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.
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.
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.
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.
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.
BROOKFIELD, CONN. — Greystone has provided a $35 million Fannie Mae loan for the refinancing of Barnbeck Place Apartments, a 165-unit multifamily property located in southern Connecticut’s Fairfield County. Built in 2015, the property offers studio, one- and two-bedroom units and amenities such as a fitness center and a clubhouse. Twenty percent of the units are reserved for households earning 80 percent or less of the area median income. Dan Sacks and Avi Kozlowski of Greystone originated the financing, which was structured with a fixed interest rate and a five-year term, on behalf of the undisclosed borrower. Barnbeck Place was 98 percent occupied at the time of the loan closing.
WINDSOR, CONN. — Metro Boston-based developer Condyne Capital will build a 185,600-square-foot industrial facility in Windsor, a northern suburb of Hartford. The project, which will be situated on a 20.6-acre site, represents an expansion of Condyne’s Baker Hollow Logistics Center. Polar Design Build will handle construction of the building, which will feature a clear height of 32 feet, 36 dock doors, one drive-in door and 45 trailer parking spaces (expandable to 58). Construction is scheduled to begin late this year and be complete in the second quarter of 2024.
GUILFORD, CONN. — Marcus & Millichap has arranged the $8.2 million sale of Innovation Park, a 56,564-square-foot office building in Guilford, located in New Haven County. Thermo Fisher Scientific serves as the building’s anchor tenant. Ani Paulson and C.J. Wilson of Marcus & Millichap represented the seller in the transaction. Paulson also procured the buyer. Both parties were private investors that requested anonymity. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
JACKSONVILLE, FLA., AND GREENWICH, CONN.— Jacksonville-based REIT Regency Centers (NASDAQ: REG) has agreed to acquire Urstadt Biddle Properties (NYSE: UBA) in a an all-stock transaction valued at $1.4 billion, including the assumption of debt and preferred stock. Urstadt Biddle Properties is a REIT based in Greenwich that primarily invests in shopping centers. The combined company will have a market capitalization of approximately $11 billion and total enterprise value of approximately $16 billion. The combined portfolio will comprise 56 million square feet of gross leasable area across 481 properties. Regency acquired the company to help expand its footprint in grocery-anchored shopping centers in suburban trade areas in the U.S. Under the terms of the agreement, Urstadt Biddle’s stockholders will receive 0.347 of a newly issued REG share for each UBA or UBP share they own. This represents a total consideration of $20.40 per share based on Regency’s closing share price on May 17, 2023. Upon closing, Regency shareholders will own 93 percent of the combined company, while Urstadt Biddle shareholders will own three percent. The respective boards of directors of both Regency and Urstadt Biddle have each approved the transaction. “The portfolio that Urstadt Biddle has carefully assembled over more than …
STRATFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the $23 million sale of a portfolio of two multifamily properties totaling 129 units that are located in the southern coastal Connecticut community of Stratford. Sherwood Square features 105 units in studio, one- and two-bedroom floor plans. Avon Apartments consists of 24 units, the majority of which are one-bedroom residences. Brad Balletto and Robert Paterno of NEPCG represented the seller, New Jersey-based Navarino Properties, in the transaction, and procured the buyer, Maple Leaf.