The CityPlace I office tower in Hartford has sold for $113.25 million, approximately $130 per square foot. The buyer, Paradigm Properties, purchased the property at a reported cap rate of 7.20%. The building was 98.7% leased as of the second quarter of 2015.
The Townline Square Shopping Center, in Meriden, has sold to a New Jersey based private real estate investment group for $44.5 million. The seller, Urstadt Biddle Properties, Inc., will use proceeds to repay revolving debt utilized to acquire grocery anchored shopping centers in 2014 and 2015.
87 Post Road East has sold to a New York City based investor for $16.635 million. The seller, David Adam Realty, will continue to manage the property and provide leasing services. The building sold 100% occupied to Patagonia, Pink Sumo Japanese restaurant, and Balance Point Capital Partners.