ORANGE, CONN. — Marcus & Millichap has brokered the $19.4 million sale of a retail property in Orange, located approximately 70 miles northeast of New York City. The property is 100 percent net-leased to The Home Depot, which has been the tenant since 1992. Alan Cafiero, Ben Sgambati and Matt Leszyk of Marcus & Millichap represented the seller, Renova Equities, in the all-cash transaction. The team also represented the buyer, an undisclosed REIT.
STAMFORD, CONN. — JLL has arranged a $97.5 million construction loan for the development of the second phase of Atlantic Station, a mixed-use project in Stamford, located approximately 35 miles northeast of New York City. Bank OZK provided the floating-rate loan. The first phase of Atlantic Station was completed in 2018 and comprised 325 rental units, 321 parking spaces and 16,000 square feet of retail space. The second phase will include 325 condominium units, approximately 48,000 square feet of retail space and a 534-space parking garage. Mike Tepedino, Michael Gigliotti and Scott Findlay of JLL arranged the loan on behalf of the developer and borrower, RXR Realty. Construction of Phase II is slated for completion by 2021.
NEW HAVEN, CT. — Pearce Real Estate has brokered the $5 million sale of three adjacent multifamily and office properties in New Haven. The properties comprise the Farrel Mansion at 490 Propspect St.; Doane Hall at 492 Prospect St.; Great Hall at 411 Mansfield St. Combined, the properties offer 28,659 square feet that the buyer, Albertus Magnus College, plans to use for additional dorm space. Jamie Cuzzocreo of Pearce represented Albertus Magnus in the transaction. Frank D’Ostilio of Real Living represented the seller, Overseas Ministries.
HARTFORD, CONN. — O,R&L Commercial has negotiated a 7,114-square-foot medical office lease in Hartford. First Choice Health Centers Inc. will move into the entire second floor of 478 Burnside Avenue. The non-profit healthcare provider will offer a range of medical services including primary, pediatric and dental care. Thomas Wilks of O,R&L represented the landlord, Shafa Building LLC, in the lease negotiations. Wilks also procured the tenant.
STAMFORD, CONN. — Cushman & Wakefield has brokered the sale of Soundview Plaza, a 179,000-square-foot office property in Stamford, a northeastern suburb of New York City. At the time of sale, the property was 88 percent leased to 15 tenants. Amenities include a cafeteria, fitness center and conference center. A Cushman & Wakefield team including Gary Gabriel, David Bernhaut, Andy Merin, Brian Whitmer, Frank DiTommaso II, Al Mirin, Matt Torrance and Kate Schwartz represented the undisclosed seller and procured the buyer, an affiliate of TL Holdings.
STRATFORD, CONN. — Angel Commercial LLC has negotiated a 76,000-square-foot industrial lease in Stratford, located approximately 50 miles southwest of Hartford. The property features one drive-in door and three dock doors. The tenant, Unger Enterprises Inc., is a manufacturer of professional cleaning and maintenance tools. Brett Sherman of Angel Commercial represented Unger in the transaction. The landlord is Exeter Property Group.
TRUMBULL, CONN. — Resort Lifestyle Communities (RLC) will soon break ground on River Valley, an independent living seniors housing property in Trumbull, located approximately 50 miles southwest of Hartford. The 180,000-square-foot community will offer one- and two-bedroom units, though the number of units is not yet disclosed. The property will provide cooking, cleaning and valet parking services, as well as fitness classes and community events. River Valley will be the second RLC location in Connecticut.
BROOKLYN, CONN. — Marcus & Millichap has brokered the $4.3 million sale of Brooklyn Commons, a retail center located about 45 miles east of Hartford. The 106,900-square-foot property was 60 percent leased at the time of sale to tenants including Ocean State Job Lot, Dollar Tree and Subway. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, an undisclosed limited liability company.
CHESHIRE, CONN. — O,R&L Commercial, a Connecticut-based brokerage firm, has negotiated a 22,000-square-foot lease in Cheshire, a city located about 25 miles southwest of Hartford. Baseball training company D-BAT will open its second Connecticut facility at the formerly vacant industrial property. Luke Massirio of O,R&L represented the landlord, Sky Management LLC, in the lease negotiations. Brett Sherman of Angel Commercial represented D-BAT.
GRISWOLD, CONN. — Dakota Partners, a Massachusetts-based developer, will build a 144-unit multifamily property in Griswold, about 50 miles east of Hartford. Dakota Partners purchased the land from Omega Healthcare for $1.3 million. More than 75 percent of the units will be leased as affordable housing. Construction is slated to begin in 2020. Ron Lyman of Lyman Real Estate represented both Dakota Partners and Omega Healthcare in the land sale.