Connecticut

Cornerstone Arranges $21.5M Refinancing of Bob’s Discount Furniture Headquarters in Connecticut

by Taylor Williams December 1, 2020

MANCHESTER, CONN. — Cornerstone Realty Capital has arranged a $21.5 million loan for the refinancing of Bob’s Discount Furniture’s headquarters office building in Manchester. The borrower, Waterstone Properties Group, developed the 103,500-square-foot building on a nine-acre tract in 2017. Amenities include a café with a lounge, break rooms, conference facilities and 416 parking spaces. The loan was structured with a fixed interest rate, 25-year amortization schedule and a 75 percent loan-to-value ratio.

December 1, 2020

Acquisitions Connecticut Northeast Office

JLL Negotiates Sale of 224,000 SF Office Complex in Stamford, Connecticut

by Taylor Williams November 30, 2020

STAMFORD, CONN. — JLL has negotiated the $27.2 million sale of a 224,000-square-foot office complex located at 900 Long Ridge Road in Stamford. The 36.5-acre property consists of a 164,300-square-foot building, a 59,700-square-foot building and a 307-space parking garage. Amenities include walking trails, a fitness center, auditorium, cafeteria and training rooms. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Michael Kavanagh of JLL represented the seller in the transaction. The buyer was national investment firm Monday Properties.

November 30, 2020

Connecticut Development Hospitality Northeast

SoNo Development Opens 102-Room Residence Inn by Marriott Hotel in Norwalk, Connecticut

by Taylor Williams November 30, 2020

NORWALK, CONN. — Hospitality owner SoNo Development has opened the 102-room Residence Inn by Marriott Hotel in Norwalk. The eight-story hotel houses studio and one-bedroom suites with fully equipped kitchens and workspaces. Amenities include a grocery delivery service, convenience store, fitness center, business center and an onsite bar and restaurant. Pennsylvania-based Shaner Hotels will operate the property.

November 30, 2020

Connecticut Development Loans Multifamily Northeast

Spinnaker, Eastpointe to Develop 300-Unit Apartment Community in Bridgeport, Connecticut

by Taylor Williams November 23, 2020

BRIDGEPORT, CONN. — A partnership between Spinnaker Real Estate Partners LLC and Eastpointe LLC will develop Canfield Park at Fairfield Metro, a 300-unit apartment community in Bridgeport. The property will feature studio, one- and two-bedroom units averaging 850 square feet, as well as 20,000 square feet of amenity space and 500 parking spaces for residents. Christopher Peck, Peter Rotchford, Kristen Knapp and Rob Root of JLL arranged $68 million in construction financing for the developer through Sculptor Real Estate. Completion is slated for 2022.

November 23, 2020

Connecticut Development Northeast Office

Developer BLT Underway on Renovation of 500,000 SF Office Building in Stamford, Connecticut

by Taylor Williams November 18, 2020

STAMFORD, CONN. — Building and Land Technology (BLT), a Connecticut-based developer, is underway on the renovation of 1 Elmcroft, a 500,000-square-foot office building in Stamford. The project includes numerous design and engineering upgrades to promote health and wellness, including increased air ventilation and circulation and more efficient air filtration, as well as heightened sanitation features such as ultraviolet lighting and bipolar ionization. The latter features allow cleaner, safer passage through elevators and common areas, and BLT will also introduce touchless entry mechanisms and other technologies throughout the building. Users will also enjoy access to outdoor amenity spaces, including walking trails and water features, as well as a cafeteria, fitness center and collaboration areas that are separate from individual workstations.

November 18, 2020

Connecticut Leasing Activity Northeast Retail

Floor & Décor to Open Two Stores Totaling 154,000 SF in Connecticut

by Taylor Williams November 13, 2020

DANBURY AND FAIRFIELD, CONN. — Floor & Décor will open its first two stores in Connecticut during the first half of 2021 when the home improvement retailer rolls out a 74,000-square-foot store in Danbury and an 80,000-square-foot store in Fairfield. In Danbury, Floor & Décor purchased a 150,000-square-foot building that formerly housed Pilgrim Furniture and Bob’s Stores. In Fairfield, the company will backfill a space formerly occupied by Kohl’s. Grocer Aldi will share the backfilled space with Floor & Décor. Brian Katz of Katz & Associates represented the retailer in both deals.

November 13, 2020

Connecticut Industrial Leasing Activity Northeast

Connecticut Distributors Signs 27,156 SF Industrial Lease in Stratford

by Taylor Williams November 9, 2020

STRATFORD, CONN. — Connecticut Distributors Inc., an importer and wholesaler of alcoholic beverages, has signed a 27,156-square-foot industrial lease at 280 Garfield Ave. in the coastal Connecticut city of Stratford. Bruce Wettenstein of Vidal/Wettenstein represented the landlord in the lease negotiations. Sean Cahill of Avison Young represented the tenant.

November 9, 2020

Acquisitions Connecticut Northeast Retail

CBRE Negotiates $4.7M Sale of Single-Tenant Retail Property in Milford, Connecticut

by Taylor Williams November 9, 2020

MILFORD, CONN. — CBRE has negotiated the $4.7 million sale of a 4,596-square-foot retail property in the coastal Connecticut city of Milford. The freestanding property is situated on 2.5 acres at 1651 Boston Post Road and houses a bank branch for JPMorgan Chase. Charles Berger, Elli Klapper and Samuel Bernhaut of CBRE represented the seller, Klein Automotive Parts, in the transaction. The buyer was an undisclosed national REIT.

November 9, 2020

Acquisitions Connecticut Northeast Office

CBRE Arranges Sale of 153,000 SF New Haven Plaza Office Complex for $6.8M

by Taylor Williams November 2, 2020

NEW HAVEN, CONN. — CBRE has arranged the sale of New Haven Plaza, a 153,000-square-foot office complex located less than a mile from Yale University in New Haven, for $6.8 million. David Hansen and Matthew O’Hare of CBRE represented the seller, New Haven Plaza LLC, which acquired the site in 1972 and developed a third building for New Haven Adult Education in 1990, in the transaction. The buyer was SP Capital LLC.

November 2, 2020

Connecticut Development Multifamily Northeast Seniors Housing

WinnCos Completes 70-Unit Seniors Housing Redevelopment Project in East Haven, Connecticut

by Taylor Williams October 27, 2020

EAST HAVEN, CONN. — Developer WinnCos. has completed The Tyler, a seniors housing project in East Haven that is a redevelopment of an 84-year-old former high school building. The Tyler offers 70 units for individuals aged 55 and older and amenities such as a fitness center, outdoor courtyard and an arts and crafts room. The property consists of 67 one-bedroom units and three two-bedroom units. Twenty apartments rent at market rates, and 50 others are available for residents who earn 25 percent to 80 percent of the area median income.

October 27, 2020

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