Fairfield County, Connecticut, which has traditionally been home to many multi-national financial tenants, is transitioning to become one of the most diverse business environments in the region and attracting some of the biggest names from the TAMI (technology, advertising, media and information), creative, engineering and corporate arenas. This shift in the fabric of the business community may be attributed to major investments made by a number of owners to improve and reposition their office properties to meet the demands of this new type of tenant. Owners are virtually creating new tenant experiences in their buildings, with office space boasting technological efficiencies and tenant amenities designed to support a balance between professional and personal needs. The “if you build, he will come,” quote made famous in the movie Field of Dreams is certainly apropos when looking at the trend of newly renovated properties attracting some of the best tenants in the market. A perfect example is the success at Merritt 7, a six-building, 1.4 million-square-foot office complex that recently completed more than 600,000 square feet of new leases — including a recent 133,000-square-foot lease by Datto Inc., one of the fastest- growing information technology firms in the world for its global …
NEW HAVEN, CONN. — Binswanger has arranged the sale of an industrial facility located on 2.5 acres at 83 Water St. in New Haven. Amerco Real Estate Co. acquired the 156,000-square-foot property from C. Cowles & Co. for $6 million. The buyer plans to develop the facility for a combination of self-storage and vehicle rentals under the U-Haul brand. The five-story building features more than 100 surface parking spaces, original wood flooring, exposed brick and stone, and large perimeter windows, which Amerco plans to preserve. Jim Panczykowski of Binswanger represented the seller in the transaction.
BRANFORD, CONN. — O,R&L Commercial has arranged the lease of an industrial building at 16 Commercial St. in Branford. New England Orthotic & Prosthetic Systems plans to consolidate three locations into the 20,000-square-foot building. Tim McMahon of O,R&L Commercial represented the landlord, 16 Commercial Street Associates, while Frank Hird, also of O,R&L Commercial represented the tenant in the deal.
BERLIN, CONN. — O,R&L Commercial has arranged the lease of industrial space at 128 Old Brickyard Road in Berlin. All Mail Direct, a fulfillment and direct marketing firm, will occupy 54,000 square feet of the 127,000-square-foot industrial building, which is situated on 45 acres. Luke Massirio and Stephen Foote of O,R&L Commercial represented the landlord, Lakewood Associates, while Scott Rishar of North Atlantic Realty represented the tenant in the deal.
NEW BRITAIN, CONN. — Chozick Realty Inc. has arranged the sale of Main Place Apartments, a multifamily property located on West Main Street in New Britain. Allen-Main LLC sold the 72-unit property to 923 West Main St LLC for $4.7 million. Constructed in 1969, the property features 64 two-bedroom units and eight one-bedroom apartments. Rick Chozick and Steve Pappas of Chozick Realty represented the seller in the transaction.
EAST HARTFORD, CONN. — Farmington Hills, Mich.-based RHP Properties has acquired two manufactured home communities located in East Hartford for an undisclosed price. The 263-site Rivermead Manufacturing Home Community and the 199-site Colonial Manufactured Home Community are all-age communities, with a focus on senior residents. With this acquisition RHP Properties now owns and operates 30 manufactured home communities with more than 1,200 sites in New England.
WINDSOR LOCKS, CONN. — O,R&L Commercial has arranged the sale of a bank-owned hotel and conference center located at 383 S. Center St. in Windsor Locks. Praas WL LLC acquired the 112,420-square-foot, 165-room hotel from MCC Bradley LLC for $1.2 million. The sale included ongoing business, liquor license and all equipment. Jay Morris and Carol Kennedy of O,R&L Commercial represented the seller and buyer in the transaction.
STAMFORD, CONN. — CBRE has arranged the sale of Newfield Green, a shopping center located in Stamford. Urstadt Biddle Properties acquired the property from Hoffman Investment Partners for $45.3 million. The 71,588-square-foot grocery-anchored center is more than 60 percent occupied by Grade A Market and CVS/pharmacy. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller and procured the buyer in the deal.
CROMWELL, CONN. — CW Landmark Group has brokered the sale of Cromwell Commons, a retail center located at 136 Berlin Road in Cromwell. The Nugent Organization and J&V Ventures acquired the 114,000-square-foot property from Cromwell Commons RSK and MBMB Cromwell for an undisclosed price. Price Rite anchors the shopping center. Ralph Lewis and Daniel Bernardini of CW Landmark Group represented the buyer and seller in the deal.
NEW HAVEN, CONN. — National Cooperative Bank has closed a $25.6 million first mortgage to University Towers Owners Corp., a mixed-use cooperative located at 100 York St. in New Haven. The 16-story property features 238 residential units, 13 medical offices and parking for 242 vehicles. Constructed in 1958, the property was converted to a housing cooperative in 1981. Loan proceeds were used to refinance existing debt and to fund a major façade restoration project that includes balcony renovations; window, door and curtain wall replacement; and masonry repairs. Larry Mathe of National Cooperative Bank secured the financing for the borrower.