STAMFORD, CONN. — A joint venture between The Davis Companies and Highland Development Ventures has acquired a warehouse property, located at 300 Stillwater Ave. in Stamford, for an undisclosed price. The buyers plan to convert the two-story 152,000-square-foot building from a production studio for reality television shows into a self-storage facility. Construction is slated to begin this quarter with completion scheduled for 2018. Designed by Tao Architecture + Design, the facility will feature a leasing office, state-of-the-art security, a center drive aisle for access to units and drive-up units on sections of the property’s parking surface. The acquisition is the joint venture’s sixth self-storage facility development, including both ground-up and conversion projects.
NORWICH, CONN. — Lyman Real Estate Brokerage & Development has arranged the sale of a retail property located at 646 Boswell Ave. in Norwich. Goodlettsville, Tenn.-based Dollar General acquired the 1,558-square-foot property for an undisclosed price. The location formerly housed Seafood Etc. market. Matthew Darling of Lyman Real Estate represented the undisclosed seller, while Michael Alberico of Atlantic Retail Properties represented the buyer in the deal.
MILFORD, CONN. — Greysteel has arranged $3.1 million in refinancing for Spinnaker Brook, a multifamily property located at 158 Cherry St. in Milford. The 10-year, non-recourse loan features a fixed rate and three years of interest-only payments followed by a 30-year amortization schedule. The loan was provided by an agency lender under the Freddie Mac Small Balance Loan program. Anton Mattli and John Marshall Doss of Greysteel negotiated the loan for the undisclosed borrower.
NEW HAVEN, CONN. — Capital One has provided a $32.5 million fixed-rate loan under Fannie Mae’s near-stabilization program to Cooper Church LLC. The borrower used the funds to refinance The Union, a 137-unit apartment building in New Haven. Paul Kesicki of Capital One’s Commercial Real Estate Group originated the transaction. The 10-year loan has three years of interest-only payments followed by amortization on a 30-year schedule and 9.5 years of yield maintenance.
NORWICH, CONN. — Chozick Realty Inc. has arranged the sale of Stonington Estates Apartments, located on Stonington Road in Norwich. Trion Holdings acquired the property from HPI Stonington LLC for $6.8 million, or $95,775 per unit. Constructed in 2005, the 71-unit property features two-bedroom units and a full amenity package, including tennis courts and a fitness center. Rick Chozick represented the seller and procured the buyer in the deal.
WASHINGTON, CONN., AND KENNEBUNK, MAINE — Elandis, the Americas real estate arm of the Libra Group, has completed a $5 million refurbishment of two of its hospitality assets in New England: The Mayflower Grace in Washington and the White Barn Inn in Kennebunk. Renovations at White Barn Inn included guest room and common area upgrades as well as a new cottage and deck dining spaces. The Mayflower Inn’s refurbishments included upgrades to guestrooms, dining areas and landscaping.
GREENWICH, CONN. — NGKF Capital Markets has arranged $36.25 million in financing for 500 West Putnam Avenue, a 124,668-square-foot Class A office building in Greenwich, for Connecticut investment group 500 WPA LLC. Jordan Roeschlaub, Daniel Fromm and Steve Sperandio of NGKF led the team that arranged and structured a floating-rate loan that provides a three-year initial term and two one-year extension options. The loan proceeds were used to fund the acquisition of the property from SL Green and execute the sponsor’s business plan for the property, which was 54 percent occupied at closing.
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 …
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.
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.