Connecticut

Investors Seeking Yield See Opportunities in Fairfield & New Haven Apartments

by Jaime Lackey September 21, 2016

Employment gains in New Haven and Fairfield counties, coupled with a bustling job market in the New York City metro, have generated high demand for apartments in New Haven and Fairfield counties, overcoming some of the recent negative optics in Connecticut. Newly hired employees are looking for housing. Employers in New Haven and Fairfield counties are set to add 10,500 individuals to the local workforce this year. And although a significant number of tenants work in the boroughs of New York, they prefer Connecticut rentals due to a significant price differential. Even after considering costs for commuting, the value proposition New Haven and Fairfield counties remains very robust as average rents are priced at approximately $2,000 less per month than those in New York City. Market demand for housing in these two counties will create upward pressure on rent this year, advancing average effective rent 1.6 percent to $1,635 per month. In 2015, effective rent closed the year at $1,609 per month — an 18.3 percent pace of growth since 2011. Builders will deliver 2,100 apartments in New Haven and Fairfield counties in 2016, a reduction from the 3,550 apartments that were delivered in 2015; and they are focusing on …

September 21, 2016

Connecticut Industrial Northeast

Sentry and CBRE/NE Arrange Industrial Sale in Windsor, Connecticut

by Jaime Lackey September 20, 2016

WINDSOR, CONN. — Ezra Silva Lane LLC has purchased an industrial property at 60 Ezra Silva Lane in Windsor for $1.75 million. The 33,400-square-foot building at the property is currently occupied by Precision Finishing Services while All-Crate Inc. occupies the 30,000-square-foot rear building. Sentry Commercial represented the buyer and CB Richard Ellis/New England represented the seller, Clinton Street Associates, in this transaction.

September 20, 2016

Connecticut Healthcare Northeast Office

Seavest Sells Two Connecticut Medical Office Buildings to Healthcare Trust of America

by Jaime Lackey September 16, 2016

MIDDLETOWN, CONN. — Seavest Healthcare Properties LLC recently sold its two medical office buildings at the Middletown Medical Complex to Healthcare Trust of America, a public REIT. The transaction resulted from an unsolicited offer for the extensively renovated and improved properties at 520 and 540 Saybrook Road, which total which totaling 64,065 square feet, in Middletown. Seavest Healthcare Properties acquired the properties in 2010. The Middletown campus features five buildings and is affiliated with the nearby 275-bed Middlesex Hospital.

September 16, 2016

Connecticut Northeast Office Retail

Vidal/Wettenstein Negotiates Three Sales Totaling $7.9M in Connecticut

by Amy Works September 13, 2016

WILTON, FAIRFIELD AND WESTPORT, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sales of three properties in Connecticut. In the first transaction, North American Pharmacal sold an office building located at 213 Danbury Road in Wilton for $2.1 million. The name of the buyer was not released. David Fugitt and Bruce Wettenstein of Vidal/Wettenstein represented the seller in the transaction. In the second deal, E&J Twin Properties acquired a multi-tenant office building, located at 303 Linwood Ave. in Fairfield, for $1.8 million. Randy Vidal was the listing broker. In the final transaction, Fin-Max Realty LLC acquired a Shake Shack property, located at 1849 Post Road East in Westport, for nearly $4 million. Robert Lewis represented the buyer and undisclosed seller in the deal.

September 13, 2016

Connecticut Multifamily Northeast

Navarino Acquisition Buys Six-Property Multifamily Portfolio in Connecticut for $90M

by Amy Works September 9, 2016

FARMINGTON, ENFIELD, VERNON, ELLINGTON AND NEWINGTON, CONN. — Navarino Acquisition LLC has purchased a six-property, 741-unit multifamily portfolio located in central Connecticut. A series of Delaware limited liability companies sold the portfolio for $90 million, or $121,457 per unit. The properties are the 13-building, 186-unit Summit and Birch Hill Apartments in Farmington; the 23-building, 168-unit Fox Hill Apartments in Enfield; the 15-building, 150-unit Briar Knoll Apartments in Vernon; the six-building, 100-unit High Meadow Apartments in Ellington; the eight-building, 64-unit Bradford Commons in Newington; and six-building, 73-unit Woodbridge Apartments in Newington. Victor Nolletti, Steve Witten, Still Hunter III and Eric Pentore of Institutional Property Advisors (IPA) represented the seller, while Nolletti and Pentore also represented the buyer in the deal. IPA is a division of Marcus & Millichap specializing in serving institutional and major private real estate investors.

September 9, 2016

Connecticut Northeast Retail

Binswanger Brokers Sale of 7,200 SF Retail Property in Connecticut

by Amy Works September 9, 2016

MANCHESTER, CONN. — Binswanger has arranged the sale of a retail property located at 550 N. Main St. in Manchester. Richard Edward Vogel acquired the 7,200-square-foot property as a net-lease investment from Rodino LP for an undisclosed price. Constructed in 1982 and situated on 1.9 acres, the property is fully leased to Maaco Collision Repair. Jim Panczykowski of Binswanger brokered the transaction.

September 9, 2016

Connecticut Industrial Northeast

O,R&L Commercial Negotiates $3.7M Sale of Land Parcel in Connecticut

by Amy Works September 2, 2016

DARIEN, CONN. — O,R&L Commercial has arranged the sale of a 3.7-acre land parcel located at 131 Hollow Tree Ridge Road in Darien. John Hertz and Robert Wood acquired the property for $3.7 million. The seller was Karen Park, as authorized by the Superior Court of the Judicial District of Hartford, Conn. The buyers plan to develop a 100,000-square-foot storage facility on the site. Phil Marshall of O,R&L Commercial represented the seller, while Halstead Properties represented the buyer in the deal.

September 2, 2016

Central-CT-Industrial-2016-Cushman-Wakefield

Connecticut Industrial Market Reports Northeast Northeast Market Reports

Connecticut Industrial Sector Sees Steady Demand from Tenants, Investors

by Jaime Lackey August 31, 2016

The Connecticut industrial market has changed. The days of large corporate surplus assets littering our industrial parks, mid-teen vacancy rates and discounted lease rates are over — or at least on a hiatus. In the last few years, the market has tightened with many of the larger blocks of space absorbed by various local and national tenants. The last 20 to 25 years saw corporate consolidations, downsizing and the move to cheaper markets dominate our industrial landscape. Left behind were inefficient, large manufacturing facilities in a market losing its manufacturing base. As time went by, these idle, surplus assets were acquired by local and regional investors who eventually made these properties functional again. Over the years, steady absorption has chipped away at vacancy rates, and quality available product has become increasingly difficult to find for tenants. Traditionally, an industrial tenant needing 100,000 square feet or greater would have numerous alternatives to consider and a wide range of quality too. This gave tenants enormous leverage, allowing them to negotiate more flexible and favorable terms and conditions. The relatively recent shift in tide has allowed landlords to control the process and we’ve seen a corresponding upward tick in lease rates. The sales …

August 31, 2016

Connecticut Multifamily Northeast

WinnDevelopment Acquires Schoolhouse Apartments in Connecticut for Rehabilitation

by Amy Works August 30, 2016

WATERBURY, CONN. — WinnDevelopment, the development arm of WinnCompanies, has acquired the historic 213-unit Schoolhouse Apartments in Waterbury for an undisclosed price. The company has a $16.4 million rehabilitation project planned for the occupied property, which was converted to residential use in 1982. The rehab project includes a restoration of masonry exteriors; the replacement of exterior lighting; the repair and replacement of roofs, siding and wood trim; new signage and security cameras; and improved handicap accessibility. The apartments will undergo mechanical system upgrades and the installation of new cabinetry, appliances and fixtures in the kitchens and bathrooms. WinnResidential will manage the property, which is slated for completion by fall 2017. The project will utilize an allocation of low income housing tax credits from Connecticut Housing Finance Authority, as well as financing from the Connecticut Department of Housing and federal subsidies from the U.S. Department of Housing and Urban Development. Boston Financial Investment Management is the project’s equity investor, and the design team includes Keith Construction as general contractor and The Architectural Team as project architect.

August 30, 2016

Connecticut Northeast Office

Lyman Real Estate Negotiates Lease of 6,400 SF Office Building in Connecticut

by Amy Works August 29, 2016

NORWICH, CONN. — Lyman Real Estate has arranged the lease of a 6,400-square-foot office building located at 550-558 W. Thames St. in Norwich. Mindscape Industries, which provides acquired brain injury rehabilitation services, signed a five-year lease for the building. Ron Lyman of Lyman Real Estate represented the undisclosed landlords in the transaction.

August 29, 2016

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