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Industrial, Office Investment Demand Rises in Westchester, Fairfield Counties

Taylor Williams — Wed, 17 Jul 2019 12:33:13 +0000

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 past spring, HFF sold a portfolio of 52 industrial flex assets in multiple parks in both Westchester and Fairfield counties for $488 million, or $167 per square foot. The demand was very strong for these industrial assets, and the buyer pool spanned from private groups to some of the largest money managers in the world. In addition, cap rates are in the 4.25 to 4.85 percent range for more traditional industrial product. Cap pricing is absolutely on track to surpass $200 per square foot, as there is a lack of available land for development and institutional funds’ continue to display an insatiable appetite for the product type. Consequently, these kinds of deals continue to dominate the conversations and market activity. Office Market Interest…

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Retail Landscape Evolves in Fairfield, Westchester Counties

Taylor Williams — Fri, 12 Jul 2019 12:14:18 +0000

Main Street isn’t dead. It’s being refreshed, rebranded and reimagined. Creating a compelling experience in today’s retail environment is a critical element to being successful. Property owners are working hard to make their retail sites attractive and relevant. This includes placing emphasis on curb appeal and redeveloping spaces that may previously have been occupied by big box tenants. Many landlords are turning larger vacancies into multiple spaces to accommodate junior anchors and smaller tenants at as retailers are rightsizing and working to maximize efficiencies. At the same time, landlords are replacing building façades and updating landscaping, parking areas and lighting to enhance visual appeal. Main Street in Westport, Connecticut, represents a prime example of this retail renaissance. This area is in the midst of a complete reboot. Over the past year or so, the talk of the town was that the storefronts along Westport’s commercial corridor are not as lively as they had been in the past. But appearances can be deceiving, and perception isn’t always reality. The truth is that Westport’s retail scene is very much alive and is being revived with new and fresher brands. New Players We’re seeing brands like Sundance, an apparel catalog company created by…

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Entertainment, Restaurant Sectors Expand Rapidly in Southern New Hampshire

David Cohen — Wed, 23 Jan 2019 13:00:40 +0000

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. Three vacant Sports Authority stores were occupied by HomeGoods, Sierra Trading Post, Cost Plus World Market, Guitar Center, Party City and DSW. BJ’s Wholesale Club opened in the vacant Sam’s Club in Manchester. A vacant center in Merrimack, now known as Merrimack 360, is under redevelopment. Planet Fitness opened there and an Altitude Trampoline Park is planned. Other announced tenants include Dollar General, Great Clips and The Thirsty Moose Taphouse. As a result of these changes, absorption was flat for the year. The retailer adding the most space in the region was BJ’s Wholesale Club, which opened 108,900 square feet in Manchester. Cardi’s Furniture and NH1 Motorplex Indoor Karting were next, filling space at Seacoast Shopping Center in Seabrook. Sam’s Club, Toys…

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Strategic Opportunities Drive Record Investment in New Haven Apartments

David Cohen — Wed, 16 Jan 2019 19:29:36 +0000

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 past 24 months than they have at any point in the last 10 years. Positive job growth has renewed renter demand, facilitating vacancy declines and rent gains. Vacancy has fallen 350 basis points since September 2016 to its current rate of 4.1 percent, and as vacancy contracted, rent growth accelerated. Effective rents began rising in 2017. The pace of growth has been trending upward in 2018, reaching a trailing 12-month appreciation rate of 5.9 percent in September, a four-year high. These improvements are just as evident in the surrounding suburbs south along the I-95 Corridor and north along the I-91 Corridor as they are in the city of New Haven. The increase in absorption and the resulting impact on multifamily operations has been positive in part because…

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In Fairfield County, New Challenges Call for New Retail Strategies

David Cohen — Wed, 01 Aug 2018 12:00:51 +0000

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 basis points lower than one year ago, according to CoStar Group. The retailers that aren’t surviving are those that aren’t adapting to con- temporary market dynamics. Techno- logical and social disintermediation create the chaotic decision-making process of adapt or perish. Still, amid today’s anxieties, here are three examples of adaptation that offer promise. Selling an Experience Stores that are succeeding today are often the ones that have realized that retail is now less about selling goods and more about selling an experience. Below we offer two examples in Fairfield County, both designed to add a stimulating overlay of experience into typically more tepid retail settings. The first illustration of a retail experience is the indoor adventure ropes course located within furniture and mattress retailer Jordan’s 150,000-square-foot showroom along New Haven’s Long Wharf. Touted…

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

David Cohen — Wed, 25 Jul 2018 12:30:48 +0000

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 since the recession, thanks to improvements on multiple fronts. Appeal for apartments has generated the second-highest net absorption level so far this decade. Demand increased in the city itself, where Yale University and Yale New Haven Hospital offer numerous employment opportunities, as well as in the surrounding greater New Haven suburbs. Absorption of rental units surpassed that of deliveries by a multiple of three, facilitating a major drop in vacancy. The metro’s overall vacancy rate at the end of the first quarter was 4.7 percent, 270 basis points below where it was just two years ago. Equally important, healthier demand has also aided rent values. Monthly effective rates started to rise in 2017 after retreating in 2015 and 2016, with rent growth nearing 6 percent year over…

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Winners and Losers in Connecticut Retail

Taylor Williams — Wed, 13 Dec 2017 12:41:10 +0000

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. The “services” or “daily needs” category of retail continue to flock to these centers mainly because of consumer routine. The “services/daily needs” category includes health/fitness, traditional sit-down restaurants, quick-service restaurants, pharmacies, pet supply retailers, wireless communications, medical (walk-ins) and banking. Traditional neighborhood centers are becoming more conscious about merchandising with this specific category while trying to avoid deals with the more risky retail categories, such as off-priced apparel. The big-box power centers and the centers with large chunks of vacancy are another story, and there will be winners and losers. Geography plays a big role here and it’s not the dead-end road that some suggest. Over the past 18 months, my team’s exclusive leasing portfolio has had two Kmart closures in two separate…

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Connecticut’s Fairfield County Office Market Displays Healthy Indicators

Taylor Williams — Wed, 06 Dec 2017 12:33:40 +0000

Connecticut’s Fairfield County ranks among America’s 40 wealthiest counties with a median household income of $81,268 in 2010. And while some of its current office market data stand at low levels, many indicators point to a bright future. Year-to-date office leasing activity reached 1.7 million square feet as of the third quarter. This amounts to a 21 percent increase relative to the same period one year ago. While this figure stands 3.1 percent below the five-year historical average, overall leasing volume does not take into account a 500,000-square-foot, build-to-suit lease undertaken by Charter Communications at Gateway Harbor Point in Stamford. For the quarter, aggregate office leasing in the county totaled 555,629 square feet. Stamford and Greenwich accounted for more than 77 percent of the total. Major transactions included Bank of America’s 166,000-square-foot lease at 600 Washington Boulevard in Stamford and AQR Capital’s 90,000-square-foot expansion at One Greenwich Plaza. In August, Stamford scored its most impactful corporate attraction of the year when the German-based multinational Henkel moved its North American headquarters from Scottsdale, Arizona, to 155,000 square feet within the BLT Financial Centre at 200 Elm Street. The consumer products firm said its laundry, beauty and home-care divisions are employing approximately…

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

Nellie Day — Wed, 29 Nov 2017 13:00:08 +0000

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 New Haven is situated adjacent to Yale University. It is the only Marriott-branded hotel within nearly 10 miles of downtown New Haven. The hotel underwent a renovation of all public spaces and guestrooms in 2016. The Hilton Garden Inn Boston/Waltham is centrally located along the Route 128/Interstate 95 corridor known as America’s Technology Highway. The hotel benefits from strong corporate demand with 16.4 million square feet of office space within three miles of the property and another 1 million square feet under construction. The recently renovated Residence Inn Cleveland Downtown is positioned within the Central Business District’s 9.5 million square feet of Class A office space, which includes the headquarters of Fortune 500 companies Sherwin-Williams, KeyCorp and Cliffs Natural Resources. The Homewood Suites by Hilton Tucson/St. Philip’s Plaza…

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Connecticut’s Tight Industrial Market may Limit Opportunity for Growth

Jaime Lackey — Mon, 31 Jul 2017 16:38:31 +0000

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 the tightest I’ve seen in Connecticut in more than 31 years. Each region in the state is experiencing varied levels of success, but overall the industrial market is healthy, with dropping vacancy rates, increasing rental rates, and decreasing cap rates. The game changer is big box distribution and third-party logistics activity throughout the region. In a market where a 75,000-square-foot deal used to be major news, we have seen numerous leases and new construction deals over 200,000 square feet in the past two years. E-commerce activity includes Amazon (1.5 million square feet in Windsor), FedEx (550,000 square feet in Middletown), and UPS (239,000 square feet in Windsor). Other significant transactions include Trader Joe’s (750,000 square feet in Bloomfield), Mobis Parts America (291,000 square feet in South Windsor), Vistar NE (296,000 square feet in South Windsor),…

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

Haisten Willis — Mon, 06 Mar 2017 16:37:34 +0000

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 amortization schedule. The loan will be used replace an existing $12.1 million loan and provide additional funds for the buyout of an existing Kmart lease. The store will be replaced with a 65,000-square-foot ShopRite grocery store and other tenants. The redevelopment is anticipated to take 18 months. The property is located at 51 Shunpike Road in Middlesex County, immediately west of Route 9 and 1.5 miles east of I-91 on the northwest corner of Shunpike Road and Route 372.

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Investors Seeking Yield See Opportunities in Fairfield & New Haven Apartments

Jaime Lackey — Wed, 21 Sep 2016 08:06:15 +0000

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, they prefer Connecticut rentals due to a significant price differential. Even after considering costs for commuting, the value proposition New Haven and Fairfield counties remains very robust as average rents are priced at approximately $2,000 less per month than those in New York City. Market demand for housing in these two counties will create upward pressure on rent this year, advancing average effective rent 1.6 percent to $1,635 per month. In 2015, effective rent closed the year at $1,609 per month — an 18.3 percent pace of growth since 2011. Builders will deliver 2,100 apartments in New Haven and Fairfield counties in 2016, a reduction from the 3,550 apartments that were delivered in 2015; and they are focusing on…

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Connecticut Industrial Sector Sees Steady Demand from Tenants, Investors

Jaime Lackey — Wed, 31 Aug 2016 09:26:58 +0000

The Connecticut industrial market has changed. The days of large corporate surplus assets littering our industrial parks, mid-teen vacancy rates and discounted lease rates are over — or at least on a hiatus. In the last few years, the market has tightened with many of the larger blocks of space absorbed by various local and national tenants. The last 20 to 25 years saw corporate consolidations, downsizing and the move to cheaper markets dominate our industrial landscape. Left behind were inefficient, large manufacturing facilities in a market losing its manufacturing base. As time went by, these idle, surplus assets were acquired by local and regional investors who eventually made these properties functional again. Over the years, steady absorption has chipped away at vacancy rates, and quality available product has become increasingly difficult to find for tenants. Traditionally, an industrial tenant needing 100,000 square feet or greater would have numerous alternatives to consider and a wide range of quality too. This gave tenants enormous leverage, allowing them to negotiate more flexible and favorable terms and conditions. The relatively recent shift in tide has allowed landlords to control the process and we’ve seen a corresponding upward tick in lease rates. The sales…

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Fairfield County: Office Revamps Result in Tenancy Shift

Jaime Lackey — Thu, 25 Aug 2016 09:13:41 +0000

Fairfield County, Connecticut, which has traditionally been home to many multi-national financial tenants, is transitioning to become one of the most diverse business environments in the region and attracting some of the biggest names from the TAMI (technology, advertising, media and information), creative, engineering and corporate arenas. This shift in the fabric of the business community may be attributed to major investments made by a number of owners to improve and reposition their office properties to meet the demands of this new type of tenant. Owners are virtually creating new tenant experiences in their buildings, with office space boasting technological efficiencies and tenant amenities designed to support a balance between professional and personal needs. The “if you build, he will come,” quote made famous in the movie Field of Dreams is certainly apropos when looking at the trend of newly renovated properties attracting some of the best tenants in the market. A perfect example is the success at Merritt 7, a six-building, 1.4 million-square-foot office complex that recently completed more than 600,000 square feet of new leases — including a recent 133,000-square-foot lease by Datto Inc., one of the fastest- growing information technology firms in the world for its global…

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Tenants Have the Upper Hand in Stamford Office Market

Jaime Lackey — Wed, 03 Feb 2016 12:59:25 +0000

The Stamford, Connecticut, office market has everything going for it: proximity to New York City, a good transportation system, a wonderful quality of life, a superior public school network, great recreational possibilities being on Long Island Sound and great professionals. The one negative: almost zero growth in the state for the past 25 years in terms of both population and office-using jobs. This lack of growth has led to a very soft economic climate as it relates to office space. The vacancy rate for class A office space has hovered at more than 20 percent for the last seven years or more and has dipped below that only a few times since 1990. Vacancy Rate Favors Tenants In Fairfield County, the point of equilibrium is an office vacancy rate of approximately 15 percent. In other words, when the vacancy rate is 15 percent, neither landlords nor tenants have the upper hand in the negotiation of a lease transaction. In Stamford, the current vacancy rate resides at just over 23 percent — and that gives significant negotiating leverage to tenants that are looking for space. Interestingly enough, landlords of some of the better Class A institutional buildings are willing, and able,…

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Fairfield and New Haven See Growing Supply of Apartments

Jaime Lackey — Wed, 12 Aug 2015 10:48:19 +0000

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…

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Connecticut Office Market Offers an Abundance of Choices for Large Tenants

Jaime Lackey — Wed, 29 Jul 2015 10:24:47 +0000

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…

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NorthStar Healthcare Income to Acquire 15 Seniors Facilities for $640M

Nellie Day — Fri, 24 Apr 2015 15:08:50 +0000

GREENWOOD VILLAGE, CONN. – NorthStar Healthcare Income has agreed to acquire 15 continuing care retirement communities (CCRCs) throughout 11 states for $640 million. The assets, which include nine rental CCRCs and six entrance-fee CCRCs for a total of 3,637 units, were purchased from subsidiaries of Fountains Senior Living Holdings. The deal is expected to close in early June. NorthStar then intends to sign a master net lease with affiliates of the Freshwater Group for the entrance-fee properties. The rental properties will be purchased by a joint venture between one of NorthStar’s subsidiaries and affiliates of Freshwater. The rental properties will be held under a RIDEA (REIT Investment Diversification and Empowerment Act) structure, also known as a (TRS) Taxable REIT Subsidiary structure. NorthStar will manage and control the joint venture’s business and affairs, but will obtain Freshwater’s consent on certain major decisions. The acquisition will be financed with seven-year debt at a fixed rate of 3.9 percent. National seniors living operator Watermark Retirement Communities will continue to manage the day-to-day operations of the portfolio. Watermark is an affiliate of Freshwater. Greenwood, Conn.-based NorthStar is a public, non-traded REIT that originates, acquires, and manages asset equity and debt investments in healthcare real…

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Construction Activity and Rents on the Rise in Connecticut Apartment Market

Jaime Lackey — Wed, 21 Jan 2015 12:26:48 +0000

Apartment rents and multifamily asset values are rising while vacancy remains low in Connecticut’s New Haven and Fairfield counties. Young professionals and commuters are moving out of suburban areas to reside in downtown locations so they can take advantage of transit-oriented, live-work-play environments. Costly single-family housing is another factor contributing to new residents seeking rentals rather than buying homes. There is a strong demand for apartments, which keeps vacancy low and prompts new development in the region, so much so that delivery of multifamily housing units this year will more than double those built in 2013. Demand however, outweighs the new supply and the current, record-low vacancy levels will be unaffected. Average prices for apartment assets in New Haven and Fairfield counties rose 3 percent over the last year to $169,000 per unit as the overall quality of listings improved. While the region experiences strong rent growth and higher yields than the likes of New York City and Boston, more foreign investors and institutional buyers continue to emerge with sights set on multifamily assets; and in particular, top-tier assets with more than 250 units in primary markets. Properties near Metro North commuter rail stations and employment centers will generate elevated…

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Retail Development Branches Out in Connecticut

Jaime Lackey — Thu, 15 Jan 2015 13:09:14 +0000

Large-scale new retail development in Connecticut has historically been relegated to super-regional markets or traditional retail nodes — north of Fairfield County, for the most part. It’s really a simple formula: strong national and regional retailers typically want to be surrounded by dynamic retail synergy, and if there’s a great enough demand for a specific market, developers jump on the opportunity to capitalize. It’s happened in Manchester/South Windsor, it’s happened in Milford and its happened in Danbury. From time to time we see pockets of development in less traditional markets but overall, developers stick to “less risky” markets where demand is imminent and the municipalities are of the pro-development variety. Recently, though, larger-scale developments in smaller towns are starting to appear more frequently and retailers and brokers seem to be slowly embracing the emerging trend. Are we running out of developable land in the super regional markets? I don’t think this is the case. I think developers are recognizing that well-placed, large-scale retail projects in smaller towns are garnering significant interest from national brands of all sizes. Developers have had success getting the ever-important anchors to these sites, and that is more than half the battle. -Smaller-format retailers follow in…

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