINGTON, CONN. — CBRE has arranged the $7.8 million sale of a development site in Farmington, a suburb of Hartford, that is approved for the construction of 204 multifamily units. The 10-acre site is adjacent to Pond View Corporate Center. Jeff Dunne, Simon Butler, Biria St. John, Eric Apfel, Stuart MacKenzie, John McLaughlin and Brian Bowler of CBRE represented the seller, New York-based Sovereign Partners, in the transaction. The buyer and developer was Connecticut-based Skala Partners. Information on floor plans and construction timelines was not disclosed, but the new community will feature amenities such as a pool, fitness center, business center, dog park, clubhouse and a package locker system.
Continental Properties to Undertake 172-Unit Multifamily Redevelopment in West Hartford, Connecticut
WEST HARTFORD, CONN. — New York-based investment and development firm Continental Properties will undertake a 172-unit multifamily redevelopment project in West Hartford. The site at 950 Trout Brook Drive previously housed a children’s museum and preschool. John Cafasso and Ian Hunt of Colliers represented the seller, Kingswood Oxford School, in the disposition of the land. The new apartment community will offer one-, two- and three-bedroom units and amenities such as a pool, dog park, coworking space and a rooftop lounge. Continental Properties, which purchased the site for $10.5 million, has received approvals and is underway on preliminary sitework.
GROTON, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Groton Square, a 196,802-square-foot shopping center in southeastern Connecticut. Grocer Stop & Shop, along with Kohl’s, anchors the center, which was built in phases on 18 acres between 1983 and 1989. Other tenants include Panera, Xfinity, PhysicianOne Urgent Care, CosmoProf, Verizon and Moe’s Southwest Grill. Jim Koury of IPA represented the buyer and seller, both of which requested anonymity, in the transaction.
WALLINGFORD, CONN. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant, 180-bed skilled nursing facility in Wallingford, located approximately midway between Hartford and New Haven. The buyer was a Florida-based developer with local ties to Wallingford. Additional terms of sale, as well as the name and address of the property, were not disclosed.
SOUTH WINDSOR, CONN. — Colliers has brokered the $2.3 million sale of a two-building, 41,000-square-foot industrial property in South Windsor, located in Hartford County. The multi-tenant property sits on at 3.5 acres at 681 John Fitch Blvd. Christian Dietz and Bob Pagani of Colliers represented the undisclosed seller in the transaction. Dave Richard, also with Colliers, represented the buyer, an entity doing business as BHD CT Realty.
SOUTH WINDSOR, CONN. — Colliers has brokered the $2.3 million sale of a two-building, 41,000-square-foot industrial property in South Windsor, located in Hartford County. The multi-tenant property sits on at 3.5 acres at 681 John Fitch Blvd. Christian Dietz and Bob Pagani of Colliers represented the undisclosed seller in the transaction. Dave Richard, also with Colliers, represented the buyer, an entity doing business as BHD CT Realty.