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The Property Exchange
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Business New Haven
10/16/2000
By: BNH
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NEWS
Meredith & Grew Inc. has secured $9 million in permanent financing for the Medway Distribution Center in Wallingford. The recently completed 202,500-square-foot industrial building is located on approximately 20 acres off I-91. James L. Cormier and Mark S. Whelan of Meredith & Grew's Finance & Capital Markets Group arranged the financing with New Haven Saving Bank.
LEASES
Bill Silverman of Levey Miller Maretz and Steve Patten of the Proto Group have announced two leases at One Church Street, New Haven. The Yale School of Medicine has signed a five-year lease with a five-year option on 4,732 square feet. The value of the lease is in excess of $410,000. Also, National Restoration Systems has signed a one-year lease for 1,200 square feet as their operations center during the renovation of the Temple Street Garage. National Restoration was represented by Jim Johnson of Dow Realty.
The Bank of Southern Connecticut has leased 11,306 square feet at 215 Church Street, New Haven. The landlord was represented by Robert Cole of Arnold Peck Realty, and the bank by Lou Proto of the Proto Group and Levey Miller Maretz. The value of the lease is in excess of $600,000. The new bank is expected to open in the first quarter of 2001.
Steve Miller of Levey Miller Maretz and Lou Proto of the Proto Group recently represented McDonald's Corp. on a long-term ground lease on Route 34, Derby. The plaza is owned by Heyman Properties of Westport. The lease value is in excess of $1,375,000.
Press/Cuozzo Realtors has announced that Publix Network Corp. has leased two floors and 5,000 square feet at the Meadowbrook Building, 2751 Dixwell Avenue, Hamden. Joel Nesson represented the landlord, &F Inc. The tenant was represented by Al Acafati, also of Press/Cuozzo.
I-RIC Corp. has signed a three-year lease of 3,300 square feet from Joseph and Mary Gouveia at 116 North Plains Industrial Road, Wallingford. The company also has five years' worth of renewal options. The landlord was represented by Paul Roy of H. Pearce Co., while the tenant was represented by Steven Patten and Lou Proto of the Proto Group.
Also, Vinny Engingro of Select Sites and Steve Patten and Lou Proto of the Proto Group have announced two leases totaling 2,200 square feet at 1220 Whitney Avenue, Hamden. Katherine Hardester will open a yoga studio and bookstore in side-by-side storefronts. One of the units is owned by Doug Rollins and the other by Charles and Carol Spinaci.
Colliers Dow & Condon has announced the lease of 1,744 square feet of retail space at 942 Washington Street, Middletown to Subway. Nicholas R. Morizio of Colliers Dow & Condon handled the lease. Also, the company announced that TEK Systems Inc. has leased 8,372 square feet of office space at Fusco's Meriden Executive Park, 530 Preston Avenue in Meriden. James J. Stanulis of Colliers Dow & Condon represented TEK.
MJB Real Estate Services Corp. has announced the lease of a new site in Millbrook Plaza, located at 664 Foxon Road, East Haven, to CVS. Daniel Johnson and Daniel Garofalo were the brokers. The two worked with the town of East Haven to relocate the existing Dunkin Donuts to the opposite side of the plaza to accommodate the addition of CVS. The freestanding site, scheduled to begin construction in November, will house 10,125 square feet. Spaces in the plaza will range from 3,000 to 14,000 square feet. Continental Contracting has been selected as contractor for the project.
SALES
Marilyn and Brian Nelson, owners of Transportation Solutions Inc. have purchased a commercial condo in Phoenix Park, 29 North Plains Highway, Wallingford from Patti and James Brennan for $85,000. The company specializes on the coordination of the transportation of trade-show exhibits across the county. Steve Patten and Lou Proto of the Proto Group were the sole brokers.
Levey Miller Maretz LLC has announced the sale of a medical office building at 860 Howard Ave., New Haven. The property consists of 3,000 square feet of offices and a 16-car off-street parking area. The property was purchased by Yale-New Haven Hospital for $550,000. It will be used for offices. Fred R. Maretz of Levey Miller Maretz was the listing and selling agent.
George J. Smith & Son has announced the sale of a 12,686-square-foot office/industrial building located at 65 Caswell Street, Milford. The property was formerly occupied by Welling International. Carl G. Russell of George J. Smith & Son represented the seller, Royal Associates. The buyer, Caine & Weiner Inc., was represented by John Bergin, also of George J. Smith & Son. The office and warehouse facility will be used as East Coast headquarters for the new owner, an accounts-receivable management firm.
Marcus & Millicap has announced the sale of three buildings for $830,000. Gary Witten was sole broker in the sale of the 47-unit assemblage located at 701 Howard Avenue, 232 Edgewood Avenue and 285 Winthrop Avenue in New Haven. The purchaser was T&G Investment, LLC. The units, located a short distance from New Haven's central business district, include a combination of one-, two- and three-bedroom apartments. The new owners plan improvements on each property with significant upgrades to the Howard Avenue property, located next to the site of the new Yale Medical School presently under construction. The sellers were Howard Avenue Corp., 323 Winthrop Avenue Corp. and 285 Edgewood Avenue Corp.
The company also announced the sale of Willow Ridge Apartments, located at 111 Clinic Drive, New Britain. Gary Witten was sole broker. The property, purchased by Connecticut Cottages for $1,200,000, consists of 50 units in five attached two-and-a-half-story brick buildings. The sellers were Garden Homes Fund.
Press/Cuozzo Realtors has announced the sale of 1049-1051 Dixwell Avenue, Hamden. The 11,420-square-foot industrial building was purchased by SLH Investment Properties LLC for $155,000. The new owners, who are unidentified, intend to use the property for an automotive-related business. Joel Nesson of Press/Cuozzo was sole broker.
Also, the company announced the sale of 813-825 Chapel Street, New Haven, a 24,156-square-foot, multi-story commercial building. The property was purchased by MBE Properties for $300,000. Joel Nesson of Press/Cuozzo represented the seller, Howber; the buyer was represented by Bill Silverman of Levey Miller Maretz.
Vidal/Wettenstein has announced that Eur-Pac, a Brooklyn, N.Y. firm, has purchased a 15,000-square-foot industrial building at 112 Porter Street, Waterbury. The company, which will relocate from New York to Connecticut, specializes in electrical and hydraulic assembles, part kits and military packaging. Scott Zakos of Vidal/Wettenstein represented the buyer; Bob Bowden of the R. Calabrese Agency represented the seller for the former Waterbury Foundry, Nardozzi Realty Co.
CB Richard Ellis has announced the sale of the Farmington Mountain Office Park, located at 10-50 Stanford Drive, Farmington for $6,500,000 The 13-acre site houses five buildings with a total of 62,000 square feet. The seller was Pacific-Western Mortgage, and the buyer was Sard Realty Co.
EXCLUSIVE LISTINGS
Frank Hoinsky Real Estate/GMAC has announced the exclusive listing of Ansonia Commons, 314 Main Street, Ansonia. The single-story retail and office building contains 20,000 square feet and can accommodate tenants from 600 to 8,000 square feet. The property was recently purchased by Nocerino Development. Richard Bialokoz will be the listing agent.
Angel Commercial LLC has been appointed exclusive broker for three properties. An 11,212-square-foot industrial/commercial facility is located at 294 Quarry Road, Milford. Also, 60 Robinson Blvd., LLC has purchased 5.2 acres of land, Lots 3 and 4 on Robinson Blvd., Orange for $650,000 from Hope Capital LLC and has appointed Angel Commercial as the exclusive broker for the 50,000-square-foot speculation building. Construction is expected to begin within 60 days. The third site is unimproved property consisting of approximately 1.7 acres at 3336 Fairfield Avenue, Bridgeport. Sale price is $835,000.
CONSTRUCTION
OR&L Construction was recently awarded a $3.3 million contract to fit-out laboratory and office space for Cellular Genomics, located at 36 East Industrial Road, Branford. The company, a biotech genetic research company, will be moving from New Haven to Branford at project completion, slated for February
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