STAMFORD, CONN. — A partnership between New York City-based Monday Properties and Neo Capital, an investment advisory firm based in London, has acquired Harbor Landing, a 218-unit multifamily asset in Stamford. The sales price was $73 million. Built in 2018, Harbor Landing features studio, one- and two-bedroom units and amenities such as a pool, fitness center and outdoor grilling areas. Jose Cruz, Steve Simonelli, Michael Oliver, Kevin O’Hearn and Ryan Robertson of JLL represented the seller, a joint venture between Building & Land Technology and Lubert Adler Real Estate Funds, in the transaction. Michael Gigliotti and Peter Rotchford of JLL arranged acquisition financing for the new ownership. Harbor Landing is part of a 14-acre mixed-use community that features two restaurants, a waterfront boardwalk, marinas with slips for yachts and boats and four office buildings, that include 66,314 square feet of newly redeveloped lab space.
Connecticut
NORWALK, CONN. — Car dealer Garavel Automotive will open a 34,502-square-foot Subaru dealership at the site of the former Best Friends Pet Hotel in Norwalk, located in the southern coastal part of the state. The dealer acquired the 2.3-acre site at 520 Main Ave. for $3.9 million. Jeffrey Gage and Robert Crane of CBRE represented the seller, Morganth Properties LLC, in the land deal. Dan DiBuono of Tower Realty Corp. represented Garavel Automotive.
DARIEN, CONN. — Boston-based mortgage banking firm EagleBridge Capital has arranged $14.7 million in mortgage financing for Darien Crossing, a 77,000-square-foot office complex in Darien, located in the southern coastal part of the state. Darien Crossing consists of three buildings on 5.2 acres that were recently renovated to offer a new café with indoor and outdoor seating, as well as a new fitness center and conference facility. Brian Walsh of EagleBridge Capital arranged the loan through an undisclosed national lender. The borrower was also undisclosed.
NORWICH, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4 million loan for the refinancing of a 59-unit apartment building located at 206 Washington St. in Norwich, located in the southeastern part of the state. Robert Damigella of MMCC arranged the 10-year loan, which features a fixed interest rate of 3.99 percent for seven years and a 30-year amortization schedule, on behalf of the undisclosed borrower.
ORANGE, CONN. — Locally based firm HK Group has brokered the $16 million sale of a 162,036-square-foot warehouse and distribution building in Orange, located in the southern coastal part of the state. The building was constructed on 15.1 acres in 1992 and was fully leased to Restaurant Depot and British paper goods company Bunzl at the time of sale. A seller based in Westchester County, New York, sold the asset to an undisclosed institutional investor. Matthew Keefe and Franco Fellah of HK Group brokered the deal.
NEW HAVEN, CONN. — Connecticut-based Edgewood Capital Advisors has provided a $3.5 million bridge loan for the refinancing of a portfolio of eight multifamily properties totaling 30 units in New Haven. The borrower, an undisclosed, locally based investor, will use the proceeds to pay off existing debt, cover closing costs and provide working capital.
TRUMBULL, CONN. — CBRE has negotiated the $82 million sale of The Royce at Trumbull, a 340-unit apartment community located in Connecticut’s Fairfield County. The property was built in 1998 and offers amenities such as a pool, fitness center, outdoor grilling areas, an indoor basketball court and an outdoor lounge. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, a joint venture between Paredim Partners and LEM Capital, in the transaction. The team also procured the buyer, Connecticut-based Sym Investments, which will implement a value-add program.
SOUTH WINDSOR, CONN. — Investment firm Metropolitan Realty Associates (MRA) has acquired a 304,249-square-foot distribution center at 456 Sullivan Ave. in South Windsor, located roughly midway between Boston and New York City, for $50 million. Originally constructed by SunCap Property Group in 2012 and expanded in 2015, the Class A property features a clear height of 31.5 feet, 72 trailer parking spaces, 75 long-trailer parking spaces and 99 dock bays specifically designed for heavy distribution uses. An undisclosed transportation company occupies the entirety of the property. Newmark brokered the transaction and arranged acquisition financing through a major institutional lender. Clarion Partners LLC provided equity for the venture through its Clarion Partners Real Estate Income Fund Inc.
KILLINGLY, CONN. — Marcus & Millichap has brokered the sale of a 103,084-square-foot industrial building in Killingly, located in the north part of the state along the Rhode Island border. The property was net-leased to steel fabricator Siri Wire, which has occupied the building since 1994, at the time of sale. Harrison Klein, Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor.
EAST HAVEN, CONN. — Connecticut-based brokerage firm O,R&L Commercial has arranged the sale of a 24,272-square-foot medical office building in East Haven, located in the southern coastal part of the state. The property was fully leased at the time of sale. Frank Hird of O,R&L Commercial represented the seller and the buyer in the $2.5 million transaction. Both parties were limited liability companies.