PLAINVILLE, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the sale of Castle Apartments, a three-building, 46-unit multifamily complex in Plainville, a southwestern suburb of Hartford. According to Apartments.com, the property was built in 1975 and exclusively offers two-bedroom units with an average size of 850 square feet. Taylor Perun and Brad Balletto of NEPCG brokered the deal. The buyer and seller were not disclosed.
NEW FAIRFIELD, CONN. — CBRE has brokered the $6.2 million sale of Heritage Plaza, a 26,403-square-foot shopping center in New Fairfield, located on the New York-Connecticut border. The center was fully leased at the time of sale to tenants such as First Step Pre-School and New Fairfield Animal Hospital. Karly Iacono, Dean Rosenzweig and Christopher Betting of CBRE represented the seller in the transaction. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the buyer. Both parties requested anonymity.
HARTFORD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $12.9 million sale of a portfolio of eight apartment buildings totaling 176 units in Hartford. About half of the units in the buildings, which are located near the campus of Aetna Insurance in the downtown area, were recently renovated. Steve Pappas and Jordan Pinto of Chozick Realty represented the seller and procured the buyer, both of which were regional investment firms that requested anonymity, in the transaction.
GREENWICH, CONN. — Summit Health has signed a 19,853-square-foot lease renewal and expansion in Greenwich. The healthcare provider will retain its existing 14,243 square feet of space at the building at 644 W. Putnam Ave. and take another 5,610 square feet on the second floor. Kevin McCarthy of Cushman & Wakefield represented the tenant in the lease negotiations. Tim Rorick of Newmark represented the landlord, a partnership between Simone Development Cos. and Fareri Associates.
NORTH HAVEN, CONN. — F+F Mechanical Enterprises has signed a 27,573-square-foot industrial lease in North Haven, a suburb of New Haven. The fabricator and installer of mechanical systems is expanding and relocating from 2 Dwight St. to the 132,264-square-foot building at 60 Dodge Ave. Stephen Press of Press/Cuozzo Realtors represented the tenant in the lease negotiations. Bradley Soules and Art Ross of Newmark represented the landlord.
BEACON FALLS, CONN. — New Jersey-based investment firm Devli Real Estate has acquired a 176,000-square-foot distribution center in Beacon Falls, a northwestern suburb of New Haven. The site spans 32 acres at 158 Pines Bridge Road. According to LoopNet Inc., the single-tenant facility was constructed in 1966 and renovated in 1992 and features a clear height of 16 feet, two dock-high loading doors and two grade-level doors. The property was fully leased at the time of sale. The seller and sales price were not disclosed.
Company NewsConnecticutMassachusettsNew JerseyNew YorkNortheastProperty TypeRetailRhode IslandTop Stories
Stop & Shop to Close 32 Stores in the Northeast
QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year. Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company. “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop. The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …
DARIEN, CONN. — JLL has arranged $165 million in construction financing for Phase II of The Corbin District, a six-acre mixed-use project located in the southern coastal Connecticut city of Darien. The project is part of a larger initiative to redevelop the downtown area. Upon completion, the development will feature 11 new buildings with 78,810 square feet of retail space, 105,968 square feet of office space and 112 apartments. The financing consists of a $102 million construction loan from Barings and $63 million in C-PACE financing from Counterpointe SRE. Michael Gigliotti, Evan Pariser and Robert Tonnessen of JLL arranged the debt on behalf of the sponsor, locally based developer Baywater Properties.
STAMFORD, CONN. — Three retailers have signed leases at Atlantic Station, a mixed-use development located in Stamford. Lovesac, Golf Lounge 18 and Fresh & Co. will occupy 28,000, 9,000 and 3,000 square feet, respectively. RXR owns the property, which features 650 residences and 82,000 square feet of retail space. Brian Scruton of Cushman & Wakefield represented Lovesac in the lease negotiations; Tim Rorick and Janey Steinmetz of Newmark represented the landlord in conjunction with internal agents. Tyler Lyman of True Commercial represented both parties in the Golf Lounge 18 deal. Lyman also represented the landlord in lease negotiations with Fresh & Co., with Sabre representing the tenant.
Company NewsConnecticutMassachusettsNew HampshireNew JerseyNew YorkNortheastRetailRhode IslandTop Stories
Bob’s Stores to Close All 21 Remaining Locations After 70 Years in Business
MERIDEN, CONN. — Bob’s Stores is closing all locations and liquidating its inventory as part of the Chapter 11 bankruptcy restructuring petition filed on June 18. The Meriden-based clothing retailer, which is a subsidiary of GoDigital Media Group, was unable to secure the financing needed to maintain operations. Bob’s began going-out-of-business sales in stores on June 28 with discounts of 30 to 70 percent off merchandise. Hilco Merchant Resources, in a joint venture with Gordon Brothers, is managing the liquidation event that includes all 21 remaining stores throughout Connecticut, Massachusetts, New Hampshire, New Jersey, New York and Rhode Island. Shoppers will find discounts on workwear, footwear, team wear and everyday clothing. Select store fixtures, furniture and equipment will also be available for sale. All sales are final, and the event runs through July 14. “We regret that our financial position necessitated the liquidation of Bob’s Stores,” says Dave Barton, president. “Bob’s has been a stalwart of our local communities for nearly 70 years.” Bob’s began as a single-store surplus outlet in Connecticut in 1954. The chain grew to roughly three dozen locations at its peak. CNBC reports that Bob’s entered a period of financial turmoil at the beginning of this century that eventually amounted …