Connecticut

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

Connecticut Industrial Loans Northeast

CBRE/NE Secures $7.8M in Financing for 207,878 SF Industrial Building in Connecticut

by Amy Works March 28, 2016

KILLINGLY, CONN. — CBRE/New England has secured $7.8 million in permanent financing for affiliates of The Grossman Companies for an industrial building located at 349 Lake Road in Killingly. The long-term, fixed-rate loan was provided by HarborOne Bank. Situated on 20.7 acres, the 207,878-square-foot industrial facility is fully leased to C&M Corp. and Superwinch with a long-term parking lease to Rite Aid. Kyle Juszczyszyn and Chris Coutts of CBRE/NE arranged the financing for the borrower.

March 28, 2016

Connecticut Northeast Retail

Marcus & Millichap Arranges $19M Sale of Self-Storage Facility in Connecticut

by Amy Works March 23, 2016

NORWALK, CONN. — Marcus & Millichap has brokered the sale of Affordable Self Storage, a self-storage facility located at 162 Bouton St. in Norwalk. The 77,760 net-rentable-square-foot facility sold for $19 million, or $242 per square foot. Situated on 3.9 acres and built in 1989, the property features 879 units, 477 of which are climate controlled. The units range in size from 25 square feet to 500 square feet, and on-site amenities include drive-up access to ground-level units, individual door alarms, complete fire protection and easy-to-use lifts. Brett Hatcher, Joseph Holloway and J.D. Parker of Marcus & Millichap represented the seller, Paul Hertz and John Hertz, and procured the undisclosed buyer in the transaction.

March 23, 2016

Connecticut Hospitality Northeast Top Stories

Starwood Hotels Considers Terminating Merger with Marriott in Favor of $13.2B Proposal from Anbang

by Christina Cannon March 18, 2016

STAMFORD, CONN. — Starwood Hotels & Resorts Worldwide Inc. is considering terminating its planned acquisition by Marriott in light of a new offer from a Chinese-led joint venture. Beijing-based Anbang Insurance Group is leading the new offer of $13.2 billion, which includes investment from J.C. Flowers & Co. and Primavera Capital Limited. The joint venture is collectively known as Anbang Consortium. Starwood, which is based in Stamford, said that the Anbang bid is a superior proposal to the price tag that Marriott agreed to pay in November. Marriott’s cash-and-stock proposal was valued at $68.06 per share, or $13.06 billion as of Thursday’s closing price, according to The Wall Street Journal. Anbang Consortium would pay $78 per share, an increase from the $76 per share proposal it made on March 10. Click here to read the details on the initial Marriott offer. Marriott has until March 28 to make a counter offer to Starwood, and has stated that it “continues to believe that a combination of Marriott and Starwood is the best course for both companies and offers the best value to Starwood shareholders.” Under the terms of the original merger agreement, Starwood, which owns the Westin, St. Regis, Sheraton and W hotel …

March 18, 2016

Connecticut Multifamily Northeast

Paredim Partners Acquires 340-Unit Apartment Community for $70.2M in Connecticut

by Amy Works March 16, 2016

TRUMBULL, CONN. — Paredim Partners, in partnership with LEM Capital, has acquired Eaves Trumbull Apartments, an apartment community located in Trumbull, for $70.2 million. Situated on 38 acres, the multifamily community features 340 apartment units in a mix of one-, two- and three-bedroom layouts, and an 11,000-square-foot clubhouse with a pool, indoor basketball and racquet courts. The seller was Avalon Bay Communities. Paredim Partners is an owner-operator of multifamily residential properties in the Northeast, specializing in the Connecticut marketplace.

March 16, 2016

Connecticut Industrial Northeast Office

The Silverman Group Sells Five-Property Office/Flex Park in Connecticut for $26.7M

by Amy Works March 14, 2016

TRUMBULL, CONN. — The Silverman Group has completed the sale of Trefoil Park, a five-building office/laboratory/flex park in Trumbull. 265 West 34th Street LLC acquired the asset for $26.7 million. The park includes a three-story, 54,899-square-foot building located at 35 Corporate Drive; a three-story 47,264-square-foot building located at 55 Corporate Drive; a 44,221-square-foot asset at 126 Monroe Turnpike; a 45,615-square-foot property at 30 Trefoil Drive; and a 40,675-square-foot building at 204 Spring Hill Road. In addition to a mix of office, industrial and flex space, the park features a fitness center and a child care center. At the time of sale, Trefoil Park was 95 percent leased to a diverse roster of 37 corporate and industrial tenants. Tom O’Leary, Gary Gabriel, Andrew Merin, David Bernhaut and Andrew Schwartz of Cushman & Wakefield represented the seller in the transaction.

March 14, 2016

Connecticut Northeast Restaurant Retail

Drubner Commercial Real Estate Negotiates $1.2M Sale of Restaurant Property in Connecticut

by Amy Works March 11, 2016

WOODBURY, CONN. — Drubner Commercial Real Estate has arranged the sale of the former Carmen Anthony Fish House in Woodbury. Tony Ramadani and Kung Wei acquired the property for $1.2 million. The buyers, who are experienced restaurant operators, plan to open Max Prime Steak House – Seafood and Sushi. David Theroux of Drubner Commercial Real Estate represented the buyer and undisclosed seller in the transaction.

March 11, 2016

Connecticut Healthcare Northeast Office

Jacobson Properties, RE/MAX Right Choice Broker $6.1M Sale of Medical Center Property in Connecticut

by Amy Works February 29, 2016

WESTBROOK, CONN. — Jacobson Properties and RE/MAX Right Choice have arranged the sale of Lakebrook Medical Center in Westbrook. An institutional healthcare real estate investment firm acquired the Class A medical office building for $6.1 million. At the time of sale, the 24,500-square-foot property was leased by Yale Heart & Vascular and Middlesex Hospital. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice handled the transaction. The name of the seller was not released.

February 29, 2016

Connecticut Northeast Office

E.N.E. Realty Associates Acquires 10,318 SF Office Building in Connecticut

by Amy Works February 17, 2016

AVON, CONN. — E.N.E. Realty Associates has acquired an office building located at 172 W. Main St. in Avon. Avonwood Enterprises LLC sold the 10,318-square-foot property for an undisclosed sum. The multi-tenant investment property was 100 percent occupied at the time of sale. The main tenant is Berkshire Hathaway HomeServices New England Properties. Gayle Erickson and Bruce Cagenello of Berkshire Hathaway HomeServices were the sole brokers in the transaction.

February 17, 2016

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