FAIRFIELD AND SHELTON, CONN. — Nashville-based Montecito Medical has acquired two medical office buildings totaling approximately 113,000 square feet in Fairfield and Shelton, both of which are located in Connecticut’s Fairfield County. The Fairfield property was built in 2018 and totals 46,593 square feet, while the Shelton building spans 54,745 square feet. Orthopaedic Specialty Group is the primary tenant at both properties.
BLOOMFIELD AND WINDSOR, CONN. — A joint venture between Vision Real Estate Partners and a fund managed by Miami-based Rialto Capital Management has purchased the Bloomfield Logistics Portfolio, a collection of 18 industrial buildings totaling 566,000 square feet in Bloomfield and Windsor, Connecticut. The seller was Sponzo Properties. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Art Ross of Newmark brokered the deal. Ari Schwartzbard, Cliff Welden and Tom Lubeck of Newmark arranged acquisition financing through an undisclosed institutional lender on behalf of the buyer. The portfolio was 100 percent leased at the time of sale.
FAIRFIELD, CONN. — Atlanta-based home improvement retailer Floor & Décor will open its 100,000-square-foot warehouse store and design center in Fairfield, located in the southern-coastal part of the state, on Monday, June 21. About 50 full- and part-time associates will work at the store, which is located at 300 Tunxis Hill Road. Brian Katz of retail brokerage firm Katz & Associates represented the retailer in its site selection and negotiations for the new store, which is one of two Floor & Décor outlets set to come on line in Connecticut this year.
HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $22 million sale of a hotel and multifamily property located at 50 Morgan St. in Hartford. The 18-story building was originally constructed in 1971 as a 350-room hotel and currently houses 150 hotel rooms and 96 apartments following a recent conversion. The buyer, a partnership between Alexa Group and Shelbourne International, plan to reposition the remaining 150 hotel rooms into 164 apartments, bringing the total number of residences to 260. The new owners will also convert existing banquet space into an amenity area with a fitness center and coworking lounge and add a 380-space parking garage and a pool with a sun deck. Rick Chozick and Tom Boyle of Chozick Realty represented the seller, DW Capital, in the transaction and procured the buyer.
STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Hoyt Bedford, a 350-unit apartment complex in Stamford. Built on seven acres in 1940, the property consists of five buildings with 57 to 60 units per building that feature an average size of 927 square feet. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, an entity doing business as Stamford Apartment Co. LLC, in the transaction. The trio, along with Marcus & Millichap’s Andrew Daitch, also procured the buyer, Hoyt Bedford LP.
NEW HAVEN, CONN. — KeyBank has provided $37.5 million in financing to Community Preservation Partners (CPP) and Hampstead Development Partners for the acquisition and renovation of an affordable seniors housing property in New Haven. Originally built in 1973, Fairbank Apartments, a Section 8 property situated on one acre of land, consists of 121 units (106 one-bedroom and 15 two-bedroom) and one ground-level retail bay in a nine-story building. KeyBank operates a branch out of the retail space. KeyBank’s Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital’s (KBREC’s) Commercial Mortgage Group (CMG) worked together to provide $12.5 million of low-income housing tax credit equity, a $6 million equity bridge loan, an approximately $19 million public bond offering and $19 million of Fannie Mae tax-exempt bond collateral. Robbie Lynn of KBREC’s CMG team, and Victoria O’Brien and John-Paul Vachon of Key Community Development Corp. structured the financing.
STAMFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of 100 Prospect, a 94-unit apartment complex in Stamford. The property was originally built as an office building in the late 1970s and was converted to residential use in 2008. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Herald Realty LLC, in the transaction, and procured the buyer, First Prospect Place LLC.
WEST HARTFORD, CONN. — Blue Back Capital Partners LLC, a joint venture between Greenwich, Conn.-based Charter Realty & Development Corp. and Miami-based Rialto Capital, has acquired Blue Back Square, a 450,000-square-foot mixed-use property in West Hartford. The property was built in 2006 and includes 215,000 square feet of retail, restaurant and entertainment space, as well as 200,000 square feet of office and medical office space. Retail anchor tenants include Crate & Barrel, Cinepolis Cinemas, West Elm and Barnes & Noble. The seller was Starwood Retail Partners, which purchased the property in 2013. Chris Angelone, Zach Nitsche, Nat Heald, Dave Monahan and Sean O’Neill of JLL represented the undisclosed seller in the transaction.
MILFORD, CONN. — Valley Tool & Manufacturing LLC has acquired 8.1 acres in Milford, located in the southern coastal part of the state, for the development of a 100,000-square-foot industrial facility. Jon Angel of Angel Commercial LLC represented Valley Tool & Manufacturing in its site selection and acquisition of the land assemblage, which consists of seven parcels that were purchased in two separate transactions. Construction is underway, and the facility is expected to open by the end of the year.
MERIDEN, CONN. — CBRE has negotiated the $34.8 million sale of Alvista Willow Brook, a 180-unit apartment community in Meriden, located roughly midway between Hartford and New Haven. Built in 2005, the property offers amenities such as a fitness center, pool and a leasing office. A CBRE team of Jeffrey Dunne, Simon Butler, Biria St. John, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Travis Langer represented the seller, an affiliate of Phoenix Realty Group, in the deal. The team also procured the buyer, Beachwold Residential.