MERIDEN, CONN. — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $2.8 million bridge-to-HUD loan for the refinancing of Meriden Mill, a 43-unit multifamily property in Meriden, about 20 miles south of Hartford. The owner and borrower, Manhattan Five Realty, will use a portion of the proceeds to fund future renovations. Gary Sever of CFG handled the transaction through HUD’s 223(f) refinance program, which is used to refinance market-rate multifamily properties.
GREENWICH, CONN. — CBRE has arranged the $67 million sale of a retail and office property in Greenwich, located about 30 miles north of New York City. The 62,850-square-foot property is located at 200 Greenwich Ave. on a retail corridor that also includes Tiffany, Gucci and Vineyard Vines. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the landlord, 200 Greenwich Avenue LLC, in the transaction, and procured the buyer, Kensico Properties.
Northeast Private Client Group Brokers $14.2M Sale of Multifamily Property in Stratford, Connecticut
STRATFORD, CONN. — Northeast Private Client Group (NPCG) has brokered the $14.2 million sale of Sherwood and Shakespeare Apartments, a 128-unit multifamily property in Stratford. The property consists of three adjacent buildings at 112 Stratford Ave. Brad Balletto of NPCG represented the seller, Stratford-based Stratcon Properties LLC, in the transaction, and procured the buyer, a Bridgeport-based private investor.
STAMFORD, CONN. — Colliers International has arranged two office leases in Stamford, for a total 15,320 square feet. Law firm McCarter & English LLP has renewed a long-term lease for 11,058 square feet in the Canterbury Green building. Spruce Investment Advisors has renewed a five-year lease for 4,262 square feet in the 1 Stamford Plaza building. Jeffrey Williams and Hollis Pugh of Colliers arranged both leases. RFR Realty owns both properties.
STAMFORD, CONN. — JLL has negotiated the sale of AVA Stamford, a 304-unit multifamily property in Stamford, a city on the southwest coast of Connecticut. The property has since been renamed Sofi at 50 Forest. The 18-story tower offers one-, two- and three-bedroom units averaging more than 1,000 square feet, each equipped with laundry appliances and patios or balconies. Amenities include a heated pool, fitness center, clubhouse and a 1.1-acre private park with tennis courts. The property, construction of which was completed in 2001, was 95 percent occupied at the time of sale. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was West Coast-based multifamily investor Pacific Urban Residential. The exact sales price was undisclosed.
GREENWICH, CONN. — CBRE has arranged the $30 million sale of a retail property leased to CVS in Greenwich, a city on the southwest coast of Connecticut. The 10,695-square-foot property is located at 99 Greenwich Ave., in a retail and restaurant corridor that also includes apparel vendors Saks Fifth Avenue and Gucci. Jeffrey Dunne, David Gavin, Travis Langer and Will Pike of CBRE represented the seller, Midwood Investment & Development, in the transaction. The trio also procured the undisclosed buyer.
MIDDLETON, CONN. — Chozick Realty Inc. has brokered the $15.6 million sale of Stonegate Apartments, a 179-unit multifamily property in Middleton, located just south of Hartford. The property at 1150 South Main St. offers 121 one-bedroom units and 58 two-bedroom units, with amenities including a pool, outdoor grilling areas and walking paths. The complex was originally built in 1969. Rick Chozick and Steve Pappas of Chozick Realty represented the seller in the transaction and procured the buyer, a regional owner of multifamily properties in the tri-state region.
STAMFORD, CONN. — A joint venture between The Melohn Group and Drake Street Partners has acquired 181 Harbor Drive, a 91,040-square-foot office building in Stamford, for $33.5 million. The newly renovated building houses the headquarters of apparel retailer Vineyard Vines and is part of the 17-acre Shippan Landing waterfront office campus. Amenities at the campus include a beer garden, fitness center and a cafeteria, as well as volleyball, basketball and bocce courts. The seller was a partnership between Rubenstein Partners LP and George Comfort & Sons. Jeffrey Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller and procured the buyer in the transaction.
The investment markets for office, industrial and flex properties in Westchester and Fairfield counties have seen significant activity over the last 12 months. Both debt and equity capital have been flowing into the urban and suburban areas of the counties, demonstrating that these submarkets are viable alternatives to New York City. This year has witnessed one of the largest transactions to ever take place in Westchester and Fairfield counties since we have been recording statistics. This past spring, HFF sold a portfolio of 52 industrial flex assets in multiple parks in both Westchester and Fairfield counties for $488 million, or $167 per square foot. The demand was very strong for these industrial assets, and the buyer pool spanned from private groups to some of the largest money managers in the world. In addition, cap rates are in the 4.25 to 4.85 percent range for more traditional industrial product. Cap pricing is absolutely on track to surpass $200 per square foot, as there is a lack of available land for development and institutional funds’ continue to display an insatiable appetite for the product type. Consequently, these kinds of deals continue to dominate the conversations and market activity. Office Market Interest …
Main Street isn’t dead. It’s being refreshed, rebranded and reimagined. Creating a compelling experience in today’s retail environment is a critical element to being successful. Property owners are working hard to make their retail sites attractive and relevant. This includes placing emphasis on curb appeal and redeveloping spaces that may previously have been occupied by big box tenants. Many landlords are turning larger vacancies into multiple spaces to accommodate junior anchors and smaller tenants at as retailers are rightsizing and working to maximize efficiencies. At the same time, landlords are replacing building façades and updating landscaping, parking areas and lighting to enhance visual appeal. Main Street in Westport, Connecticut, represents a prime example of this retail renaissance. This area is in the midst of a complete reboot. Over the past year or so, the talk of the town was that the storefronts along Westport’s commercial corridor are not as lively as they had been in the past. But appearances can be deceiving, and perception isn’t always reality. The truth is that Westport’s retail scene is very much alive and is being revived with new and fresher brands. New Players We’re seeing brands like Sundance, an apparel catalog company created by …