Connecticut

CBRE Negotiates Sale of 136,531 SF Office Complex in Wilton, Connecticut

by Taylor Williams January 22, 2021

WILTON, CONN. — CBRE has negotiated the sale of a 136,531-square-foot office complex located at 187 Danbury Road in the southern Connecticut city of Wilton. The two-building complex was 47 percent leased at the time of sale and fetched a price of $10.7 million. A CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller, an entity managed by Davis Marcus Partners, in the transaction. The team also procured the buyer, a group led by New York City-based Time Equities.

January 22, 2021

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates Sale of 139-Unit Apartment Building in Hartford

by Taylor Williams January 21, 2021

HARTFORD, PA. — Locally based brokerage firm Chozick Realty has negotiated the $9.6 million sale of Lafayette Arms Apartments, a 139-unit multifamily building in Hartford. Built in 1968, the four-story building predominantly features one-bedroom units. Tom Boyle of Chozick Realty marketed the property on behalf of the seller, Lafayette Arms LLC, and procured the buyer, a regional investment firm.

January 21, 2021

Acquisitions Connecticut Northeast Office

Davis Marcus Partners Sells Office Building in Fairfield, Connecticut, for $10M

by Taylor Williams January 20, 2021

FAIRFIELD, CONN. — An entity managed by Davis Marcus Partners, which is a joint venture between Marcus Partners and The Davis Companies, has sold a boutique office building located at 2150 Post Road in the southern Connecticut city of Fairfield for $10 million. According to LoopNet Inc., the property was built in 1986 and spans roughly 51,000 square feet. A CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller in the transaction and procured the buyer, a group led by Valley East Management. The property was 96 percent leased at the time of sale.

January 20, 2021

Connecticut Development Multifamily Northeast

Building & Land Technology Opens 435-Unit Waterfront Apartment Community in Stamford, Connecticut

by Taylor Williams January 11, 2021

STAMFORD, CONN. — Developer Building & Land Technology (BLT) has opened Escape, a 435-unit waterfront apartment community located in the Harbor Point district in Stamford. The property offers one-, two- and three-bedroom units as well as four-bedroom penthouses that range in size from 701 to 4,445 square feet and that feature floor-to-ceiling windows and stainless steel appliances. Amenities include a pool, fitness center, lounges, a café and a wine tasting room, as well as courts for basketball, pickleball and shuffleboard. Rents start at approximately $2,500 per month for a one-bedroom unit, according to Apartments.com.

January 11, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates Sale of 130-Unit Avalon Stratford Apartments in Connecticut

by Taylor Williams January 6, 2021

STRATFORD, CONN. — CBRE has negotiated the sale of Avalon Stratford, a 130-unit apartment community in Stratford, located in the southern part of the state. The property was built in 2014 and offers amenities such as a pool, fitness center, outdoor grilling areas and a playground. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Stuart MacKenzie of CBRE represented the owner, AvalonBay Communities, in the transaction. The team also procured Pennsylvania-based Merion Realty Partners as the buyer.

January 6, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Brokers $34.7M Sale of Multifamily Asset in Wilton, Connecticut

by Taylor Williams January 5, 2021

WILTON, CONN. — CBRE has brokered the $34.7 million sale of Avalon Wilton on Danbury Road, a multifamily asset in Wilton, located in the southern part of the state. Built in 2011, the Class A property features 100 units with granite countertops and stainless steel appliances. Amenities include a pool, fitness center, outdoor grilling stations and a playground. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, AvalonBay Communities, in the transaction. The team also procured Clarion Partners as the buyer.

January 5, 2021

Acquisitions Connecticut Multifamily Northeast

JLL Negotiates $53M Sale of Sheffield SoNo Apartments in Norwalk, Connecticut

by Taylor Williams December 23, 2020

NORWALK, CONN. — JLL has negotiated the $53 million sale of Sheffield SoNo, a 136-unit waterfront apartment community in Norwalk that includes ground-floor office space. Built in 2007, the property features one- and two-bedroom units with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies in select units. Amenities include a heated pool, 24-hour fitness center, outdoor grilling area, resident clubhouse and concierge services. Jose Cruz, Michael Oliver, Steve Simonelli, Michael Oliver, Kevin O’Hearn, Drew Saunders and Nicholas Stefans of JLL represented the seller, a partnership between Avenue Realty Capital and Spirit Investment Partners. The buyer was not disclosed.

December 23, 2020

Connecticut Industrial Leasing Activity Northeast

Simone Development Lands Two Tenants at 118,500 SF Industrial Facility in Stamford, Connecticut

by Taylor Williams December 18, 2020

STAMFORD, CONN. — New York City-based Simone Development Cos. has signed two tenants at its 118,500-square-foot industrial facility located at 316 Courtland Ave. in Stamford. Beacon Exterior Products, a distributor of roofing and other building supplies, inked a deal to occupy 45,000 square feet. That lease consists of 25,000 square feet of warehouse and office space and 20,000 square feet of yard space for parking and additional storage. In addition, electronics manufacturer Amphenol Nexus Technologies signed a lease for 31,134 square feet of indoor space.

December 18, 2020

Acquisitions Connecticut Healthcare Midwest Minnesota Office Ohio Tennessee Top Stories

Davis Medical Investors Acquires Eight-Property Medical Office Portfolio for $112M

by Alex Tostado December 17, 2020

MINNEAPOLIS — Davis Medical Investors LLC has acquired an eight-property, 309,735-square-foot medical office portfolio for $112 million. The Minneapolis-based buyer acquired the assets through a new fund backed by Capital One. Three of the buildings were purchased from Davis Medical Investors-affiliated partnerships and the other five were acquired from undisclosed, third-party sellers. The portfolio comprises three properties in Minnesota, three in Tennessee and one each in Ohio and Connecticut. The acquisitions in Tennessee and Connecticut represent Davis Medical Investors’ entry into those markets. The portfolio was 99 percent leased at the time of sale with an average lease term of more than eight years. The buildings in the portfolio are an average of 10 years old. According to Mark Davis, founder and managing partner at Davis Medical Investors, the fund will be able to acquire more than 20 medical office buildings totaling up to $240 million. “Despite some of the acquisitions being temporarily put on hiatus because of COVID-19, we stayed in close contact with the sellers to ensure we successfully brought these deals to fruition,” says Stewart Davis, executive vice president of investments at Davis Medical Investors. The properties in the portfolio include: M Health-Fairview in Minneapolis, which is …

December 17, 2020

Connecticut Loans Multifamily Northeast

Greystone Provides $18.6M in Acquisition Financing for Multifamily Assets in New Haven

by Taylor Williams December 14, 2020

NEW HAVEN, CONN. — Greystone has provided $18.6 million in Fannie Mae acquisition financing for two multifamily properties in New Haven. In the first transaction, Greystone provided a $5.3 million loan for a 57-unit complex at 511 Main St. that was built in 1926. That loan was structured with a 10-year term, a 30-year amortization schedule and five years of interest-only payments. In the second deal, Greystone provided a $13.3 million loan for Hemingway Place, a property built in 1962 that features one- and two-bedroom units. That loan carried a 12-year term, a 30-year amortization schedule and six years of interest-only payments. Dan Sacks of Greystone originated both loans. Russ Drebin and Jake Weinstein of Meridian Capital Group placed the debt. The borrower was CSRE Group.

December 14, 2020

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