Connecticut

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

Acquisitions Connecticut Northeast

R.D. Scinto Pays $1.5M for Land, Plans to Build Retail Center in Southern Connecticut

by David Cohen April 10, 2018

SHELTON, CONN. — R.D. Scinto Co. has purchased a 2.83-acre parcel of land in Shelton for the construction of a 27,000-square-foot retail center. Shelton is 10 miles west of New Haven. The land was purchased from 900 Shelton Plaza Associates for $1.5 million, or just over $530,000 per acre. When completed, the building will be a single-story center with a terra cotta exterior. Bruce Wettenstein of Vidal/Wettenstein was the listing broker and also represented R.D. Scinto in the transaction. Cohen & Thomas PC provided legal counsel for the seller.

April 10, 2018

Acquisitions Connecticut Northeast Office

RHYS Arranges Sale of Office Building in Southern Connecticut for $5M

by David Cohen April 9, 2018

FAIRFIELD, CONN. — RHYS has arranged the sale of 1 Eliot Place, a 25,000-square-foot office building in Fairfield, approximately 25 miles southwest of New Haven. Rockwest Real Estate Partners purchased the three-story property, which was constructed in 1985, for $5 million. The building is fully leased. The seller was FNL Enterprises. Alex Haendler, Ted Grogan and Greg Romano of RHYS were the sole brokers in the transaction. An office of Northwestern Mutual Insurance Co. is the building’s largest tenant. The Fairfield office market has recorded 15 percent rent growth since 2015, according to RHYS.

April 9, 2018

Acquisitions Connecticut Northeast Retail

New England Retail Properties Facilitates Sale of Tractor Supply in Suburban Hartford for $3.6M

by David Cohen April 5, 2018

FARMINGTON, CONN. — New England Retail Properties has brokered the sale of the Tractor Supply store located at 361 Scott Swamp Road in Farmington for $3.6 million. New England Retail Properties arranged the transaction between the seller, AEI Property Corp., and the buyer, 361 Scott Swamp Road LLC. The property, a former Frank’s Nursery & Crafts, was acquired in 2010 and opened in 2011 as a Tractor Supply store after a retrofit of the building and grounds. The property, which is nine miles west of Hartford, serves the Farmington, Burlington, Plainville and surrounding markets. Founded in 1939, Tractor Supply has more than 1,700 stores in 49 states.

April 5, 2018

Acquisitions Connecticut Industrial Northeast

Pearce Real Estate Brokers $1M Sale of Industrial Facility in Milford

by David Cohen April 3, 2018

MILFORD, CONN. — Pearce Real Estate has brokered the sale of an 18,634-square-foot industrial facility in Milford for $1 million. The property is located at 363 Naugatuck Ave., 14 miles south of New Haven. John Bergin of the Pearce Commercial Milford office represented the buyer, 363 Naugatuck Ave. LLC, and the seller, Travco of Milford LLC, in the transaction. United Rentals has leased the property for the past 17 years.

April 3, 2018

Connecticut Loans Northeast

Washington Trust Provides $2.7M in Refinancing for Flex Property in Wallingford

by David Cohen April 2, 2018

WALLINGFORD, CONN. — Washington Trust has provided $2.7 million for the refinancing of a multi-tenant flex commercial property in Wallingford, located halfway between New Haven and Hartford off I-91. The one-story building is located within Barnes Industrial Park and includes 41,284 square feet of office and industrial space. The borrowers are long-term clients of Washington Trust.

April 2, 2018

Acquisitions Connecticut Multifamily Northeast

IPA Arranges Sale of 518-Unit Multifamily Portfolio in Connecticut for $62.6M

by David Cohen March 30, 2018

MIDDLETOWN, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of a two-property, 518-unit apartment portfolio located in the Westlake District of Middletown for $62.6 million. The portfolio includes Middletown Brooke, a 280-unit apartment community with eight residential buildings, and Middletown Ridge, a 238-unit apartment community with nine residential buildings. The properties were constructed in 1988 and 1989. IPA represented the seller, Fairfield Midtown Ridge LP, and procured the buyer, Hamilton Zanze and Co. Middletown is located 16 miles south of Hartford and 26 miles north of New Haven.

March 30, 2018

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