REBusinessOnline

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, …

Connecticut Industrial Sector Sees Steady Demand from Tenants, Investors

[caption id="attachment_161990" align="alignright" width="100"] Timothy D’Addabbo, Cushman & Wakefield[/caption] 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 …

Fairfield County: Office Revamps Result in Tenancy Shift

[caption id="attachment_161612" align="alignright" width="100"] Thomas Pajolek,CBRE Group[/caption] 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 …

Tenants Have the Upper Hand in Stamford Office Market

[caption id="attachment_148190" align="alignright" width="100"] Jim Fagan, Cushman & Wakefield[/caption] 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 …

Fairfield and New Haven See Growing Supply of Apartments

[caption id="attachment_123726" align="alignright" width="100"] Steve Witten, Institutional Property Advisors, a division of Marcus & Millichap[/caption] 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 …

Connecticut Office Market Offers an Abundance of Choices for Large Tenants

[caption id="attachment_135232" align="alignright" width="100"] Thomas Pajolek, CBRE[/caption] 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 …

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

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 …

Construction Activity and Rents on the Rise in Connecticut Apartment Market

[caption id="attachment_123726" align="alignright" width="100"] Steve Witten, Institutional Property Advisors, a division of Marcus & Millichap21[/caption] 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 …

Retail Development Branches Out in Connecticut

[caption id="attachment_123721" align="alignright" width="100"] Jason Wuchiski, RHYS[/caption] 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 …

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