Industrial, Office Investment Demand Rises in Westchester, Fairfield Counties

The investment markets for office, industrial and flex properties in Westchester and Fairfield counties have seen significant activity over the last 12 months. Both debt and equity capital have been flowing into the urban and suburban areas of the counties, demonstrating that these submarkets are viable alternatives to New York City. This year has witnessed one of the largest transactions to ever take place in Westchester and Fairfield counties since we have been recording statistics.  This …

Entertainment, Restaurant Sectors Expand Rapidly in Southern New Hampshire

Retail inventory in Southern New Hampshire totaled 29.8 million square feet in 2018, a nominal gain of 42,900 square feet from 2017. Vacancy increased 41,200 square feet, equating to a vacancy rate of 9.3 percent compared to 9.1 percent last year.  The higher rate can be mainly attributed to closings by Toys ‘R’ Us (four namesake stores and two Babies ‘R’ Us stores) and Walmart (two Sam’s Clubs).  Offsetting these closings were openings that filled several large vacancies. …

Strategic Opportunities Drive Record Investment in New Haven Apartments

A strengthening rental market is drawing more multifamily investors toward the New Haven metro area. Property fundamentals are rapidly improving, aided by greater renter demand and a lack of new supply pressure. Solid apartment performance, an array of multifamily assets well-positioned for upgrades and region-leading yields offer opportunities for investors, contributing to a record level of deal volume for the market in 2018. Apartment properties in New Haven have performed better over the …

In Fairfield County, New Challenges Call for New Retail Strategies

America’s $3.5 trillion retail sector is going through tough times. E-commerce has cut into the conventional brick-and-mortar market by roughly 12 percent, an impact that has decreased rents, increased retail vacan- cies and left landlords increasingly anxious. But even in this period of widespread adjustment, the number of store openings nationwide has outpaced closings. We see this in Fairfield County, Connecticut, with first-quarter vacancy rates in 2018 totaling 3.7 percent, 30 …

Rent Growth, Higher Demand Lead to Improved Outlook for Connecticut Multifamily Market

More apartments are being rented in Southern Connecticut, which is benefiting multifamily properties in the Fairfield County/New Haven region in several important ways. For New Haven, this means the return of rent growth. In Fairfield County, the added demand for rentals continues to support new development. An improved outlook for both markets has also positively influenced investment activity. In 2017, multifamily operators in the New Haven metropolitan area had one of their best years …

Winners and Losers in Connecticut Retail

The retail market in Connecticut is alive and well. Sure it’s changing but what industry doesn’t experience change? There are numerous retail categories that continue to post healthy sales while also keeping their new store counts in a growth trajectory. Other categories will adapt to consumer trends and stay relevant in the world of brick and mortar. As we close 2017, we see that traditional shopping centers, especially grocery-anchored centers, are the solid performers in the sector. …

Summit Hotel Properties Acquires Four-Hotel Portfolio for $164M

AUSTIN, TEXAS — Summit Hotel Properties (NYSE: INN) has purchased a four-property hotel portfolio for $164 million. The portfolio contains a total of 652 guestrooms. The acquisition includes the 207-room Courtyard New Haven at Yale in New Haven, Conn.; the 148-room Hilton Garden Inn Boston/Waltham in Waltham, Mass.; the 175-room Residence Inn Cleveland Downtown in Cleveland; and the 122-room Homewood Suites by Hilton Tucson/St. Philip's Plaza University in Tucson, Ariz. The Courtyard …

Connecticut’s Tight Industrial Market may Limit Opportunity for Growth

[caption id="attachment_183528" align="alignright" width="100"] Mark Duclos, Sentry Commercial[/caption] One might expect that the industrial real estate market is in rough shape in a state with a projected $1.7 billion state budget deficit, where the capital city (Hartford) has discussed bankruptcy, and where one of the most famous employers (General Electric) has moved out — not to mention the state’s high taxes and high wages. However, the industrial real estate market is one of …

CBRE Secures $21.3M Bridge Loan for 215,000 SF Retail Center in Connecticut

CROMWELL, CONN. – CBRE Capital Markets’ debt and structured finance team has secured $21.3 million in bridge financing for Cromwell Square, a 218,000-square-foot shopping center currently anchored by a 100,000-square-foot Kmart in Cromwell. Mark Fisher, Michael Riccio and Alex Furnary of CBRE facilitated the loan on behalf of the borrower, Greenwich-based developer/owner/operator HB Nitkin. The 10-year, fixed-rate bridge loan includes two years of interest-only payments and a 25-year …

Investors Seeking Yield See Opportunities in Fairfield & New Haven Apartments

Employment gains in New Haven and Fairfield counties, coupled with a bustling job market in the New York City metro, have generated high demand for apartments in New Haven and Fairfield counties, overcoming some of the recent negative optics in Connecticut. Newly hired employees are looking for housing. Employers in New Haven and Fairfield counties are set to add 10,500 individuals to the local workforce this year. And although a significant number of tenants work in the boroughs of New York, …

Content Partners
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‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Pavlov Media
‣ Walker & Dunlop

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