NEW CANAAN, CONN. — Rhys has arranged the sale of a portfolio in downtown New Canaan including a mixed-use building and two residential properties slated for future development. Ivanhoe Collective purchased 19 Vitti St., a 4,700-square-foot mixed-use building for $2.6 million. The new owner plans to open a business called The Cultivated Collector, a showroom catering to those who own or want to own classic cars. The two-story Vitti Street building features an on-site parking garage. It was previously occupied by Young Life, a Christian charity that is moving to Stamford, Conn. HB Nitkin Group is the buyer of two residential properties adjacent to 19 Vitti St. The company purchased 60 and 64 E. Ave. for $1.5 million. The property at 60 E. Ave. is a 1,400-square-foot single-family rental home built in 1900. The house at 64 E. Ave. is 2,020-square-foot rental home built in 1876. The long-term goal of the new owners is to work with the town to redevelop the sites into a mixed-use project.
NORWALK, CONN. — Cushman & Wakefield has arranged the $11.9 million sale of Belden Square, a two-building medical office/residential apartment complex located at 747 Belden Ave. in Norwalk. Belden Square LLC purchased the newly renovated, 45,000-square-foot property, formerly the U.S. headquarters of Virgin Atlantic, from SG Belden LLC. The Cushman & Wakefield team of Al Mirin, Kate Schwartz, Matthew Torrance and Kathleen Fazio represented the seller. The buyer was self-represented.
BRANFORD, CONN. — O,R&L Commercial has arranged a 31,375-square-foot industrial lease at 965 W. Main St. in Branford. Frank Hird of O,R&L represented the landlord, Branford West Main LLC. Kevin Geenty of The Geenty Group Realtors represented the new tenant, R&R Freight Services LLC, a provider of logistical services. The multi-year lease in the 200,000-square-foot facility brings the building to 100 percent occupancy.
NEW CANAAN, CONN. — CH Vitti Street Associates and Collins Enterprises will develop a mixed-use medical and residential property at 23 Vitti St. in New Canaan. Known as New Canaan Medical Arts Center, construction will begin in May and will be completed in spring 2018. Do H. Chung & Partners is the project architect and Avison Young will serve as leasing agent. The two-story, 9,000-square-foot medical center will be constructed along the parcel’s 121 feet of frontage, with a public courtyard along Vitti Street. The commercial portion of the project includes 2,000 square feet of medical space on the first floor and 7,000 square feet on the second floor, which can be subdivided. Building features will include automated doors and a medical grade HVAC system with HEPA filtration. The project also includes eight apartments to be developed as a separate building on the site. Each use will have its own entrance and will be separated by a landscaped parking area and residential pathways. The site is located in downtown New Canaan within walking distance of restaurants, services and transportation.
FAIRFIELD, CONN. — Jon Angel of Angel Commercial has arranged the $1 million acquisition of 107 Ardmore St. in Fairfield. The property consists of an 8,196-square-foot industrial building on .63 acres. Angel represented the buyer, Ardmore LLC, which acquired the property as an investment.
GREENWICH, CONN. — Starwood Capital Group has agreed to acquire Forestar Group Inc., a residential and mixed-use real estate development company, for $605 million. Starwood will acquire all of the outstanding shares of Forestar’s common stock for $14.25 per share in cash. The Forestar Board of Directors has unanimously approved the merger agreement and has recommended approval of the merger by Forestar’s stockholders. The transaction is expected to close in the third quarter of 2017. “Over the past 18 months Forestar has significantly reduced costs and outstanding debt, exited non-core assets and focused on its core community development business. While executing these key initiatives, the board and management have been evaluating longer term strategic alternatives,” says James Rubright, chairman of the Forestar board. “After conducting a thorough review assisted by highly experienced financial and legal advisors, the board believes that engaging in the transaction with Starwood is the best option to maximize stockholder value.” JMP Securities LLC is serving as financial advisor to Forestar, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. Kirkland & Ellis LLP is serving as legal advisor to Starwood. Austin, Texas-based Forestar Group maintains a portfolio of 50 residential and mixed-use …
HAMDEN, CONN. — HLKT 655 Fitch LLC has acquired Willow Woods, a two-building multifamily complex containing 52 units at 655 Fitch St. and 42 Warner St. in Hamden, for $4.2 million. The property, which is contiguous to Southern Connecticut State University, consists of 45 two-bedroom units and seven one-bedroom units on 1.5 acres. Stephen Press of Press/Cuozzo Commercial Services and David Gorbach of Colonial Realty represented the seller, LMJ Properties, and procured the buyer.
FARMINGTON, CONN. — Second Foundation has purchased a 9,860-square-foot office property located at 21 Talcott Notch Road in Farmington for $1.1 million. SCEN International was the seller of the three-story property, which is located on .99 acres. Sentry Commercial represented the seller and CBRE represented the buyer in the transaction.
WESTPORT, CONN. — Brett Sherman of Angel Commercial has arranged the $2.2 million sale of 1555 Post Road E. in Westport. Located on Route 1, the property consists of an 11,461-square-foot office building on .61 acres. Sherman represented the buyer, BAO Partners, which plans to update the building with a new roof, HVAC, windows, masonry and parking lot.
NEW HAVEN, CONN. — Northeast Private Client Group has arranged the $6.4 million sale of a 40,000-square-foot office property known as Exchange Place in New Haven. The property is located at 123-127 Church St. Edward Jordan and Bradley Balletto of the firm’s Connecticut office represented the seller and procured the buyer in the transaction. William Jekiel Forbes built the Exchange Place property in 1832 and it was renovated in 2003. The seller, Connecticut-based 123-127 Church Street Associates LLC, purchased the property in 2013 shortly after its primary tenant The Annie E. Casey Foundation ceased activities. The company signed a lease for the upper floors with a rapidly growing technology company, and signed a net lease for the ground-floor retail space with a national pharmacy. The property was 100 percent leased at the time of sale. The buyer, Boston-based New England Investment Partners, purchased the property for roughly $160 per square foot.