Connecticut

Vestis Retail Group Declares Bankruptcy, Will Close All Sport Chalet Stores

by Katie Sloan April 19, 2016

MERIDEN, CONN. — Vestis Retail Group LLC, the parent company of sporting goods and apparel retailers Eastern Mountain Sports (EMS), Bob’s Stores and Sport Chalet, filed for Chapter 11 bankruptcy on Monday. The Meriden-based company plans to close the Sport Chalet chain entirely, while closing eight EMS properties and one Bob’s Stores location. The remaining stores will be re-evaluated in an attempt to strengthen financial performance. Collectively, Vestis Retail Group operates 144 stores and two distribution centers across 15 states, according to documents filed at the U.S. Bankruptcy Court in Wilmington, Del. Hilco Merchant Resources and Gordon Brothers Retail Partners are in charge of the liquidation sales, according to court documents. Private equity firm Versa Capital Management LLC (Versa) acquired each of the chains separately and combined them under the parent company Vestis Retail Group LLC in 2012, according to reports by The Wall Street Journal. Vestis has proposed the sale of EMS and Bob’s to funds advised by Versa, which would acquire substantially all of the remaining assets of the company. “When Vestis first acquired EMS and Sport Chalet, each company faced significant operational challenges and was on the verge of liquidation,” says Mark Walsh, CEO of Vestis. “EMS and …

April 19, 2016

Connecticut Multifamily Northeast

Marcus & Millichap Arranges $9.4M Sale of Two Multifamily Properties

by Amy Works April 18, 2016

WEST HARTFORD, CONN. — Marcus & Millichap has arranged the sale of two apartment properties — Park Place West and West Wynd — in West Hartford for $9.4 million. Park Place West, located at 158 Newington, features 63 units in a mix of studios, one-, two- and three-bedroom layouts, and West Wynd, located at 51 Caya Ave., features 49 one- and two-bedroom flats. Victor Nolleti, Eric Pentore and Steve Witten of Marcus & Millichap represented the seller, a limited liability company, in the transaction.

April 18, 2016

Connecticut Loans Northeast Office

Houlihan-Parnes Realtors Arranges $2.7M Loan for Office Building in Connecticut

by Amy Works April 15, 2016

NORWALK, CONN. — Houlihan-Parnes Realtors has arranged a $2.7 million first mortgage for an office property located at 83 East Ave. in Norwalk. The five-year loan, provided by a local bank, features a 3.75 percent interest rate and a five-year option to extend. The 40,000-square-foot office and medical property is occupied by 25 tenants. The building is managed and leased by GHP Office Realty. Andrew Greenspan and James Houlihan of Houlihan-Parnes arranged the loan, while Ray Cohen of Chicago Title arranged the title. The borrower was represented by Christie Houlihan of Zuckerman, Gore, Brandies and Crossman as legal counsel.

April 15, 2016

Connecticut Hospitality Northeast

Marriott, Starwood Stockholders Approve Blockbuster Deal in Hotel Sector

by Amy Works April 14, 2016

STAMFORD, CONN., AND BETHESDA, MD.— Stockholders from Marriott International (NASDAQ: MAR) and Starwood Hotels & Resorts Worldwide (NYSE: HOT) have approved Marriott’s acquisition of Starwood. The new entity will be the world’s largest hotel company with 30 brands, approximately 5,700 hotels and 1.1 million hotel rooms. The shareholder vote conducted at each company on April 8 passed easily with 97 percent of Marriott’s shareholders approving the transaction and 95 percent of Starwood’s shareholders approving the deal. “There is no doubt that this transaction puts our company on the best path forward,” says Thomas Mangas, Starwood’s CEO. “We remain excited about the opportunity this combination will create for our stockholders, associates, owners and guests.” At closing, Starwood stockholders will receive 0.8 shares of Marriott common stock, plus $21 in cash for each share of Starwood common stock. The transaction is on target to close by the middle of this year.

April 14, 2016

Connecticut New York Northeast Retail

Marcus & Millichap Negotiates $16M Sale of Two-Property Self-Storage Portfolio in New York, Connecticut

by Amy Works April 13, 2016

PORT CHESTER, N.Y., AND NEW HAVEN, CONN. — Marcus & Millichap has brokered the sale of a two-property, 2,000-unit self-storage portfolio for $16 million, or $139 per square foot. The properties are the 937-unit Byram Self Storage in Port Chester and the 1,063-unit New Haven Self Storage in New Haven. Kevin Menendez, Michael Mele and J.D. Parker of Marcus & Millichap represented the seller, a Delaware-based limited liability company, and procured the buyer, a Santa Monica, Calif.-based company, in the transaction.

April 13, 2016

Connecticut Loans New York Northeast Retail

Cronheim Mortgage Arranges Two Loans Totaling $9.5M for Retail Properties in Connecticut, New York

by Amy Works April 8, 2016

NEW BRITAIN, CONN., AND POUGHKEEPSIE, N.Y. — Cronheim Mortgage has arranged two loans totaling $9.5 million for two retail properties in New Britain and Poughkeepsie. Andrew Stewart and Dev Morris of Cronheim secured both 10-year loans, which feature a 4.22 percent fixed rate and 25-year amortization schedule. The loans were placed with Fidelity & Guaranty Life Insurance Co. In New Britain, an undisclosed borrower received $3.5 million in financing for Brittany West Plaza, a 39,438-square-foot retail property. The property is currently 100 percent leased to a variety of national and regional tenants, including Subway, TD Bank, Hair Cuttery, Gloria’s Nails and Arthur Murray Dance Studio. In Poughkeepsie, an undisclosed borrower received $6 million in financing for Poughkeepsie Plaza, a 170,966-square-foot community shopping center. Originally constructed in 1958, the property was partially enclosed in 1978, with various additions from 1983 to 2004.

April 8, 2016

Connecticut Northeast Retail

Goodfellow Real Estate Arranges $3.7M Sale of Retail Plaza in Connecticut

by Amy Works April 1, 2016

NEWTOWN, CONN. — Goodfellow Real Estate has brokered the sale of Highland Plaza, a retail center located at 123 S. Main St. in Newtown. Newtown Highland LLC acquired the property from Highland HC LLC for $3.7 million. The property features three retail buildings. Bob Cascella of Goodfellow Real Estate represented both parties in the transaction.

April 1, 2016

Connecticut Hospitality Northeast Top Stories

Anbang Ends Bidding War by Pulling Out of $14B Proposal to Acquire Starwood Hotels & Resorts

by Christina Cannon April 1, 2016

STAMFORD, CONN. — Anbang Insurance Group and Marriott International Inc. (NASDAQ: MAR) entered a ceasefire yesterday. The bidding war between the two companies to purchase Starwood Hotels & Resorts Worldwide (NYSE: HOT) has ended, as Anbang has rescinded its latest offer. A consortium consisting of Anbang, J.C. Flowers & Co. and Primavera Capital Limited upped its offer to $14 billion on March 26, outbidding Marriott’s previous offer of $13.6 billion, but Anbang is now withdrawing its offer due to “market considerations.” It isn’t clear why Anbang retracted its latest bid or if Marriott had been planning to counteroffer. Both Starwood’s and Marriott’s shares fell over 4 percent in Thursday’s after-hours trading. Starwood’s stock price closed on March 31 at $83.43 per share and opened April 1 at $79.81. Marriott’s stock price closed at $71.18 and opened at $67.48 per share. Starwood’s board of directors continues to unanimously support the existing merger with Marriott, which will create the largest hospitality company in the world. “Throughout this process, we have been focused on maximizing stockholder value now and in the future,” says Bruce Duncan, chairman of Starwood’s board. “We continue to be very excited about the combination of our two companies and …

April 1, 2016

Connecticut Multifamily Northeast

IPA Negotiates $70.2M Sale of Multifamily Property on Connecticut’s Gold Coast

by Amy Works March 30, 2016

TRUMBELL, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of eaves Trumbull, a gated multifamily community located at 100 Avalon Gates in Trumbull. Elmsford, N.Y.-based Paredim Partners acquired the 340-unit property from Gates Financing LLC for $70.2 million, or more than $206,000 per unit. The property features a mix of one-, two- and three-bedroom apartments in nine floor plans. Community amenities include a heated outdoor swimming pool, indoor and outdoor basketball courts and a racquet court, as well as private garages and covered parking. Victor Nolletti, Steve Witten, Still Hunter, Adam Mancinone and Blake Barbarisi of IPA represented the seller, while Nolletti and Witten procured the buyer in the transaction.

March 30, 2016

Connecticut Hospitality Northeast

Anbang Increases Offer in Bidding War with Marriott for Starwood Hotels & Resorts

by Amy Works March 29, 2016

STAMFORD, CONN. — A consortium consisting of Anbang Insurance Group Co., J.C. Flowers & Co. and Primavera Capital Limited has increased its bid to acquire Starwood Hotels & Resorts Worldwide (NYSE: HOT) to $82.75 in cash per share of Starwood common stock from the previous non-binding proposal of $81 per share bid, which was made on March 26. Starwood’s board of directors has concluded that this revised, non-binding proposal from the consortium is a superior proposal as defined in Starwood’s merger agreement with Marriott International Inc. (NASDAQ: MAR), according to a press release issued Monday by Starwood. The new proposal is valued at $14 billion versus Marriott’s previous offer of $13.6 billion. The Starwood board, in consultation with its legal and financial advisors, will carefully consider the outcome of the discussion with the consortium in order to determine the course of action that is in the best interest of Starwood and its stockholders, the news release stated. Under the terms of the consortium’s current revised proposal, the consortium will acquire all the outstanding shares of common stock of Starwood for $82.75 per share in cash, an increase of $4.75 per share from its initial binding proposal of $78 per share …

March 29, 2016

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