Connecticut

PAG Investments Acquires 58,210 SF Retail Center in New Haven, Connecticut

by David Cohen February 5, 2019

NEW HAVEN, CONN. — PAG Investments has acquired Orange Plaza, a 58,210-square-foot retail center in the New Haven community of Orange. The sales price was undisclosed. Built in 2001, Orange Plaza is fully leased to Best Buy and PetSmart. The center is shadow anchored by a retail center that includes a Target, Starbucks, CVS Pharmacy and Pizza Hut. The center is located at 3 Boston Post Road, which is approximately four miles from downtown New Haven. Michael Klein and Rob Hinckley of HFF secured acquisition financing for PAG Investments through lender Putnam Bank.

February 5, 2019

Acquisitions Connecticut Multifamily Northeast

Pearce Commercial Negotiates $1.9M Sale of Apartment Property in Connecticut

by David Cohen February 4, 2019

WEST HAVEN, CONN. — Pearce Commercial has negotiated the $1.9 million sale of an 18,728-square-foot apartment building in West Haven. Located at 405 Main St., the three-story property contains 16 units. The building was recently renovated with new kitchens and appliances as well as hardwood floors throughout. Jamie Cuzzocreo of the Pearce North Haven Commercial office represented the buyer, Cocolorus Properties, in the transaction. The seller was Vesta Greenview Apartments LLC.

February 4, 2019

Acquisitions Connecticut Northeast Office

Geenty Group Brokers $2.6M Sale of Two Office Buildings in Branford, Connecticut

by David Cohen January 31, 2019

BRANFORD, CONN. — The Geenty Group has brokered the $2.6 million sale of two office buildings in Branford. Located at 21 and 23 Business Park Drive, the properties total approximately 72,000 square feet. 21 Business Park Drive is a multi-tenant flex building while 23 Business Park Drive comprises multiple office and laboratory spaces. Kristin Geenty of the Geenty Group represented the seller, Todd’s Hill Investment Circle LLC, in the transaction. The buyer was Corner Properties LLC.

January 31, 2019

Acquisitions Connecticut Industrial Northeast

Angel Commercial Brokers $4.8M Sale of Industrial Facility in Stamford

by David Cohen January 23, 2019

STAMFORD, CONN. — Angel Commercial has brokered the $4.8 million sale of an industrial facility in Stamford. Located at 72 Camp Ave., the 33,822-square-foot, two-story property is in the Springdale section of Stamford . The two tenants in the building are Building Blocks Learning Center and Upper Deck Fitness. Jon Angel of Angel Commercial represented both the buyer, 132 Jamaica Avenue Realty Corp., and the seller, 72 Camp Avenue LLC.

January 23, 2019

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Strategic Opportunities Drive Record Investment in New Haven Apartments

by David Cohen January 16, 2019

A strengthening rental market is drawing more multifamily investors toward the New Haven metro area. Property fundamentals are rapidly improving, aided by greater renter demand and a lack of new supply pressure. Solid apartment performance, an array of multifamily assets well-positioned for upgrades and region-leading yields offer opportunities for investors, contributing to a record level of deal volume for the market in 2018. Apartment properties in New Haven have performed better over the past 24 months than they have at any point in the last 10 years. Positive job growth has renewed renter demand, facilitating vacancy declines and rent gains. Vacancy has fallen 350 basis points since September 2016 to its current rate of 4.1 percent, and as vacancy contracted, rent growth accelerated. Effective rents began rising in 2017. The pace of growth has been trending upward in 2018, reaching a trailing 12-month appreciation rate of 5.9 percent in September, a four-year high. These improvements are just as evident in the surrounding suburbs south along the I-95 Corridor and north along the I-91 Corridor as they are in the city of New Haven. The increase in absorption and the resulting impact on multifamily operations has been positive in part because …

January 16, 2019

Acquisitions Connecticut Development Industrial Northeast Self-Storage

Hampshire Cos. To Develop 100,000 SF Self-Storage Facility in Connecticut

by David Cohen January 15, 2019

NEW LONDON, CONN. — The Hampshire Cos. has acquired a two-acre parcel in New London and has unveiled plans to develop a 100,000-square-foot self-storage facility on the site. The development site is located at 351 N. Frontage Road. The 800-unit facility will feature modern architecture with four levels of climate-controlled storage space. Construction is slated to begin in the second quarter. Hampshire Cos. has repositioned or developed 33 self-storage facilities with an aggregate value of more than $415 million since 2012.

January 15, 2019

Acquisitions Connecticut Mixed-Use Northeast

HFF Brokers $21.7M Sale of Mixed-Use Portfolio in Bridgeport, Connecticut

by David Cohen January 9, 2019

BRIDGEPORT, CONN. — HFF has brokered the $21.7 million sale of a mixed-use portfolio totaling 176 apartments and approximately 100,000 square feet of retail and office space in downtown Bridgeport. The three-building portfolio includes the City Trust Building, an 11-story, 135,544-square-foot property; Arcade Mall, a four-story, 52,355-square-foot structure; and Golden Hill, an eight-story, 51,194-square-foot building. Stephen Simonelli, Jose Cruz, Michael Oliver, Kevin O’Hearn, Steven Rutman, JB Bruno, and Dana Brome of HFF represented the seller, Ginsburg Development Cos., in the transaction. The buyer was Time Equities Inc.

January 9, 2019

Acquisitions Connecticut Northeast Office

Vidal/Wettenstein Orchestrates $2.6M Sale of Office Building in Fairfield, Connecticut

by David Cohen January 9, 2019

FAIRFIELD, CONN. — Vidal/Wettenstein has arranged the $2.6 million sale of a 7,326-square-foot office building in Fairfield. Located at 95 Reef Road, the property currently houses an architectural firm, interior design company, a children’s medical walk-in facility and a residence and storage area in the lower level. Bruce Wettenstein of Vidal/Wettenstein represented the undisclosed seller in the transaction. The buyer was 1222 Wisconsin Ave LLC, an investor that purchased the property via a 1031 exchange. Jamar Arbelo of J Aaron Investments represented the buyer in the transaction.

January 9, 2019

Acquisitions Connecticut Multifamily Northeast

IPA Arranges $24M Sale of Multifamily Community in Avon, Connecticut

by David Cohen December 13, 2018

AVON, CONN. — Institutional Property Advisors has arranged the $24 million sale of Avon Place Apartments, a 164-unit multifamily community in Avon. Located at 46 Avonwood Road, the property was built in 1973 on more than 46 acres. The community is comprised of three brick residential buildings and a clubhouse. Victor Nolletti, Eric Pentore of IPA and Wes Klockner of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was the Clairmont Group LLC.

December 13, 2018

Connecticut Development Hospitality Northeast

UC Funds Celebrates Grand Opening of Residence Inn Stamford Downtown in Connecticut

by David Cohen December 10, 2018

STAMFORD, CONN. — UC Funds has cut the ribbon on the newly completed Residence Inn Stamford Downtown. Located at 25 Atlantic St., it is the first hotel in Stamford to offer extended-stay lodging. UC funds acquired the property in 2017 and completed construction of the project. The eight-story, 156-room hotel opened Nov. 21. The Marriott-franchised hotel is managed by Urgo Hotels & Resorts. The Residence Inn features apartment-style accommodations and more than 2,000 square feet of meeting and event space. Amenities include complimentary Wi-Fi, a whirlpool spa, a 2,000-square-foot fitness center and a 24-hour market as well as a mezzanine-level outdoor bar. UC Funds also acquired the adjacent Courtyard Stamford Downtown in 2016.v

December 10, 2018

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