Connecticut

Cushman & Wakefield Brokers Sale of Westport View Corporate Center in Connecticut

by Amy Works December 16, 2014

WESTPORT, CONN. — Cushman & Wakefield has brokered the sale of Westport View Corporate Center in downtown Westport. Marcus Partners, on behalf of Marcus Capital Partners Fund II, acquired the two-building office campus from Invesco Real Estate for an undisclosed price. Situated on 4.5 acres at 8-10 Wright St., the 84,000-square-foot property is currently 58 percent leased. The buyer plans to invest approximately $4 million to upgrade the property. Renovations will include new enlarged windows; redesigned and upgraded landscaping, parking decks, lighting, paving, entrances and signage, as well as upgrades to the lobbies, elevators, restrooms and mechanical systems. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield handled the transaction.

December 16, 2014

Connecticut Northeast Office

Press/Cuozzo Commercial Arranges Long-Term Lease in Hamden, Conn.

by Amy Works December 8, 2014

HAMDEN, CONN. — Hamden-based Press/Cuozzo Commercial Services has arranged a long-term lease for Cross Sector Consulting LLP. The company will relocate from its downtown New Haven, Conn., location to occupy 1,750 square feet of office space at 2558 Whitney Ave. in Hamden. Joel Nesson of Press/Cuozzo represented the landlord, Cucinelli Whitney LLC, while Kevin Walker, also of Press/Cuozzo, represented the tenant in the deal.

December 8, 2014

Connecticut Mixed-Use Northeast

Press/Cuozzo Commercial Brokers $1.05M Sale of Mixed-Use Portfolio

by Amy Works December 4, 2014

NEW HAVEN, CONN. — Press/Cuozzo Commercial Services has brokered the sale of a seven-property mixed-use portfolio located at 455-459 Orange St. in New Haven. 451 Orange Street Associates LLC purchased the portfolio for $1.05 million from Orange Bradley Realty LLC. The asset includes 455 Orange St., which features a first-floor medical office and a three-bedroom duplex apartment; and three residential units at 459 Orange St. Joel Nesson of Press/Cuozzo represented the seller and procured the buyer for the transaction.

December 4, 2014

Connecticut Multifamily Northeast

IPA Brokers $16.4M Sale of Connecticut Apartment Community

by Amy Works December 3, 2014

MIDDLETOWN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Hunters Crossing, an apartment community located in Middletown’s Westlake district. Hunters Crossing LLC purchased the 198-unit community for $16.4 million, or $82,800 per unit, from Middletown Apartment Associates LLC. Located at One Russet Lane, the community features 60 studios, 114 one-bedroom units and 24 one-bedroom loft/garden-style apartments. Community amenities include a swimming pool with sundeck and cabana, a beach volleyball court, a picnic and grilling area, on-site laundry facilities and a nature trail. Steve Witten, Victor Nolletti and Eric Pentore of IPA represented both the seller and buyer in the transaction.

December 3, 2014

Connecticut Mixed-Use Northeast

BLT Unveils Plans for Mixed-Use Davenport Landing in Connecticut

by Amy Works November 20, 2014

STAMFORD, CONN. — Building and Land Technology (BLT) has unveiled its plans for Davenport Landing, a mixed-use redevelopment project located on 14 acres along the West Branch of Stamford Harbor. The plans will unify 28 Southfield Avenue and Stamford Landing to create a mixed-use destination. BLT’s existing mixed-use development, Stamford Landing, features a 600-foot boardwalk, 70-slip marina, 175,419 square feet of office space and 12,621 square feet of restaurant space, which will expand under the new plan with the development of 108 residential units. The second parcel at 28 Southfield Ave. will offer 167 residential units and a new boatyard, including deep-water slips, winter storage, year-round repair facilities and other boating facilities.

November 20, 2014

Connecticut Northeast Retail

The Geenty Group Brokers Retail Lease in Connecticut

by Amy Works November 18, 2014

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.

November 18, 2014

Connecticut Northeast Retail

Avison Young Brokers 10,000 SF Retail Lease in Connecticut

by Amy Works November 10, 2014

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.

November 10, 2014

Connecticut Northeast Office

280,000 SF Office Complex to Undergo Major Renovations in Greenwich, Conn.

by Amy Works November 7, 2014

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.

November 7, 2014

Connecticut Northeast Retail

Marcus & Millichap Arranges Sale of Net-Leased Retail Property in Connecticut

by Amy Works November 4, 2014

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.

November 4, 2014

Connecticut Loans Northeast Retail

NorthMarq Capital Arranges $20.8M in Refinancing for Whole Foods Location

by Amy Works October 28, 2014

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.

October 28, 2014

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