Connecticut

Chozick Realty Brokers $7.5M Sale of Connecticut Apartment Complex

by Amy Works September 2, 2015

FARMINGTON, CONN. — Chozick Realty Inc. has arranged the sale of Centennial Inn Apartments, located on Spring Lane in Farmington. Mystic Properties Management acquired the property for $7.5 million from Centennial Inns Inc. Originally built in 1987 as a 112-suite extended-stay hotel, 56 of the units were converted to full-time apartment use in 2010, while the remaining suites operate as extended-stay use. The buyer plans to convert the remaining hotel portion into full-time apartment occupancy. At the time of sale the apartment portion was fully occupied, with a waiting list. Rick Chozick of Chozick Realty’s Hartford, Conn., office represented the seller and procured the buyer in the transaction.

September 2, 2015

Connecticut Northeast Office

Vidal/Wettenstein Brokers $1.4M Sale of Connecticut Office Building

by Amy Works August 31, 2015

NORWALK, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sale of an office building located at 185 East Ave. in Norwalk. Harmony LLC sold the property for $1.4 million to Emily Meehan. The two-story property offers 5,600 square feet of office space. Bruce Wettenstein of Vidal/Wettenstein represented the seller, while Susan Cooper of Berkshire Hathaway represented the buyer in the transaction. Richard Lewis of Urban Their & Federer PA provided legal counsel for the seller, while David Stergas of DePanfilis & Vallerie served as legal counsel for the buyer.

August 31, 2015

Connecticut Northeast Retail

Urstadt Biddle Properties Sells Townline Square Shopping Center for $44.5M

by Amy Works August 27, 2015

MERIDEN, CONN. — Urstadt Biddle Properties has completed the disposition of Townline Square Shopping Center, located at 533 S. Broad St. in Meriden. A private real estate investment group acquired the 315,000-square-foot property for $44.5 million in an all-cash transaction. The property features more than 25 stores, including Michael’s, Pier 1 Imports, Marshalls, #1 Nails, Miracle-Ear, Ting Ho Restaurant, Once Upon a Child and GNC. Jim Koury of HFF represented the seller and procured the buyer in the transaction.

August 27, 2015

Connecticut Northeast Retail

Simon Property Group to Develop Hartford Premium Outlets in Connecticut

by Amy Works August 26, 2015

WINDSOR LOCKS, CONN. — Simon Property Group has submitted an application for rezoning with the Town of Windsor Locks Planning and Zoning Commission for the development of Hartford Premium Outlets. Located near the intersection of Route 20 and I-91 on Old Country Road, the first phase of the outlet center will consist of 350,000 square feet of retail space, a Market Hall of dining options and two notable restaurants on outlots. The architectural style of the center will be inspired by Classic Colonial and Connecticut rural architecture with a village-like setting reminiscent of a Windsor Locks community. Additionally, the shopping center will feature fountains, art, a children’s play area and an outdoor fireplace. Construction is slated to begin this fall, with a grand opening scheduled for 13 months after the start of construction.

August 26, 2015

Connecticut Industrial Northeast

O,R&L Commercial Brokers $10.5M Sale of 97,000 SF Industrial Center in Connecticut

by Amy Works August 19, 2015

BRANFORD, CONN. — O,R&L Commercial has brokered the sale of Northeast Technology Center, located at 15 and 35 Northeast Industrial Road in Branford. Situated on 5.6 acres, the asset consists of three interconnected R&D/flex buildings, totaling 97,000 square feet, on two separate tax lots. SH NETC Branford LLC acquired the property for $10.5 million from G+L 15 & 35 NE Industrial LLC. Tim McMahon, Rich Lee and Frank Hird of O,R&L represented the seller and procured the buyer in the transaction.

August 19, 2015

Connecticut Northeast Office

Press/Cuozzo Arranges Long-Term Office Lease at Hamden Center II

by Amy Works August 12, 2015

HAMDEN, CONN. — Press/Cuozzo Commercial Services has brokered the long-term lease of 2,664 square feet of office space at Hamden Center II in Hamden. FC USA Inc., the parent company of GOGO Worldwide Vacations, will occupy the space at 2321 Whitney Ave. Stephen Press of Press/Cuozzo represented the landlord, while Steve Inglese of The New Haven Group represented the tenant in the transaction.

August 12, 2015

Connecticut Market Reports Multifamily Northeast Northeast Market Reports

Fairfield and New Haven See Growing Supply of Apartments

by Jaime Lackey August 12, 2015

In Fairfield and New Haven counties, growing rental housing demand will keep apartment vacancy tight throughout the year, despite a second consecutive year of elevated completions. Developers will complete 1,300 units this year, representing a minor drop from the number of apartments delivered last year. More than 700 of these new rentals will be in New Haven County. Another 1,500 rentals, mostly in Fairfield Country, were under construction in the first quarter of 2015, with deliveries slated for next year. Key projects for completion include the 160-unit College & Crown in the city of New Haven. College & Crown is a modern luxury rental in a vibrant community, boasting galleries, shopping, dining and recreational activities, within walking distance to Yale’s main campus and the Yale School of Medicine. New apartments will modernize apartment stock and mark an ongoing effort among developers to tap into unfulfilled demand for newer, amenity-laden rentals. In the first quarter of 2015, recently completed apartments in Fairfield and New Haven counties have been well absorbed. An increase of rental housing inventory may also play a meaningful role in continued growth of the local economy by making it easier for local employers to recruit workers to the …

August 12, 2015

Connecticut Hospitality Northeast

HREC Arranges Sale of 98-Room Nathan Hale Inn in Connecticut

by Amy Works July 31, 2015

STORRS, CONN. — HREC Investment Advisors has arranged the sale of the Nathan Hale Inn & Conference Center in Storrs. The University of Connecticut (UCONN) purchased the property for an undisclosed sum. Situated on the campus of UCONN, the property features 98 guestrooms. Ketan Patel and Geoff Davis of HREC represented the undisclosed seller in the transaction.

July 31, 2015

Connecticut Market Reports Northeast Northeast Market Reports Office

Connecticut Office Market Offers an Abundance of Choices for Large Tenants

by Jaime Lackey July 29, 2015

Large blocks of space in the Connecticut office market have typically been associated with financial services firms and the wide open trading floors found in investment bank offices. However, for a new breed of tenant looking for sprawling, open and contiguous office space, the state of Connecticut currently offers a myriad of choices across multiple submarkets — from Trumbull to Norwalk to Stamford. And recent leasing figures suggest that prospective tenants are taking note. TAMI — or technology, advertising, media and information — tenants are no longer a Manhattan-only phenomenon. CBRE’s Westchester/Fairfield Counties office is increasingly seeing these tenants joining financial services tenants in cherry picking from an abundant group of large spaces. These TAMI tenants often favor the open spaces and giant floorplates that have become known for increasing collaboration and productivity among their employees. They can also offer consolidation and cost savings for companies. One of the most notable recent examples was 2014’s largest lease transaction for Fairfield County, which saw information technology firm Datto lease 100,398 square feet of space at Norwalk’s Merritt 7 Corporate Park. CBRE’s Paul Jacobs, Colin Reilly and Barbara Segalini represented Datto in the lease at the 22-acre campus, which Datto said it …

July 29, 2015

Connecticut Northeast Retail

Press/Cuozzo Commercial Brokers Sale of 3,830 SF Day Care Facility

by Amy Works July 28, 2015

NORTH HAVEN, CONN. — Press/Cuozzo Commercial has brokered the sale of a two-building former day care facility located at 20 Peck St. in North Haven. Situated on slightly more than one-half acre, the buildings total 3,830 square feet. The buyer, Lauren Grogan, acquired the property from K&J Holding LLC for an undisclosed sum. The buyer plans to renovate the properties. Stephen Press of Press/Cuozzo represented the seller, while Lou Proto of The Proto Group represented the buyer in the transaction.

July 28, 2015

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