FAIRFIELD COUNTY, CONN. — Worth Avenue Capital has provided a $3.5 million bridge loan for a 16-acre retail development in Fairfield County. The property will feature a tenant roster that includes Chick-Fil-A, T-Mobile, Panera Bread, Mission Barbecue, Cafe Nero and Texas Roadhouse. The project will also include a new Marriot-branded hotel. The borrower, an undisclosed development group, is in the process of finalizing permanent construction financing through a commercial bank.
MONTVILLE, CONN. — Lyman Real Estate has arranged the sale of three abutting parcels of land in Montville. The sales price was undisclosed. The largest parcel, .65 acres, is located at 2260 Route 32. It abuts a nearly half-acre parcel on 11 Gallivan Lane and an even smaller parcel behind it on Meadow Lane. Ron Lyman of Lyman Real Estate represented the seller, Steven Lombardi of Moosup, in the transaction. Joanna Konicki of William Pitt Sotheby’s International Realty represented the buyer, Yost Holdings LLC.
NEW HAVEN, CONN. — Connecticut Conference of Municipalities (CCM) has signed a 30,000-square-foot lease at 545 Long Wharf Drive in New Haven. CCM, an organization of municipal leaders, will relocate its corporate offices from 900 Chapel St. to 545 Long Wharf Drive. O,R&L Commercial represented CCM in the transaction. The landlord, 545 Long Wharf Holdings, was represented by David Hansen of CBRE New England.
NEW HAVEN, CONN. — Axiom Capital Corp. has arranged a $1.6 million loan to refinance a 65-unit multifamily property in New Haven. The 12-building complex was constructed in 1982 and renovated in 2001. Amenities include washer/dryer hookups, separate entrances, private basements, fenced yards and a playground. Axiom Capital secured a five-year, fixed-rate loan on behalf of the undisclosed borrower. The lender was also undisclosed.
NEW LONDON, CONN. — Hampshire Venture Property LLC has acquired a two-acre development site in New London for $1.3 million. The property is located at 389 North Frontage Road. Phil Marshall of O,R&L Commercial represented Hampshire Venture Property in the transaction. Eastern Retail Properties represented the seller, New London Property Development LLC. Hampshire Venture Property plans to develop a climate-controlled self-storage facility at the site.
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Rubenstein Properties Sells 28 Industrial Properties for $197M
LITTLE FALLS, N.J. — Rubenstein Properties has sold 28 industrial properties totaling more than 5 million square feet across six states for $197 million. Bernards Township, N.J.-based Silverman Group acquired 27 buildings for $183 million. Properties are located in New Jersey, Connecticut, Massachusetts, Iowa, Indiana and Alabama. The portfolio was 95.8 percent leased at the time of the sale. Locations include: New Jersey 10 Park Place, Butler; 20-21 Wagaraw Road, Fair Lawn; 39 Avenue C, Bayonne; 101 E. Main St., Little Falls; 114 Beach St., Rockaway; and 1578 Sussex Turnpike, Randolph, N.J. (units 2 through 5). Connecticut 20, 50 and 80 Utopia Road, Manchester; 118 Sanrico Drive, Manchester; 135 Sheldon Road, Manchester; 428 Hayden Station Road, Windsor; Alabama 207 Jacintoport Blvd., Saraland. Indiana 2190 Summit St., New Haven, Ind. Further details about the properties were not disclosed. In addition, a tenant occupying 1055 Crossroads Blvd. in Muhlenberg Township, Pa., acquired the asset for $14 million. “The properties are all strategically located within infill locations in order to take advantage of consistently improving industrial leasing fundamentals and increasing demand with extremely limited supply,” said Brian Fiumara, executive vice president of CBRE. “Rubenstein Properties’ portfolio provided the buyer with an exceptional opportunity …
MANCHESTER, CONN. — American Street Capital has secured a $12 million loan to refinance a triple-net leased, single-tenant retail property in Manchester. Built in 1992 and renovated in 2018, grocer Stop & Shop currently occupies the property. The seven-acre site also includes 400 parking spaces and seven loading docks. American Street Capital secured a 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the undisclosed borrower. A correspondent CMBS lender provided the loan.
CLINTON, CONN. — HFF has arranged the $12.9 million sale of Clinton Plaza, a 100,360-square-foot grocery-anchored shopping center in Clinton. Located at 215 Main St., the property is approximately 22 miles east of New Haven. The 92-percent-leased center is anchored by Stop & Shop supermarket. Additional tenants include T.J. Maxx and Dunkin’ Donuts. Jim Koury of HFF represented the seller, JMH Associates LLC, in the transaction. The buyer was Jerome Properties 215 LLC.
WESTPORT, CONN. — Vidal Wettenstein LLC has negotiated the $10.5 million sale of a 30,000-square-foot retail plaza in Westport. Located at 877 Post Road East, the two-story property was developed in 1970. The property was 90 percent leased at the time of sale. Robert Lewis of Vidal Wettenstein represented the seller, Rosenfeld Realty & Development, in the transaction. The buyer was undisclosed.
CROMWELL, CONN. — Covenant Retirement Communities, a nonprofit, faith-based seniors housing owner-operator, will break ground Feb. 21 on a $48 million expansion at Covenant Village of Cromwell, located just south of Hartford. The community originally opened in 1964. The expansion project will add 54 new apartments and a town center with three dining venues, lobbies, a game room, art studio, wellness center and event center. Approximately 87 percent of the units have already been pre-sold. The development team for the expansion includes general contractor C.E. Floyd Co., architecture firm THW Design, landscape architect Milone & Macbroom, project manager JFW Inc. and law firm Dowley & Associates. Construction is scheduled to begin in March with an anticipated completion in the fall of 2020. A ministry of the Evangelical Covenant Church, Covenant Retirement Communities serves 5,000 residents at 16 retirement communities throughout the United States.