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The Property Exchange
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Business New Haven
4/20/1998
By: BNH
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Sales
Lori and Martin Streuli purchased 84 Orange Street, New Haven, in the heart of the Ninth Square neighborhood, from the PBG Corp. of Stamford. Attorney Frank Melzer of Stamford represented PBG. Bill Silverman of Levey, Miller, Maretz & Porto was the sole agent for the buyers. Plans are to convert the building into a Viennese bakery and an upscale restaurant on the ground floor, with a private banquet room on the second floor. The buyers had the assistance of the city's Office of Business Development to remove the property from the proposed Amendment for Downtown Municipal Development, which would have acquired the property for development directed by the city of New Haven.
S.L. Equities of Redondo Beach, Calif. purchased a 525,000-square-foot manufacturing and warehouse facility at 88 Long Hill Street, East Hartford, from First Brands Corp. of Danbury. The property is currently partially leased to Address Service Corp., and houses 250,000 square feet of warehouse and 50,000 square foot of office space for lease. Nicholas R. Morizio, Thomas Couvares and Richard Abo of Colliers Dow & Condon were sole brokers in the transaction.
The site of one of Bridgeport's first large-scale discount department stores, 1730 State Street, was sold to 1730 State Street Associates Limited Partnership for $950,000. Sellers were Adrian and Jordan Mitchell and Grace Lewis. The property is a mulit-tenant light industrial complex. Alan Fischer of Fischer Real Estate represented the buyer. George Shawah Jr. of Baldwin Pearson & Co. represented the sellers.
Metro Movers, LLC has purchased a 12,000-square-foot industrial/warehouse building at 69 Raytkwitch Drive in the Naugatuck Industrial Park for $390,000. Tom Hill and John Famigletti of Tom Hill Realty brokered the transaction
Burmco Inc. has acquired a 9,600-square-foot industrial building at 80 Republic Drive, North Haven for $320,000 from Thomas and Paul Aquila. Burmco relocated from Milford and will use the building to manufacture and import machine-tool accessories for the aerospace and automotive industries. Kevin Smith of H. Pearce Co. represented the sellers, while Lou Buonfiglio of Beazley represented the buyer.
Tilcon Minerals Inc. of New Haven has purchased 39 East Ferry Street, New Haven. The 9,500-square-foot industrial building on 2.25 acres was owned by Goodrich Energy Inc. Sentry Commercial was the sole broker.
Construction
OR&L Construction has been awarded a design-build contract for a 33,000-square-foot manufacturing and office facility in the Centract Business Park, Wallingford, on behalf of National Filter Media Corp. Headquartered in Salt Lake City, the company develops and manufacturers air and liquid purification products.
OR&L has also been awarded a construction management contract for a 40,000-square-foot manufacturing/distribution addition and a refit of the an existing 24,000 square foot building with the addition of an elevator for the North East Sthil Co. in Shelton. North East Sthil is an international manufacturer of commercial landscaping power tools.
Construction has started on a new $2.14 million addition to the Sacred Heart University Academic Center. The project is slated to be completed in August. Peter Francini & Co. of Derby was low bidder. The company will construct 11,000 square feet of new space and renovate 4,000 square feet of existing space. Over the past year SHU completed the $17.5 million William H. Pitt Health & Recreation Center, as well as more than $3 million dollars in other renovations and facilities improvements.
Exclusive Agents
CB Commercial/Whittier Partners has been named exclusive leasing agent for 100 Skiff Street, Hamden. The 115,000-square-foot industrial building on eight acres has 29,500 square feet of office space, eight loading docks and drive-in door.
Leases
Metrix Inc. has leased 10,000 square feet at 78 Rebeschi Drive, North Haven from WEI North Haven, L.P. Inc. Metrix distributes automobile parts in central and northern Connecticut. Chris Nolan of H. Pearce Co. represented WEI and David Barnes of CB/Whittier Partners represented Metrix.
InterObjects Inc. has leased 6,300 square feet at One Research Drive, Shelton. Gordon Clark of Pyramid Real Estate was sole broker.
Easter Seals Goodwill Industries has leased 10,000 square feet of retail space at 645B South Main Street, Middletown. The space will be used as a retail store outlet. Joel Galvin and David Melillo of H. Pearce represented the tenant and Michael O'Brien of Location Realty the landlord, Anthony Fonda.
Attorney Ira Charmoy has leased 2,706 square feet at Heritage Square, 1700 Post Road, Fairfield, relocating his offices from Bridgeport. Brian Dornan of Pyramid Real Estate was sole broker.
Survey shows ups and downs throughout Fairfield County
According to Insignia/ESG, a commercial real estate firm with offices in Stamford and active across the U.S., one million square feet of spaced was leased during the first quarter of 1998 in Fairfield County. Insignia's first quarter office market report surveyed 474 multi-tenant Class A and B buildings in Fairfield County. (Government-owned and -occupied buildings and medical offices as well as buildings of less than 20,000 square feet were excluded.)
According to the report, overall net absorption was 279,134 square feet for the quarter, compared to a negative absorption during the same quarter of 1997 of 108,734 square feet. The availability rate was 10.9 percent, down from 12.2 percent a year ago. Availability rates ranged from 7.6 percent in the western part of the county (Greenwich to Norwalk) to 13.9 percent in the north county (greater Danbury). Average asking rental rate countywide as $22.15 per square foot, an increase of $1.75 per foot from the previous year.
Stamford suffered a negative absorption rate despite the county's largest lease: 100,000 square feet by United Distillers for consolidation of its Hartford-based Hueblein operations. NatWest, Towers Perrin and North Castle Partners all returned space to the market, and a 30-percent decline in leasing activity from a year ago evidenced a chilled downtown market. Overall availability in Stamford was 12.7 percent, up from 11.7 percent a year ago. These numbers are expected to fall dramatically upon completion of the sale of the former GTE building to Zurich Reinsurance, slated to close later this year. The GTE facility represents 25 percent of available space in the Stamford market.
The Fairfield County East market, including Shelton and Trumbull, ended the first quarter of 1998 with 371,264 square feet of space leased - a 12-percent decline from the same quarter last year. A total of 224,374 square feet of space was absorbed, however, a turnaround from the negative 13,289 square feet posted for the period last year. Availability was 10.2 percent, down from 13.5 percent for the previous quarter. Expansions by Unilever/HPC (30,000 square feet) and a 128,000 square foot building expansion by NASDAQ were among the region's largest transactions.
NEWS
Sedona Group LLC of Norwalk has opened a regional office in the Progress Distribution Center, West Haven. Tony Latella will manage the West Haven office. Sedona Group is a division of M.F. DiScala & Co., a full-service real estate management company. Sedona has recently acquired contracts to manage the 250,000-square-foot North & Judd industrial complex in Middletown, as well as the Medway Distribution Center in Wallingford, a 360,000-square-foot industrial distribution facility scheduled for June completion. Sedona manages the 600,000-square-foot West Haven Progress Distribution center as well as properties in New Haven, Westbrook and Durham, for a total New Haven County portfolio of more than 1.2 million square feet.
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