NEW HAVEN, CONN. — KeyBank Real Estate Capital has provided $12.9 million in FHA financing to the Jewish Federation of Greater New Haven for Tower One & Tower East, a seniors housing property in New Haven. Built in 1969 and 1981, the apartment complex features 328 age- and incomed-restricted units. Ed Foulon of Key’s Commercial Mortgage Group arranged the financing, which features a 35-year amortization schedule, through the FHA 223(f) mortgage insurance program. Loan proceeds were used to refinance existing debt. The Jewish Federation of Greater New Haven is a non-profit, faith-based, service-oriented organization that provides continuing care and affordable housing to seniors.
NEW HAVEN, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of The Novella, a mixed-use property located in New Haven. 1245 Chapel Street LLC acquired the property from RMS Chapel Street for $39.6 million. The Novella features 136 apartment units above the 1,135-square-foot Chapel Street Pharmacy, 3,380 square feet of available retail space and 85 parking spaces. Victor Nolletti, Steve Witten and Eric Pentore of IPA represented the seller and procured the buyer in the deal.
NEW BRITAIN, CONN. — Inland Real Estate Acquisitions has arranged the sale of two medical office buildings located in New Britain for an undisclosed price. Mark Cosenza and David Neboyskey of Inland Real Estate represented the buyer, an Inland affiliate, in the deal. The properties are a two-story building located at 300 Kensington Ave. and a 62,000-square-foot building at 1 Lake St. Starling Physicians P.C. occupies both properties.
EAST GRANBY, CONN. — Sentry Commercial has brokered the sale of a multi-tenant industrial complex located at 25-27 and 29 Kripes Road in East Granby. Torrington, Conn.-based Gen IV LLC acquired the property from Airport Business Center III. Situated on 8.3 acres, the 65,691-square-foot property is a portion of Airport Business Center, a five-building industrial park developed by the seller in 1984. Sentry Commercial was the sole broker in the transaction.
NORWALK, CONN. — Marcus Partners has completed the disposition of Cross Street Medical Center, located at 40 Cross St. in Norwalk. Anchor Health Properties acquired the property for $23 million. Norwalk Surgery Center/Norwalk Hospital, St. Vincent’s MultiSpecialty Group, WestMed (formerly Norwalk Medical Group) and the Center for Advanced Pediatrics anchor the 71,401-square-foot building. Frank Nelson, Michael Greeley and Danielle DeMarco of Newmark Knight Frank represented the seller in the deal.
VERNON, CONN. — Sentry Commercial has brokered the sale of an industrial facility located at 77 Industrial Park Road in Vernon. Tradewinds Investments acquired the property from Mel-Pet Realty for $1.3 million. The 52,000-square-foot facility is occupied by multiple tenants. Sentry Commercial was the sole broker in the transaction.
SIMSBURY, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mill Commons Apartments, an apartment complex located at 1 Millers Way in Simsbury. Beachwood Partners acquired the 88-unit property from Mills Commons LLC for $20.9 million, or $237,500 per unit. Victor Nolletti, Steve Witten and Eric Pentore of IPA represented the seller and procured the buyer in the deal.
GREENWICH, CONN. — Brennan Investment Group, a U.S.-based real estate firm, and a client of Arch Street Capital Advisors, a Greenwich, Conn.-based real estate investment advisory firm, have formed a fifth joint venture to acquire, own and manage a substantial portfolio of industrial properties throughout the United States. The venture will focus on acquiring individual industrial assets in major markets in the United States that are critical facilities to tenants and leased on a long-term basis. In conjunction with the formation of the venture, Goldman Sachs provided the venture with a financing line of credit facility to enhance the venture’s efficiency in closing both portfolio and individual asset purchases. The new venture has already purchased nearly 900,000 square feet of industrial real estate in Dallas; Charlotte, N.C.; and Green Bay, Wis. Brennan and Arch Street have collectively acquired 77 properties comprising more than 12 million square feet in the single-tenant, net lease sector during the last five years. The companies seek net leased industrial investments meeting the following criteria: location in the top 100 U.S. markets, remaining lease term of at least 10 years, non-investment grade credits, and significant facility investment by the tenant. They are interested in all industrial …
DANBURY, Conn. — CBRE represented the seller Beachwold Residential in the sale of Willow Grove, a 135-unit Class A apartment community located in Danbury to an affiliate of Friedkin Realty for $31.25 million. The property, built in 1999, features a clubroom, fitness center and oversized pool, and oversized apartments. Beachwold renovated three-quarters of the apartments in the last few years. Jeffrey Dunne, Gene Pride and Eric Apfel of CBRE represented the seller.
SHELTON, CONN. — Sun Equity Partners has purchased a flex building located at 710 Bridgeport Ave. in Shelton. RA 710 Bridgeport Avenue LLC, an entity controlled by RNY Property Trust, sold the property for $26.2 million. At the time of sale, the 452,414-square-foot property was 72 percent leased by a variety of tenants, including PerkinElmer Health Sciences and Panolam Industries International. The property is approximately 30 percent office and R&D space, with the remainder warehouse and distribution space. Additionally, the facility features 16 loading docks and nearly 870 parking spaces. Jeffrey Dunne and Steven Bardsley of CBRE represented the seller and procured the buyer in the deal.