Real Estate News
The Hampshire Company, a full service, private real estate investment firm with assets valued at more than $2.3 billion, has sold a portfolio of three industrial properties to a private buyer on September 6, 2017.
The industrial complex located on Kripes Road in East Granby, CT has sold for $3,879,680. The transaction occurred on September 7, 2017 after nearly a year of being available on-market. Based on the stated $326,000 NOI in the initial listing and closed sale price, the property sold approximately at an 8.4% capitalization rate.
The Hartford County Flex/Industrial Market is comprised of approximately 114,400,000 square feet of inventory. The 3rd Quarter 2017 vacancy rate in Hartford County is 5.0%, 190 basis points lower than the 3rd Quarter 2016 rate, and 261 basis points lower than the ten year average.
The industrial building at 55 Corneau Way in South Windsor has reportedly sold for $1,225,000. CoStar reports the transaction took place on August 17, 2017 with a capitalization rate of 12.5%.
Formerly the site of NAMCO’s warehouse and distribution center headquarters, the industrial building located at 100 Sanrico Drive in Manchester sold recently for a recorded amount of exactly $6,216,594. The transaction occurred on July 25, 2017 and was reportedly done in lieu of a potential foreclosure on the seller.
The 110,000 square foot office building located at 75 Holly Hill Lane in Greenwich, Connecticut sold on July 7, 2017 for $33,750,000. The seller and buyer in the transaction are ClearRock Properties and Benedict Realty Group, respectively. Both companies are New York-based real estate investment, advisement and management firms.
TNREF III High Ridge LLC, a joint venture between Darien-based Baywater Properties and an investment fund managed by True North Management Group LLC, has bought 225 High Ridge Road in Stamford for $22.5 million. CBRE’s Institutional Properties represented the seller RA 225 High Ridge LLC, an entity controlled by RNY Property Trust, in the June 16, 2017 sale.
The Fairfield County Office Market is comprised of 67,370,000 square feet of inventory. As of mid-3rd Quarter 2017 the vacancy rate in Fairfield County is 14.1%, 100 basis points higher than the 3rd Quarter 2016, and 100 basis points higher than the ten year average.
The Tampa, Florida-based Carter Validus Mission Critical REIT II acquired a major Norwalk data center in March 2017 for exactly $58,884,953. The property, located at 10 Norden Place #B and more commonly known as 6 Norden Place, boasts 167,691 rentable square feet and is considered the largest data center in the state.
The Fairfield County Flex/Industrial Market is comprised of 60,880,000 square feet of inventory. As of the 2nd Quarter 2017 the vacancy rate in Fairfield County is 9.4%, 120 basis points lower than the 2nd Quarter 2016, and 364 basis points lower than the ten year average.
Chris Kerin will be among the presenters at the Northeastern Regional Association of Assessing Offices Conference. The conference runs from May 21st through May 24th and is being held in Mystic, Connecticut this year.
The Hartford County Office Market is comprised of 59,390,000 square feet of inventory. As of the 2nd Quarter 2017 the vacancy rate in Hartford County is 9.4%; 41 basis points lower than the ten year average and 10 basis points higher than the 2nd Quarter 2017 rate.
A five-building office complex located in Windsor, CT was sold on February 28, 2017 for $5,000,000. Investors Warranty of America LLC (IWA), an Iowa-based subsidiary of Aegon USA, sold the portfolio to Griffin Park Realty VV LLC with CBRE-New England facilitating the deal. The buyer is a Brooklyn, NY-based private equity partnership managed by Vasco Ventures.
STAG Industrial Holdings, LLC recently purchased the massive industrial building at 40 Pepes Farm Road in Milford, CT for $13,250,000. The transaction took place on February 28, 2017 and was sold by Calare Properties, a private real estate investment firm and operator based in Boston, Massachusetts.
“My Clients Are In Panic Mode Because I-95 May Be Widened!” Ron Brien, Esquire from the Law Office of Ronald J. Brien will be the moderator for a panel of experts to discuss the potential widening I-95.
The New Haven County Flex/Industrial Market is comprised of 75,290,000 square feet of inventory. As of the 2nd Quarter 2017 the vacancy rate in New Haven County is 5.5%, 150 basis points lower than the 2nd Quarter 2016, and 540 basis points lower than the ten year average.
The strip shopping center at 970 High Ridge Road in Stamford, CT sold recently for $13,293,500. Phoenix High Ridge, LLC sold the property on October 20, 2016 to the self-administered equity REIT Urstadt Biddle Properties, Inc. (UBP) in an all-cash transaction.
The mixed-use property located at 1835 Post Road East in Westport, CT was bought for $4,200,000 by Blackshaw Hunchar, an affiliate of Avison Young. This marks one of several recent acquisitions by Avison Young, which will begin serving as property manager to the three building, .63 acre site.
The Fairfield County Retail Market is comprised of 49,100,000 square feet of inventory. As of the 1st Quarter 2017 the vacancy rate in Fairfield County is 3.9%, 90 basis points lower than the 1st Quarter 2016, and 124 basis points lower than the ten year average.
The Hartford County Retail Market is comprised of 59,680,000 square feet of inventory. As of mid-1st Quarter 2017 the vacancy rate in Hartford County is 3.9%, 100 basis points lower than the 1st Quarter 2016 rate and 150 basis points lower than the ten year average.
Two retail/office properties at 2-10 Wilcox Street and 750 Hopmeadow Street in Simsbury, CT were sold on December 21, 2016 for $3,425,000.The buyer, Hopping Fiddler LLC, purchased the property for its strong investment value and was represented by Berkshire Hathaway Commercial Group in the transaction.
The 7,815 square-foot retail/restaurant building, currently operated as a Red Lobster, sold November 17, 2016 for $7,858,347. The property, located on the southeast corner of Executive Square and Silas Deane Highway, is situated in a popular commercial corridor in downtown Wethersfield, CT.
The New Haven County Retail Market is comprised of 49,900,000 square feet of inventory. As of the 3rd Quarter 2016 the vacancy rate in New Haven County is 5.8%, 94 basis points lower than the ten year average of 6.7%.
The freestanding retail building at 2945 Boston Post Road in Guilford, CT has been sold to Morande Automotive Group for $5,650,000 as part of a 1031 exchange.
It appears that change will be coming to a key section of U.S. Route 5 in Wallingford, CT. For nearly 56 years, the property at 906 North Colony Road in Wallingford was home to the family-owned and operated banquet facility, Villa Capri.
Fareri Associates has agreed to buy the eight-building Greenwich Office Park in Greenwich, CT from Clarion Partners for $130,000,000. The properties located at 1-9 Greenwich Office Park were 83% leased at the time of sale, with a mix of medical, financial, and professional tenants spanning several industries.
The sprawling 68-acre General Electric office park found at 3135 Easton Turnpike in Fairfield, CT, is set to change ownership and become a new asset in Sacred Heart University’s growing portfolio of real estate.
Blackshaw Chriscott LLC has acquired the mixed-use retail and residential property at 13 Grove Street in Darien, CT from Day Street Development LLC for $4,900,000.
The Hartford County Flex/Industrial Market is comprised of 114,250,000 square feet of inventory. As of the 3rd Quarter 2016 the vacancy rate in Hartford County is 7.2%, 81 basis points lower than the ten year average.
80 Shaker Road LLC has purchased the industrial property located at 80 Shaker Road in Enfield, CT from Parker Hannifin Corp. The $2,056,000 sale occurred on 8/29/2016 and features approximately 33,170 square feet of manufacturing and warehouse space located on 5.23 acres of commercial land.
A pair of industrial buildings in Windsor, CT sold for $1.75M on August 9th, 2016 at a pro forma cap rate of 9.39%. This sale of approximately 63,400 square feet of manufacturing and warehouse space comes after a lengthy 8-year marketing period.
New Century Gardens, LLC has sold the 179-unit Cambridge Apartments complex to Kimberly Karkos of 2225 Main Street, LLC for a reported $8,525,000 or $47,626 per unit.
As of the 2nd Quarter 2016, the vacancy rate within the 66,800,000 square foot Fairfield County Office Market is 13.3%. The vacancy rate is 210 basis points lower than the previous year, and 101 basis points higher than the 10 year average.
Empire State Realty Trust, Inc. (NYSE: ESRT), a real estate investment trust, has agreed to proceed with a $622 million investment deal that grants affiliate Qatar Investment Authority (“QIA”) a 9.9% interest in the company on a fully diluted basis. This attributes to a 19.4% ownership of Class A shares belonging to Empire State Realty Trust, who own office and retail properties in Manhattan, Fairfield County, and the greater New York Metropolitan area.
Park Square West, a 9-story mixed-use apartment and retail building located at 101 Summer Street in Stamford, Connecticut, has sold for $40 million. The sale is the result of an ongoing bankruptcy auction of eight Stamford properties once belonging to developer Seaboard Realty.
We are pleased to announce that David Herbst has been awarded the prestigious MAI designation. Being a designated member of the Appraisal Institute means Dave has made a commitment to higher ethical requirements, advancing his education and greater expectations for the appraisal profession as a whole.
Wexford Plaza located at 411 West Putnam Avenue in Greenwich, Connecticut has sold for $51.5 million making it the highest priced commercial sale in Greenwich since 2007. The buyers, JMC Holdings, LLC, are a real estate investment company based out of New York City.
Joint venture partners The Wilder Cos. and Principle Real Estate Investors have purchased the 100,000 square foot shopping center for $29 million. The property is in an ideal location for retail, located right on Route 44 and easily accessed from Route 10, and neighboring the towns of Canton, Simsbury and West Hartford.
The 151,000 square foot office complex located at 2 and 4 Armstrong Road in Shelton, Connecticut has been sold to Armstrong Shelton Properties, LLC for $8 million. The purchase was financed by Washington Trust’s Commercial Real Estate Group based out of Westerly, Rhode Island.
The vacancy rate within the 47.8 million square foot Fairfield County retail market is stable at 4.7% as of the 1st Quarter 2016, and remains below the 10 year average vacancy rate of 5.3%. The average asking rent is $29.04 per square foot triple net, which is within 2% of the pre-recession high of $29.75 per square foot reached in the 3rd Quarter 2008.
Chris Kerin and David Herbst will be among the presenters at University of Connecticut’s Annual Assessor’s School held at the Storrs campus in the beginning of June. The School offers courses approved by the CCMA Committee and advanced CAAO workshops.
Granoff Architects, a leading design firm in Greenwich, purchased the former CL&P building for its new corporate headquarters. Located at 330 Railroad Avenue in Greenwich, the 30,585 SF building was purchased in April for $8.3M.
CBRE has been retained to advise GE on the sale of the property as local real estate investment firm, Kleban Properties, is aggressively pursuing an acquisition.
Dave Herbst will be the moderator of a panel featuring Attorney Mario Coppola of Berchem, Moses & Devlin, P.C., Bill O’Brien, MAI, CCMA, Assistant Assessor in Norwalk, Roger Palmer, MAI, Deputy Assessor in Middletown, and Chris Kerin, partner of Kerin & Fazio, LLC.
Trefoil Park, in Trumbull, has sold for $26.7 million. The five-building office/flex park sold 96% occupied, with 36% of the rented area leased to tenants who have occupied their space for ten or more years. The buyer has appointed Cushman & Wakefield, which brokered the deal, as the management and leasing agent for the complex.
Avalon Bay has sold the 340-unit Eaves Trumbull Apartments complex to Paredim Partners, LLC for $70.25 million. The property was purchased in partnership with LEM Capital. Paredim plans to make “value-enhancing renovations” and rebrand the complex.
FedEx Ground has purchased the former Aetna headquarters site in Middletown, located at 930 Middle Street, for $18 million, signaling the company may locate one of its new distribution centers at the property.
ClearRock Properties and Contrarian Capital Management has sold the buildings located at 700, 850, and 860 Canal Street, in Stamford’s South End, for $42.25 million ($171/SF). The buyer, a partnership between Mountain Development, Corp., Gottesman Real Estate Partners, and ClearRock Properties, financed the investment with a $23 million mortgage.
Kerin & Fazio, LLC is proud to sponsor the Connecticut Land Conservation Council’s annual conference at Wesleyan University. Held every Spring, the CLCC is the largest conservation gathering and only convocation of its kind in Connecticut.
Chris Kerin was the guest speaker at the New Haven County Assessors Association meeting in February. The talk, entitled Single Tenant Retail Valuation Issues, focused on the recent Connecticut Superior Court decision Walgreens v West Hartford.
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.
Winthrop Realty Trust has sold its 84% stake in the Highgrove luxury apartment building in Stamford for $90 million. This equates to a sale price of approximately $1,160,000 per unit. The property sold with an occupancy rate of 96% and reported rental rates ranging between $4,000 and $9,000 per month.
The former Pitney Bowes corporate headquarters in the South End of Stamford has sold for $38.5 million ($87/SF). The property was purchased by Building and Land Technology, a local development firm with a large presence in Stamford’s South End.
Westport Capital Partners, along with two co-investors, has purchased Goodwin Square, in downtown Hartford, for $17.6 million. The buyer, a local investment firm, plans to renovate the office tower and hotel.
Manfredi Jewels has purchased the building they have occupied for 27 years along Greenwich Avenue. The property, at 121 Greenwich Avenue, is the firm’s flagship location.
Two office buildings in New Canaan have sold for a combined price of $11.84 million dollars. The buildings, totaling 33,773 square feet, sold for approximately $350 per square foot.
The office building located at 6 Armstrong Road in Shelton has sold for $16.73 million. The buyer is Windsor Management Corp., a property management firm based in New York City. The property sold 87% occupied, up from 50% just a year earlier.
The Town Green at Wilton Center has sold for $9.9 million. The property sold to Paragon Realty Group, LLC. Tenants at the time of sale included Hunan Cafe, Marly’s Bar & Bistro, and Webster Bank.
Trolley Square, in East Haven, has sold for $22 million, or approximately $204 per square foot. The seller, Ceruzzi Properties, sold the retail center as part of a 1031 exchange to private investor based in Manhattan.
Paragon Realty Group and Clarion Partners have partnered to purchased 44 Main Street, in Westport, for $22.5 million. The building sold 100% occupied by Banana Republic, The Nail Spa, and Studio 44 Dance & Fitness.
Navarino Capital Management has purchased a four-property portfolio of multi-family properties in New Haven and West Haven for $14.2 million. The portfolio contains 203 units, equating to a sale price of approximately $70,000 per unit.
The office building located at 100 Mill Plain Road in Danbury has sold for $12.4 million to principals of EvO Real Estate Group. The building sold for approximately $141.54/square foot.
Chris Kerin was a guest speaker at the 2015 Connecticut Land Conservation Conference held at Wesleyan University. Despite the snow, turnout was strong at the State’s largest annual full-day land conservation gathering.
The North Park Shopping Center has sold for $15,250,000 ($283/SF). The property, located at 1700 Park Avenue, sold fully occupied by nine NNN tenants including McDonald’s, People’s United Bank, and Deal$. The center is anchored by a Save-A-Lot Supermarket.
The Marquis on the River, a luxury apartment building in Norwalk, has sold sold for $6,775,000. The sale price for the building at 142 East Avenue, equates to approximately $356,579 per unit. The property sold over 98% occupied. Cushman and Wakefield represented the seller.
30 Buxton Farm Road in Stamford has sold for $13,475,000. GHP Office Realty, LLC had first purchased the property in 2003 for $8.3 million. The Class A office building sold 90% occupied by 14 tenants.
Cornerstone at Bedford recently sold for $75.1 million to Cornerstone Apartments Property Owner, LLC. The sale price represents a unit price of $204,000 per apartment. Steve Witten and Victor Nolletti, from IPA, and Eric Pentore, from Marcus & Millichap, represented the seller of the property, Fairfield Bedford, LLC.
Urstadt Biddle has purchased two mixed use properties totaling 89,000 square feet in the Cos Cob and Old Greenwich sections of Greenwich. The company acquired the properties for $47.4 million, or $533 per square foot. The first building stands three stories and is comprised of 48,000 square feet. A 15,600 square foot CVS Pharmacy anchors the property which sold 97% occupied. The second property contains two stories and 41,000 square feet, anchored by an 18,200 square foot King’s Supermarket.
Mack-Cali sold a portfolio of twelve office properties in Connecticut, New York, and New Jersey to Keystone Property Group in February of this year. Keystone and Mack-Cali have now closed on the final six office buildings located in Westchester County and Stamford. The six buildings sold for a total of $91.5 million.
375 Bridgeport Avenue, a class B office building in Shelton, has sold to Woodgreen Management, Inc. for $6.3 million ($136/SF). The property was marketed at an undisclosed price and received nine written purchase offers.
109-115 Elm Street in New Canaan has sold for $7,600,000, approximately $806 per square foot. The property was purchased by Campana 109, LLC from Treadwell Holdings, LLC.
Kimco Realty Corporation has purchased a 24-property shopping center portfolio that stretches from Massachusetts to New Jersey. The portfolio includes 21 centers in Massachusetts (including 17 in the Boston area), two in New Jersey, and one in Connecticut.
Kleban Properties has sold an 80% stake in three shopping center properties in Fairfield for $150 million to Regency Centers Corp. The properties sold 100% leased at a rate of $476/SF. Kleban Properties manages a portfolio of over ten shopping centers in Fairfield.
Simone Development Companies has purchased four auto dealerships along West Putnam Avenue in Greenwich. 217 West Putnam Avenue sold for $5.2 million, 252 West Putnam Avenue sold for $2.8 million, 261 West Putnam Avenue sold for $13.5 million, and the service center located at 262 West Putnam Avenue sold for $2.5 million.
Chris Kerin was the guest speaker at the Hartford Area Assessors’ Association meeting in February where he discussed the valuation of drug stores and other Single Tenant Net Leased (STNL) properties.
Mack-Cali has sold a portfolio of twelve office properties in Connecticut, New York, and New Jersey to Keystone Property Group. The twelve buildings total approximately 2.3 million square feet and sold for $230.8 million, of which $201.7 million will be paid in cash.
The former Avalon Bay community at 53 Sand Pit Road in Danbury has sold to The Simon Konover Company and Outlook Development Group for $53.3 million on February 10.
Chris Kerin was invited to lecture at Marsh Hall for graduate students in the Yale School of Forestry & Environmental Studies. Students that braved the snowstorm took part in the lively conversation about land conservation and the real estate appraisal process.
The newly constructed Elmwood Plaza, located at 176-178 Newington Road in the Elmwood neighborhood of West Hartford, has sold for $14.25 million, or approximately $178 per square foot.
Grossman Cos. Inc. has partnered with Summit Development, LLC for a third joint venture in Connecticut in just the last 15 months. The pair have acquired the Class A office building located at 372 Danbury Road, in Wilton, from Luzern Associates, LLC for $19.2M, or approximately $237 per square foot.
The Bethel Hub Shopping Center has been sold to Urstadt Biddle Properties, Inc. for $9M. The center sold in conjunction with the parking lot across the street. Urstadt Biddle Properties specializes in investing in “grocery or drugstore anchored shopping centers in the suburban areas surrounding New York City”.
Cedar Realty Trust, Inc announced on November 21, 2013, that it has purchased the Big Y Shopping Center located in Bethel, Connecticut for $34.5 million. Cedar Realty Trust is a real estate investment trust with a portfolio consisting of roughly 10 million square feet of space along the east coast.
Winthrop Realty Trust has purchased four luxury apartment buildings for a total price of $246 million. The Highgrove is an 18-story building that consists of 92 condominiums located at 70 Forest Street in downtown Stamford.
The 90,000 S.F. shopping plaza in Westport, known as the Village Center, has sold for $54.25 million to a real estate investment firm, Equity One, Inc. The firm bought the shopping center from the Kowalsky family that built and owned the center since 1974.
The mixed use retail and office building located at 180 Post Road East in downtown Westport has sold for $11 million. The building sold for $10.6 million and an additional $400,000 was paid for the parking lot located next to the building at 11 Bay Street.
Baker Properties, of White Plains, NY, has purchased a Stamford warehouse and office building, located at 316 Courtland Avenue, for $9.25 million. The building contains nearly 119,000 square feet of space situated on 6.79 acres of land in eastern Stamford.
Hurricane Sandy left its mark on the towns of Connecticut’s coastline, particularly towns like Fairfield. The storm crashed onto the shores of Fairfield on October 29, 2012 and left considerable damage in its wake.
The housing market appears to show continued strength amid news of rising existing home sales in August. The month saw an increase in existing home sales of 1.7%, an annual rate of 5.48 million units, beating economist projections of a 5.25 million-unit rate according to a poll by Reuters.
Gateway Park Associates recently sold 777 West Putnam Avenue, in Greenwich, for $38,850,000, or approximately $300 per square foot. The property, known as Gateway Office Park, is a newly renovated class A office building with approximately 130,000 square feet of space.
The Fairfield County industrial market is showing signs of improving. Total sales volume in the Fairfield County Industrial market increased significantly in 2012, mostly as a result of the sale of several large facilities. The weighted average sale price per square foot, which fell sharply in 2010, also increased in 2012, although a slight downward trend is evident in 2013.
Urstadt Biddle Properties has bought two retail properties on Putnam Avenue in Greenwich for $18M. Urstadt Biddle acquired the properties from the Chimblo family, who had constructed and owned the properties for more than four decades.
Mack-Cali Realty Corporation has sold it’s commercial office property known as 40 Richards Avenue to The Davis Companies for $16.5M. Built in 1985, the class A seven-story office building boasts 145,487 square feet of office space rests on 1.4 Acres of land.
Lee Farm Corporate, a joint venture between Summit Development and The Grossman Companies, Inc., have purchased the property known as Lee Farm Corporate Park for $16.9 Million.
Starwood Capital Group of Greenwich, Connecticut has purchased a portion of Blue Back Square located in West Hartford for $104.9M. The sale contains approximately 450,000 square feet of retail/restaurant and office space as well as a 48 residential units.
Kimco Realty Corp. of New Hyde Park, NY has purchased the Wilton River Park, Executive Campus from Kleban Properties for $42 Million. Kimco previously purchased Wilton Shopping Center located at 11 River Road from the same seller for $39.7 Million.
Federal Realty Investment Trust has purchased a Darien shopping center for $47.3 Million. The property includes 95,000 S.F. (90% leased) on 9 acres of land which includes a 548 space parking lot.
A private investor based in Florida has bought the property known as Mattatuck Plaza for $12.2 Million, or $83 per square foot. The 146,930 S.F. property is located at 650 Wolcott Street, Waterbury, Connecticut.
Acadia Realty Trust, a New York based REIT, has purchased the Village Square shopping center for $14.138 Million. Located at 181-185 Main Street, Westport, Connecticut, the property is home to the tenants TD Bank, House of Clement, Charter Realty and Westport Physical Therapy.
Spirit Bascom Ventures, a joint venture between New York based Spirit Investment Partners and Irvine, Calif. based The Bascom Group has teamed up with private investors and acquired a South Norwalk development property known as Jefferson at 55/77 Water for $43.25 Million.
KS Partners, a commercial real estate owner and property management company, purchased a Rocky Hill portfolio for $65 million, or $100 a square foot, from New Boston Fund Inc. The portfolio consists of eight buildings, 649,790 square feet in total.
Equity One, Inc. recently closed on the purchase of Darinor Plaza, a 152,000 S.F. shopping center located at 500 Connecticut Avenue in Norwalk. Darinor Plaza transferred for $36 million or $237/SF.
Chris Kerin served as moderator at the 18th Annual Fall Symposium sponsored by the Connecticut Association of Assessing Officers, held at Four Points by Sheraton Meriden. The afternoon session focused on creating mass appraisal models to value hotels and drugstores.
Kleban Properties has purchased the Brooks Brothers high-end retail store for $773 per square foot. The 9,837 S.F. building is located at 987 Boston Post Road along Darien’s downtown shopping district.