Connecticut

Formation Selects Congress Building to Construct 86-Unit Community in Connecticut

by Amy Works February 13, 2018

RIDGEFIELD, CONN. — Formation Development Group has selected Congress Building Corp. as construction manager for Atria Ridgefield, an 86-unit assisted living and memory care community in Ridgefield, located between New York City and Hartford. The 82,000-square-foot community is the sixth partnership between Formation and operator Atria Senior Living. The architect is PRDG of Dallas. Faulkner Design Group, also of Dallas, is the interior designer. The civil engineer is CCA of Brookfield, Conn. Site work commenced in November 2017. A completion timeline was not disclosed. Congress has completed over 8,000 beds and 4.5 million square feet of healthcare and long-term care construction throughout the eastern United States.

February 13, 2018

Connecticut Northeast Retail

Marcus & Millichap Brokers $5.2M Sale of Shopping Center in Connecticut

by Amy Works February 7, 2018

EAST HAVEN, CONN. — Marcus & Millichap has arranged the sale of East Haven Shopping Center, located at 75 Frontage Road in East Haven. A Philadelphia-based development company sold the retail center for $5.2 million. Anchored by AutoZone, the 52,752-square-foot property was 93 percent occupied at the time of sale. Mark Krantz, Mark Taylor, Derrick Dougherty and J.D. Parker of Marcus & Millichap represented the seller in the deal. The name of the buyer was not disclosed.

February 7, 2018

Connecticut Northeast Retail

Pearce Real Estate Negotiates $5.5M Acquisition of Retail Property in Rocky Hill, Connecticut

by Amy Works February 5, 2018

ROCKY HILL, CONN. — Pearce Real Estate has arranged the acquisition of a retail property located at 323 Cromwell Ave. in Rocky Hill. Jordan Realty purchased the property from Broad Street III for $5.5 million. CVS/pharmacy occupies the 15,000-square-foot building. DeForest Smith of Pearce Real Estate represented the buyer in the 1031 exchange transaction.

February 5, 2018

Connecticut Industrial Northeast

Angel Commercial Brokers $1.2M Sale of Industrial Building in Bridgeport, Connecticut

by Amy Works February 2, 2018

BRIDGEPORT, CONN. — Southport, Conn.-based Angel Commercial has negotiated the sale of an industrial building located at 146 Davis Ave. in Bridgeport. Black Rock LLC sold the property to J.E.T. Corp. for $1.2 million. The buyer is a Bridgeport-based manufacturer of non-ferrous sand castings. Situated on 1.7 acres, the property features 17,088 square feet of space. The building was previously occupied by Black Rock Fireproof Column Co. Jon Angel of Angel Commercial facilitated the transaction.

February 2, 2018

Connecticut Industrial Northeast

Henkel Completes Construction of 155,000 SF Headquarters Facility in Stamford, Connecticut

by Amy Works February 2, 2018

STAMFORD, CONN. — Henkel, with Ware Malcomb as architect, has completed its North American consumer goods headquarters, located at 200 Elm St. in downtown Stamford. The 155,000-square-foot space accommodates 425 employees from Henkel’s Beauty Care and Laundry and Home Care businesses, with room for growth. The three-story facility integrates Henkel’s previous locations into one, with the largest numbers of employees being from the company’s former consumer goods headquarters in Scottsdale, Ariz., and from Wilton, Conn.-based The Sun Products Corp., which Henkel acquired in 2016. The property features research and development space on the first floor and office space on the remaining floors. Founded in 1876, Henkel is a global manufacturer and marketer of brands, including Persil, Purex, all detergents, Snuggle fabric softeners, Dial soaps, Right Guard antiperspirants, Schwarzkopf hair care, and göt2b hair styling projects. Ware Malcomb provided interior architecture and design, lab planning and branding services for the project. Turner Construction served as general contractor, and CBRE provided brokerage and project management services.

February 2, 2018

Connecticut Loans Northeast Retail

Cronheim Mortgage Secures $22.5M Loan for Retail Center in Shelton, Connecticut

by Amy Works February 1, 2018

SHELTON, CONN. — Cronheim Mortgage has arranged $22.5 million in permanent financing for The Center at Split Rock, a neighborhood retail property located in Shelton. The 10-year loan amortizes over a 30-year period and was structured with a fixed rate of 4.12 percent. Situated on 11.7 acres, the 91,197-square-foot property was constructed in 2007 and is 99 percent leased to more than 20 tenants. Current tenants include Walgreens, Outback Steakhouse, Orange Theory Fitness and Mattress Firm. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and placed the loan for the undisclosed borrower.

February 1, 2018

Connecticut Industrial Northeast Retail

Angel Commercial Brokers $1.9M Sale of Retail/Warehouse Building in Norwalk, Connecticut

by Amy Works January 25, 2018

NORWALK, CONN. — Angel Commercial has arranged the sale of a retail and warehouse building located at 173 Main St. in Norwalk. Servpro acquired the property from Brandman Realty LP for $1.9 million. The property features 17,500 square feet of retail and warehouse space. Headsquartered in Gallatin, Tenn., Servpro is a franchisor of fire and water cleanup and restoration franchises in the United States and Canada. Lester Fradkoff of Angel Commercial represented the seller, while Brett Sherman, also of Angel Commercial, represented the buyer in the deal.

January 25, 2018

Connecticut Northeast Office

Trumbull Developers Acquires 78,692 SF Office Building in Trumbull, Connecticut, for $4.5M

by Amy Works January 18, 2018

TRUMBULL, CONN. — Trumbull Developers has purchased an office building located on 10.7 acres at 100 Oakview Drive in Trumbull. Canon USA sold the 78,692-square-foot property for $4.5 million. The buyer plans to demolish the existing building and develop a six-building residential community featuring 202 apartments. Tim McMahon and Rich Lee of O,R&L Commercial represented the seller and procured the buyer in the deal.

January 18, 2018

Connecticut Industrial Northeast

O,R&L Commercial Brokers Sale of 24,300 SF Industrial Property in West Haven, Connecticut

by Amy Works January 16, 2018

WEST HAVEN, CONN. — O,R&L Commercial has arranged the sale of a light industrial/flex building located at 45 Railroad Ave. in West Haven. Pinpoint Promotions & Printing acquired the asset form L&A Realty. The new owner plans to relocate its full-service marketing and production agency to the property, which was formerly occupied by Manufacturers Associates Inc. Situated on 1.25 acres, the property features 24,300 square feet of space. Richard Guralnick of O,R&L Commercial represented the seller in the transaction.

January 16, 2018

Affordable Housing Connecticut Loans Multifamily Northeast

Greystone Provides $55.2M Loan for Affordable Housing Acquisition in Stamford, Connecticut

by Amy Works January 12, 2018

STAMFORD, CONN. — Greystone has provided $55.2 million in Freddie Mac financing for the acquisition of an affordable housing community in Stamford. Dan Sacks of Greystone originated the loan in conjunction with Greystone’s Affordable Lending team. The seven-year adjustable rate Freddie Mac Targeted Affordable Housing loan was provided to a New Jersey-based investment group for the acquisition of The Wescott Apartments, a 261-unit income-restricted property. Built in 1986, the asset was renovated over the last five years and restricts 20 percent of its units to households earning 80 percent or less of the average median income.

January 12, 2018

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