Connecticut

Seritage Growth Properties Sells $23M Stake in West Hartford Retail Redevelopment

by David Cohen May 24, 2018

WEST HARTFORD, CONN. — Seritage Growth Properties has sold a $23 million stake in The Corbin Collection, a 163,700-square-foot retail redevelopment in West Hartford, to First Washington Realty. The transaction values The Corbin Collection at $52 million, including costs to complete the project. The $23 million was used by Seritage to repay existing mortgage debt associated with the property. The newly established joint venture partnership between Seritage and First Washington Realty simultaneously closed on a $20 million loan with M&T Bank. The Corbin Collection is a former Sears store and auto center. Retailers who have opened or signed leases at the development include REI, Saks OFF Fifth, Buy Buy Baby, Cost Plus World Market and Shake Shack.

May 24, 2018

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $4.3M Sale of Retail Center in Connecticut

by David Cohen May 21, 2018

SHELTON, CONN. — Marcus & Millichap has brokered the $4.3 million sale of Shelton Town Center, a 19,450-square-foot retail center in Shelton. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The undisclosed buyer purchased the property in all cash. Shelton Town Center is located at 350 Bridgeport Ave. and was originally built by the seller in 2006. Tenants at the retail center include a nail salon, pizza shop, liquor store and car rental company.

May 21, 2018

Acquisitions Connecticut Northeast Office

Northeast Private Client Group Arranges $3.4M Sale of Office Building in Milford

by David Cohen May 15, 2018

MILFORD, CONN. — Northeast Private Client Group has arranged the sale of 57 Plains Road, a 17,346-square-foot office building in Milford, for $3.4 million. The property traded at a price that equates to approximately $195 per square foot at a capitalization rate of 7.6 percent. Special features of the property include executive suite floor plans, front and rear parking lots and newly renovated lobby and common areas. Brad Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, 57 Plains Road LLC, in the transaction. The buyer was Plains Professional Center LLC.

May 15, 2018

Acquisitions Connecticut Industrial Northeast

Arch Street Capital Brokers Sale of $156.7M Industrial Portfolio

by David Cohen May 10, 2018

GREENWICH, CONN. — Arch Street Capital Advisors has brokered the sale of an 11-property industrial portfolio located across seven states for $156.7 million. The buyer was an institutional client of Greenwich-based Arch Street Capital. The portfolio totals 2.8 million square feet and is made up of primarily single-tenant, long-term, net-leased, industrial properties.

May 10, 2018

Acquisitions Connecticut Northeast

Meridian Capital Arranges $53M Acquisition Loan for Apartment Community Near New Haven

by David Cohen May 9, 2018

HAMDEN, CONN. — Meridian Capital Group has arranged $53 million in acquisition financing for an apartment community in Hamden, six miles north of New Haven. The 10-year loan features a fixed rate of 4.49 percent with five years of interest-only payments followed by a 30-year amortization schedule. Shaya Ackerman and Shaya Sonnenschein of Meridian arranged the financing with the sponsor, GM Equities. Located at 676 Mix Ave., Broadmoor Apartments consists of 468 units spread across six, six-story buildings. Amenities include a clubhouse, fitness center, resort-style pool, tennis court and picnic areas.

May 9, 2018

Acquisitions Connecticut Northeast Pennsylvania Retail

Wilder Acquires Two Shopping Centers in Pennsylvania and Connecticut Totaling 800,000 SF

by David Cohen May 7, 2018

MECHANICSBURG, PA., NEW HAVEN, CONN. — Wilder Cos., in partnership with an institutional retail real estate fund, has acquired Silver Spring Square in Mechanicsburg and the Marketplace at Hamden in New Haven. The sales prices in the separate transactions were not disclosed. Together, the two shopping centers total 800,000 square feet of space. The 570,000-square-foot Silver Spring Square is home to the only Wegmans in the Harrisburg trade area and is shadow anchored by a Target and Kohl’s. The Marketplace at Hamden, which was purchased in partnership with Silver Peak Real Estate Partners, features 235,000 square feet of retail space. Current tenants include T.J. Maxx, Staples, Old Navy, Petco, Pier One Imports, and TGI Fridays.

May 7, 2018

Acquisitions Connecticut Multifamily Northeast

HFF Arranges Sale of 80-Unit Multifamily Community in Southern Connecticut

by David Cohen May 4, 2018

NEW LONDON, CONN. — HFF has arranged the sale of Gull Harbor, an 80-unit, garden-style multifamily community at 83 Mansfield Road in New London. The sale pertains to 80 one-bedroom units of a 99-unit fractured condominium development. The remaining 19 units are individually owned. The units range in size from 600 to 625 square feet. Adam Dunn and Steven Rutman of HFF represented the seller, Gull Harbor New London LLC and New England Holdings II LLC, and procured the undisclosed buyer. The community features on-site laundry, private off-street parking and on-site management.

May 4, 2018

Acquisitions Connecticut Northeast Office

Angel Commercial Negotiates $8.2M Sale of Two Office Buildings in Fairfield, Connecticut

by Amy Works April 25, 2018

FAIRFIELD, CONN. – Angel Commercial has arranged the sale of two adjacent office buildings located at 328 and 338 Commerce Drive in Fairfield. CDR-328 LLC acquired the properties from 328 Commerce Drive LLC and 338 Commerce Drive LLC for $8.2 million. Situated on 1.9 acres, the properties total 48,958 square feet of office space. Angel Commercial solely handled the off-market transaction.

April 25, 2018

Acquisitions Connecticut Healthcare Northeast

O,R&L Commercial Negotiates $1.5M Sale of Former Medical Building in East Hartford

by David Cohen April 20, 2018

EAST HARTFORD, CONN. — O,R&L Commercial has negotiated the sale of a 30,544-square-foot, former medical building in East Hartford for $1.5 million. The buyer, Ash Street Holdings LLC doing business as KIA of East Hartford Inc., plans to completely renovate and expand the building, which is located at 99 Ash St. After renovations, Kia of East Hartford will move from its current location, 540 Connecticut Blvd. Jay L. Morris and Luke Massirio of O,R&L Commercial represented the seller in the transaction, Ash Realty Associates LLC. Colliers International represented the buyer. The vacant property was built in 1981 and is the former home of UCONN Health.

April 20, 2018

Acquisitions Connecticut Mixed-Use Northeast

RHYS Arranges $4.3M Sale of Mixed-Use Building Near Norwalk

by David Cohen April 19, 2018

WILTON, CONN. — Commercial real estate services firm RHYS has arranged the $4.3 million sale of 59 Danbury Road in Wilton, about seven miles north of Norwalk. The 32,270-square-foot mixed-use building was built in 1959 and fully renovated in 2007. Cory Gubner, Christian Bangert and Alex Haendler of RHYS represented the seller, New York City-based Caroline APTS Co., and the buyer, New England Investment Partners. The property is currently fully leased to two tenants: ASML, a semiconductor company; and Building Blocks Learning Center, an early childhood learning center.

April 19, 2018

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