Connecticut

Philip Morris Signs 71,484 SF Office Headquarters Lease in Stamford, Connecticut

by Taylor Williams November 5, 2021

STAMFORD, CONN. — Philip Morris International (NYSE: PM) has signed a 71,484-square-foot office lease for its new headquarters at 677 Washington Blvd. in Stamford, located in the southern coastal part of Connecticut. The lease term is 12 years. The tobacco giant will relocate from 120 Park Avenue in Manhattan beginning in late 2022. Richard Bernstein and Steven Baker of Cushman & Wakefield represented the tenant in the lease negotiations. Peter Duncan and Dana Pike represented the landlord, George Comfort & Sons, on an internal basis.

November 5, 2021

Connecticut Loans Multifamily Northeast

JLL Provides $20.4M Agency Loan for Refinancing of Multifamily Asset in East Haven, Connecticut

by Taylor Williams November 3, 2021

EAST HAVEN, CONN. — JLL has provided a $20.4 million Freddie Mac loan for the refinancing of 510 Main, a 214-unit multifamily asset in East Haven, located in the southern coastal part of the state. The property features studio and one-bedroom units that range in size from 425 to 482 square feet and include private balconies/patios. The amenity package consists of a fitness center, coffee bar, a Wi-Fi resident lounge and a package locker system. Elliott Throne, Mona Carlton, Alex Staikos and Amit Kakar of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Beachwold Residential.

November 3, 2021

Acquisitions Connecticut Industrial Northeast

Wharton Industrial, Long Wharf Acquire 279,256 SF Warehouse in East Windsor, Connecticut

by Taylor Williams October 25, 2021

EAST WINDSOR, CONN. — A joint venture between Wharton Industrial, an investment arm of New York City-based Wharton Equity Partners, and Boston-based Long Wharf Capital has acquired a 279,256-square-foot warehouse in Connecticut. The property, which is located in East Windsor, a northern suburb of Hartford, was built on 40 acres in 1979. Building features include a clear height of 18 to 20 feet, over 300 parking spaces and 5,000 square feet of designated office space. Chris Metcalfe and Jack Reed of CBRE brokered the deal and will also handle leasing of the property on behalf of the new ownership, which will implement a capital improvement program.

October 25, 2021

Acquisitions Connecticut Northeast Retail

JLL Negotiates $20.2M Sale of Retail Center Wallingford, Connecticut

by Taylor Williams October 20, 2021

WALLINGFORD, CONN. — JLL has negotiated the $20.2 million sale of a 160,000-square-foot retail center in the New Haven suburb of Wallingford that is anchored by North Carolina-based Lowe’s Home Improvement. Nat Heald and Chris Angelone of JLL represented the seller, Davenport Cos., in the transaction. The buyer was not disclosed. The property was fully leased at the time of sale.

October 20, 2021

Connecticut Development Loans Multifamily Northeast

Kriss Capital Provides $32M Construction Loan for Multifamily Conversion Project in Farmington, Connecticut

by Taylor Williams October 15, 2021

FARMINGTON, CONN. — Kriss Capital, a New York-based bridge lender, has provided a $32 million construction loan for a project that will convert a vacant hotel in the Hartford suburb of Farmington into a multifamily complex. The redevelopment of the 381-room Hartford Marriott Farmington Hotel will add 225 market-rate apartments to the local supply. Units will feature studio, one-, two- and three-bedroom floor plans, and amenities will include multiple pools, a fitness center, coworking space and outdoor dining areas. Kriss Capital provided the two-year, floating-rate loan to the borrower and developer, an affiliate of New Jersey-based CSRE Group. The project will be completed in phases, with leasing for the first phase beginning in 2022. The entire project is slated for completion in 2023.

October 15, 2021

Acquisitions Connecticut Healthcare Northeast Retail

Yale New Haven Health Buys Former Macy’s Building at Meriden Mall in Connecticut

by Taylor Williams October 15, 2021

MERIDEN, CONN. — Yale New Haven Health, a regional provider with a total of 2,409 beds across its facilities, has purchased a building previously occupied by Macy’s at Connecticut’s Meriden Mall. Yale New Haven Health plans to repurpose the property into a retail health clinic. According to the Hartford Business Journal, Macy’s closed its store within the 179,285-square-foot building in May 2020. An investment group that includes Mason Asset Management and Namdar Realty Group owns Meriden Mall.

October 15, 2021

Acquisitions Connecticut Northeast Office

CBRE Negotiates $15M Sale of Office Building in Westport, Connecticut

by Taylor Williams October 14, 2021

WESTPORT, CONN. — CBRE has negotiated the $15 million sale of a 35,777-square-foot office building in Westport, located in the southern coastal part of the state. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE represented the seller, EWKAI Post Road Properties LLC, in the transaction. The team also procured the buyer, an affiliate of Waterway Capital LLC. The property was fully leased, primarily to Wells Fargo, at the time of sale.

October 14, 2021

Acquisitions Connecticut Multifamily Northeast Seniors Housing

SLIB Negotiates Sale of 62-Bed Skilled Nursing Facility in Plainfield, Connecticut

by Taylor Williams October 8, 2021

PLAINFIELD, CONN. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Villa Maria Nursing and Rehab, a 62-bed skilled nursing facility in Plainfield. The seller was a private investor, and the buyer was a New England-based owner-operator that now owns three communities in Connecticut. The price was not disclosed. Dave Balow of SLIB handled the transaction.

October 8, 2021

Acquisitions Connecticut Mixed-Use Northeast

NEPCG Arranges $9M Sale of Mixed-Use Building in Milford, Connecticut

by Taylor Williams September 30, 2021

MILFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $9 million sale of a mixed-use building in Milford, located in the southern coastal part of the state. The sales price equates to $206 per square foot and a cap rate of 6.76 percent. Built in 1991 and renovated in 2015, the property consists of 21,799 square feet of residential space across 23 units and 21,359 square feet of commercial space across 10 suites. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.

September 30, 2021

Acquisitions Connecticut Multifamily Northeast

NEPCG Negotiates $4.1M Sale of Connecticut Multifamily Property

by Taylor Williams September 28, 2021

NEW BRITAIN, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $4.1 million sale of City Place Apartments, a 53-unit multifamily property with retail and restaurant space in New Britain, a southern suburb of Hartford. The sales price equates to $74,107 per unit and a cap rate of 7.35 percent. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.

September 28, 2021

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