WESTPORT, CONN. — Matthews Real Estate Investment Services has brokered the $45.5 million sale of Compo Shopping Center in the southern coastal Connecticut city of Westport. The 76,368-square-foot center was approximately 91.5 percent leased at the time of sale, with CVS serving as the anchor tenant. The buyer was Florida-based REIT Regency Centers, and the seller was undisclosed. Joanna Manfro of Matthews brokered the deal.
ROCKY HILL, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.5 million loan for the refinancing of a retail center in Rocky Hill, located just south of Hartford. The address and square footage of the property, which houses a supermarket and a bank, were not disclosed. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.1 percent interest rate and 65 percent loan-to-value ratio. The borrower and direct lender were also not disclosed.
DANBURY, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $5.2 million sale of Willow Park Apartments, a 21-unit multifamily complex located in the southern Connecticut city of Danbury. According to Apartments.com, the property exclusively offers one-bedroom units that span 575 square feet. Jeff Wright and Rich Edwards of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEWINGTON, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $7.3 million loan for the refinancing of a medical office complex in Newington, located just south of Hartford. The address and square footage of the property, which was built in 2005, were not disclosed. Gerald Kray of MMCC arranged the loan, which was structured with a five-year term, 7.5 percent interest rate and 65 percent loan-to-value ratio. The borrower and direct lender were also not disclosed.
NEWINGTON, CONN. — Marcus & Millichap has brokered the $16.7 million sale of Newington Commons, a 189,864-square-foot shopping center located just south of Hartford. Anchored by grocer Stop & Shop, the center was 65 percent leased at the time of sale. Other tenants include Petco and Planet Fitness. Joseph French Jr. and Kodi Traver of Marcus & Millichap, in conjunction with Pierre Bonan of Mission Capital, represented the seller, Trident Pacific Real Estate Group, in the transaction. The team also procured the undisclosed buyer.
GREENWICH, CONN. — Global alternative investment firm Centerbrook Partners has signed a 3,825-square-foot office lease at 55 Railroad Ave., a 139,000-square-foot building in the southern coastal Connecticut city of Greenwich. According to LoopNet Inc., the property was built in 1975 and renovated in 2006. Jay Hruska of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Hines, in the lease negotiations. Steve Banker of Newmark represented the tenant.
NEW YORK CITY AND STAMFORD, CONN. — MCR and Building and Land Technology (BLT) have secured a $632 million loan for the refinancing of a portfolio of 53 hotels across the United States. The financing features a three-year, fixed-rate term, and was securitized in a single-asset, single-borrower CMBS transaction. This type of financing structure is reserved for large properties or portfolios. MCR and BLT acquired the 53 hotels between 2013 and 2015. The portfolio totals 5,958 guest rooms across 14 states. According to MCR, the portfolio is valued at approximately $960 million. MCR also stated that the properties are concentrated in high-growth markets such as Texas, Arizona, Virginia and North Carolina. The portfolio is comprised of eight Marriott and Hilton extended stay and select-service brands, including Residence Inn by Marriott, Courtyard by Marriott, TownePlace Suites by Marriott, Hilton Garden Inn and Hampton Inn by Hilton. The hotels are managed by MCR’s in-house operations team. MCR and BLT have collectively made more than $118 million in capital improvements since acquiring the properties, including upgrades to the guest rooms and public spaces, as well as property maintenance. MCR is a hotel manager headquartered in New York City. The company’s $5 billion portfolio …
WINDSOR, CONN. — Metro Boston-based developer Condyne Capital has begun work on a 185,600-square-foot industrial project in Windsor, a northern suburb of Hartford. The facility sits on a 20.6-acre site and is an expansion of Condyne’s Baker Hollow Logistics Center. Polar Design Build will handle construction of the building, which will feature a clear height of 32 feet, 36 dock doors, one drive-in door and 45 trailer parking spaces (expandable to 103). Construction is scheduled for a fall delivery.
GREENWICH, CONN. — Financial services firm Kensico Capital Management has signed an 11,016-square-foot office lease at 55 Railroad Ave., a 139,000-square-foot building in the southern coastal Connecticut city of Greenwich. According to LoopNet Inc., the property was built in 1975 and renovated in 2006. Jay Hruska of Cushman & Wakefield represented the landlord, an affiliate of Houston-based Hines, in the lease negotiations. Ed Tonnessen of JLL represented the tenant.
WESTPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 32,000-square-foot industrial building in the southern coastal Connecticut city of Westport. According to LoopNet Inc., the building at 315 Post Road W rises three stories and was constructed in 1978. Scott Peterson and Charlene O’Connell represented the seller, a local family partnership, in the transaction. The buyer was an affiliate of Stamford-based investment firm American Bailey Corp.