OLD SAYBROOK, CONN. — The Geenty Group, Realtors, has brokered a long-term lease at 137 Mill Rock Road in Old Saybrook. Located within The Old Saybrook Business Park, the 5,192-square-foot unit is occupied by Iron House Fitness LLC. Mill Rock Leasing LLC is the landlord. Kevin Geenty of The Geenty Group, Realtors, arranged the transaction.
SHELTON, CONN. — Avison Young has brokered a 10,000-square-foot lease at 100 Trap Falls Road in Shelton. Option Care Enterprises Inc., a subsidiary of Walgreens, inked a long-term deal for the space. Cambridge Hanover owns the 81,526-square-foot property, which recently underwent capital improvements to convert the building from a single-tenant industrial property to a multi-tenant flex building. Sean Cahill of Avison Young’s Fairfield/Westchester office represented the landlord, while Christina Blair of CBRE represented the tenant in the transaction.
GREENWICH, CONN. — Kensico Properties is planning a major renovation for Pickwick Plaza, a three-building office complex located in Greenwich. The multi-million dollar capital improvement program will bring the 280,000-square-foot complex back to its Class A status. The main lobbies, elevators, common corridors and bathrooms in all three buildings will be renovated and upgraded; a new façade and store fronts along Greenwich Avenue will be constructed; a new entry from Greenwich Avenue with a water feature will be created; landscaping across the property will be revamped; and the entrance to the four-story, underground garage with be replaced with a new “easy pass” style security gate and high-speed door. Jay Hruska, Tara Stacom, Torey Walsh, Connor Daugstrup and Scott Silverstein of Cushman & Wakefield have been tapped as exclusive leasing agents for the property, which is managed by Hines.
EAST HARTFORD, CONN. — Marcus & Millichap has brokered the sale of a net-leased retail property located at 18 Main St. in East Hartford. Built in 2008, the property, which is occupied by a Wells Fargo bank branch, sold for $4.63 million at a 4.75 percent cap rate. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap represented the seller, a Connecticut-based developer. Steven Siegel of Marcus & Millichap represented the buyer, a New York City private investor in a 1031 exchange, in the transaction.
DARIEN, CONN. — NorthMarq Capital’s New York office has finalized the $20.8 million refinancing of a Whole Foods in Darien. The 50,000-square-foot specialty grocery store is located at 150-152 Ledge Road. Ernest DesRochers of NorthMarq Capital arranged the financing for the borrower through its correspondent relationship with a credit tenant lease (CTL) lender. The transaction was structured as a 24-year fully amortizing loan with a low debt service coverage ratio requirement.
SHELTON, CONN. — GTJ REIT has acquired an industrial building located in Shelton for an undisclosed price. Situated on 22 acres, the 125,000-square-foot building features an industrial portion with 24-foot clear heights and a central lobby on the second floor with office space. The facility is currently leased and occupied by Sikorsky Aircraft Corp. and guaranteed by United Technologies Corp. pursuant to a lease that expires April 2018. Sikorsky has a five-year extension option on its lease.
GROTON, CONN. — CBRE/New England’s Capital Markets team has brokered the sale and arranged financing for The Ledges, a multifamily community located in Groton. The 339-unit asset traded hands for $48.3 million. Built in 2005, the community consists of one single-story leasing center and 14 garden-style apartment buildings offering a mix of 148 one-bedroom units, 155 two-bedroom units and 36 three-bedroom townhomes with an average unit size of 1,022 square feet. Unit amenities include fully equipped kitchens, in-unit washer and dryers and more than eight-foot ceilings throughout. Community amenities include a clubhouse with a resort-style outdoor swimming pool with sundeck, resident lounge with gas fireplace and partial kitchen with built-in bar area, billiards rooms with pool table, business center, conference room, two fitness centers with bathrooms and showers, picnic areas with barbeque grills and a children’s playground, as well as walking trails and a Fit-Trail with 12 exercise stations. Simon Butler, Biria St. John and Mike Stone of CBRE/NE represented the seller, LCOR Groton Apartment LLC, an affiliate of LCOR, and procured the undisclosed buyer. Mike Riccio, Susan Larkin and Anna Pfau of CBRE Debt & Structured Finance team placed $39.21 million in acquisition financing for The Ledges.
NEWINGTON, CONN. — NorthMarq Capital has secured $24 million to refinance Newington Commons Shopping Center located at 196 Kitts Lane in Newington. The 189,864-square-foot shopping center is tenanted by Stop & Shop, Bob’s Stores, Party City, Petco, Planet Fitness and Michaels. The 10-year loan features two years of interest-only payment and a 30-year amortization schedule. Keith Braddish of NorthMarq Capital’s New York office arranged the financing for the borrower through NorthMarq’s relationship with a CMBS lender.
MERIDEN, CONN. — O,R&L Commercial has brokered the sale of 75 South Colony Street in Meriden. Efrain Valentin of Valentin Karate School purchased the 15,641-square-foot property for an undisclosed price. The buyer plans to fully renovate the property and use it as the headquarters for Valentin Karate. Frank Hird and Tim McMahon of O,R&L Commercial represented the seller, The Record-Journal Company, in the transaction. John Murphy of John J. Murphy Law Offices also represented the seller and Neil Ivers represented the buyer. The financing was provided by Ion Bank of Naugatuck and Community Investment Corp. was the SBA lender.
VERNON, CONN. — The Boulder Group has brokered the sale of a newly constructed single-tenant retail property located at 426 Talcottville Road in Vernon. The property, which is net-leased to Dollar General, sold for $1.6 million. Situated on 1.11 acres, the 9,262-square-foot property is leased to Dollar General for at least a 15-year term. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based investment firm, in the transaction. The seller was a Northeast-based developer.
