BRIDGEPORT, CONN. — New York City-based Ready Capital has closed a $7.7 million loan for the acquisition, renovation and stabilization of a 63-unit multifamily property in Bridgeport, Conn. The nonrecourse, interest-only loan carried a 36-month term and a floating interest rate and includes a facility to fund capital improvements. The borrower was not disclosed.
SAN FRANCISCO — San Francisco-based Sansome Pacific has acquired a value-add portfolio of 10 retail and hospitality properties in California, Oregon, Connecticut, Illinois, Maine and New Hampshire for $20.6 million. The portfolio offers a total of 204,000 square feet. A majority of the properties feature below-market rents and short-term leases. The properties were acquired from a debt fund that buys loans encumbering underperforming mall properties. The two hotel assets, located in California, are 60-key properties. The retail assets include both single-tenant and multi-tenant buildings with lease terms ranging from one to six years along with freestanding pad buildings located near shopping malls. The larger mall assets are in various phase of renovation and will be upgraded in the coming years. Skyline Pacific Properties provided financing for the portfolio.
EAST WINDSOR, CONN. — BlueTriton Brands, a locally based beverage company formerly known as Nestlé Waters North America, has signed a 279,256-square-foot, full-building industrial lease in East Windsor. Built in 1979, the property features clear heights of 18 to 20 feet, more than 300 parking spaces and 5,000 square feet of office space. Chris Metcalfe and Jack Reed of CBRE represented the landlord, a joint venture between an affiliate of New York City-based Wharton Equity Partners and Boston-based Long Wharf Capital, in the lease negotiations. The building is currently undergoing a renovation, and the tenant plans to take occupancy in late February or early March.
PORTLAND, CONN. — Marcus & Millichap has brokered the sale of Stor U Self Storage, a 651-unit facility in Portland, located in Middlesex County in the central part of the state. The facility comprises 68,774 net rentable square feet across 528 climate-controlled units, 122 non-climate-controlled units and one commercial space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. Susan Bands of Marcus & Millichap assisted in closing the deal as the broker of record.
SHELTON, CONN. — Avison Young has brokered the $9 million sale of a 102,545-square-foot industrial property in Shelton, located in the southern coastal part of the state. The property was 61 percent leased to four tenants at the time of sale. Sean Cahill and Will Suarez of Avison Young represented the seller, Cambridge Hanover Inc., in the transaction. The duo also procured the buyer, an entity doing business as DG One Parrot Shelton LLC.
RIDGEFIELD, CONN. — New England-based Senior Living Residences (SLR) has acquired a former Atria Senior Living Community in Ridgefield, located approximately 50 miles northeast of Manhattan along the New York-Connecticut border. SLR is rebranding the community, which opened in 2020, as Ridgefield Station Senior Living. The number of units and types of services provided were not disclosed.
SHELTON, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $18.9 million loan for the refinancing of The Ridge at Sawmill, an 89-unit multifamily property in Shelton, located in Fairfield County. The property was built in 2020 and offers a fitness center, resident clubhouse and a conference facility. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.
WESTPORT, CONN. — CBRE has negotiated the sale of two medical office buildings and a boutique office building in Westport, located in the southern coastal part of the state, for a combined $19.4 million. Locally based investment firm HB Nitkin purchased the healthcare assets, which were 89 percent leased at the time of sale, while Greenhouse Offices purchased the third property. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin, Richard Gatto, Fahri Ozturk and Travis Langer of CBRE represented the seller, Leifer Properties, in the deals. CBRE also procured the buyer in the first transaction.
HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Folly Brook Manor, a 184-unit multifamily property in Hartford. The seven-building community was built on 17 acres in 1961 and features two-bedroom units with an average size of 800 square feet. Eric Pentore, Victor Nolletti and Wes Klockner of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WILTON, CONN. — Marcus & Millichap Capital Corp. has arranged a $3.4 million acquisition loan for Sun Plaza, an office and retail property in Wilton, located in Connecticut’s Fairfield County. The property was built in 2009 and houses a dental practice and a dance conservatory, among other tenants. The loan carried a seven-year term, 25-year amortization schedule and a 70 percent loan-to-value ratio. The borrower was not disclosed.