Connecticut

CBRE/NE Secures $5.5M Loan for Multifamily Property Acquisition

by Amy Works October 6, 2015

HARTFORD, CONN. — CBRE/New England’s Multifamily Debt & Structured Finance Group has secured $5.5 million in financing for the $6.9 million acquisition of 184 Washington Street, a multifamily property in Hartford. Premier Properties West, an affiliate of BrickPoint Capital, acquired the property, which is also known as Lafayette Arms. Developed in 1968, the property has undergone numerous amenity and unit renovations. Each of the 136 apartment units features a galley-style or open kitchen, a living room and bedrooms with carpeted floors. John Kelly and Sam Dylag of CBRE/NE arranged the 10-year, non-recourse acquisition loan for the undisclosed borrower through a Connecticut-based bank.

October 6, 2015

Connecticut Northeast Office

Trevor Davis Commercial Real Estate Arranges Four Leases at Middletown Business Park

by Amy Works October 6, 2015

MIDDLETOWN, CONN. — Trevor Davis Commercial Real Estate LLC has arranged four leases at Middletown Business Park in Middletown. New Tech Installation leased 3,171 square feet; the State of Connecticut Department of Administrative Services, Department of Rehabilitation Services inked a deal for 1,340 square feet; UBTS leased 583 square feet; and A&B Home Health Care will occupy 411 square feet. The landlord is BostonMiddletown LLC. Trevor Davis of Trevor Davis Commercial was the sole broker in the transactions. The 75,000-square-foot office and light industrial park is now 85 percent occupied.

October 6, 2015

Connecticut Loans Northeast Office

EagleBridge Capital Arranges $20.7M Sale, $15M Loan for Office Property in Connecticut

by Amy Works October 2, 2015

HARTFORD, CONN. — EagleBridge Capital has arranged the sale of Saint Francis Information Technology and Finance Center in Hartford. Located at 103 Woodland St., the five-story, 57,753-square-foot office property sold for $20.7 million. The building is triple-net leased to Saint Francis Hospital & Medical Center on a long-term basis and houses administrative, information technology and finance offices. In addition, EagleBridge Capital arranged $15 million in permanent mortgage financing for the property. Ted Sidel and Brian Sheehan of EagleBridge Capital arranged the sale and financing.

October 2, 2015

Connecticut Northeast Office

Allied Property Group Arranges $8.4M Office Building Sale in Connecticut

by Amy Works September 24, 2015

GREENWICH, CONN. — Allied Property Group has brokered the sale of an office building located at 88 Field Point Road in Greenwich. Field Post Associates LLC acquired the 11,300-square-foot property for $8.4 million from Fairstone Properties LLC. Thomas Torelli of Allied Property Group represented both parties in the transaction.

September 24, 2015

Connecticut Mixed-Use Northeast Office Retail

Allied Property Group Brokers $13.5M Sale of Mixed-Use Building in Connecticut

by Amy Works September 23, 2015

GREENWICH, CONN. — Allied Property Group has arranged the sale of a mixed-use building located at 125 Greenwich Ave. in Greenwich. JENN Realty sold the property to an undisclosed buyer for $13.5 million. The three-story building features 16,000 rentable square feet. Thomas Torelli of Allied Property Group represented the seller, while Goldschmidt Associates represented the buyer in the transaction.

September 23, 2015

Connecticut Northeast Office

Partnership Acquires Three-Building Commercial Portfolio in Connecticut

by Amy Works September 18, 2015

STAMFORD, CONN. — ClearRock Properties, Gottesman Real Estate Partners and Mountain Development Corp. have acquired a three-building commercial portfolio, located at 700, 850 and 860 Canal St. in Stamford, for an undisclosed price. Guggenheim Partners provided an 11-year, fixed-rate loan for the acquisition. Current tenants of the 250,000-square-foot portfolio include United States Beverage, Sustainable America, Red Thread, Unger Publishing, Monjasa, Arccos Golf, KFL Capital Partners, Hildene Capital Management, Harbor Square Capital Management and Peninsula Petroleum. The name of the seller was not released.

September 18, 2015

Connecticut Healthcare Northeast

O,R&L Commercial Brokers 13,517 SF Lease in Guilford, Connecticut

by Amy Works September 17, 2015

GUILFORD, CONN. — O,R&L Commercial has brokered the lease of 13,517 square feet of medical office space to Guilford Surgery Center LLC (GSC). The space is located at 246 Goose Lane within Innovation Park. GSC is a collaboration between local surgeons and Merritt Healthcare of White Plains, N.Y. The new entity plans to construct an ambulatory surgery center for patients on the site. O,R&L Commercial represented the tenant, while Dow Realty represented the undisclosed landlord in the lease transaction.

September 17, 2015

Connecticut New York Northeast Office Pennsylvania

Equity Commonwealth Sells 13 Properties for $261M, Expands Share Buyback Program

by Amy Works September 15, 2015

UPSTATE NEW YORK; HARTFORD, CONN.; AND PHILADELPHIA — Equity Commonwealth (NYSE: EQC), a real estate investment trust (REIT) based in Chicago, has sold 13 properties in three separate transactions totaling $261 million. In the first transaction, the company sold an 11-property portfolio of small office assets totaling 2 million square feet in upstate New York for $104.6 million. The company also sold City Place, an 868,000-square-foot office property at 185 Asylum St. in Hartford, Conn., for $113.3 million. The office is the tallest building in Hartford. As of June 30, the property was 98.7 percent leased. In the third transaction, Equity Commonwealth sold an undisclosed property at the corner of North 16th and Race streets in Philadelphia for $43 million. The 609,000-square-foot vacant property is currently vacant. The buyers in all three sales were not disclosed. Concurrent with the dispositions, Equity Commonwealth has doubled its share buyback program from $100 million to $200 million. The company has repurchased 3.4 million shares of its common stock at an average price of $25.76 per share for a total investment of $87.8 million. The company currently has $112.2 million available for share repurchases over the next 12 months. Equity Commonwealth’s stock price closed …

September 15, 2015

Connecticut Loans Multifamily Northeast

CBRE Arranges $51.4M in Financing for 250-Unit Multifamily Development in Connecticut

by Amy Works September 14, 2015

GLASTONBURY, CONN. — CBRE Capital Markets’ Debt & Structured Finance team has arranged $51.4 million in debt and equity for the development of Flanagan’s Landing, a 250-unit multifamily complex located in Glastonbury. The $36.5 million construction loan, which was provided by Wells Fargo Bank, carries a three-year term plus a mini-perm at a market spread over LIBOR. A private institutional investor contributed equity in excess of $14 million. The developers will convert a historic mill into a 250-unit apartment community featuring garages, an electric car charging station, carport parking, fitness center, billiards cyber-lounge, a heated in-ground salt water pool, picnic and sundeck areas. In-unit amenities include washers and dryers and top-of-the-line finishes. Additionally, Flanagan’s Landing will include 6,150 square feet of commercial space. Mike Riccio, Susan Larkin, Anna Pfau and Kyle Juszczyszyn of CBRE placed the debt and equity on behalf of a joint venture between Lexington Partners and a private equity firm.

September 14, 2015

Connecticut Northeast Office

O,R&L Commercial Brokers Sale of 15,570 SF Office Building in Connecticut

by Amy Works September 8, 2015

ROCKY HILL, CONN. — O,R&L Commercial has brokered the sale of an office building located at 2264 Silas Denne Highway in Rocky Hill. The 15,570-square-foot property sold for $610,000. The buyer, NAJO92 Holdings LLC, plans to use the property for its various businesses. Robert Gaucher of O,R&L Commercial represented the seller, 264 SDH LLC, in the transaction. The buyer was self-represented.

September 8, 2015

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