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The Property Exchange
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Business New Haven
3/23/1998
By: BNH
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NEWS
Two Connecticut firms were cited among the 50-largest owners and managers of apartments in the U.S. by the National Multi Housing Council. The top 50 firms increased their holding cumulatively by 9.2 percent. The biggest apartment management firms registered a nine-percent gain and now oversee 2.3 million multi-family dwellings representing 14.2 percent of the nation's housing stock. According to Jack Goodman, NMHC's vice president of research and chief economist, publicly traded Real Estate Investment Trusts have taken an increased position in the market. In 1997 no REIT was among the top five owners; in 1998 they occupy the first and fourth spot. The Richman Group of Companies of Greenwich, headed by Richard Paul Richman, ranked 24th in the nation with ownership of 32,371 apartment units in 1998 up from a ranking of 27th (25,200 units) in 1997. Avalon Properties Inc. of Wilton, headed by Richard L. Michaux, ranked No. 40 with 1998 ownership of 20,700 apartments, up from 13,368 in 1997. Avalon was ranked No. 46 with 22,100 apartments under management in 1998 as well, up from 16,969 in 1997.
Carl F. Traub, CCIM SIOR recently formed Traub & Co., LLC a commercial real estate brokerage company in New Haven. The new firm is located at 234 Church Street, New Haven. Traub was a director of Cushman & Wakefield, where he served as the founding manger of the Hartford office and was a broker for more than 15 years. Traub is the current president of the Connecticut chapter of Certified Commercial Investment Managers.
Leases
Palumbo & DeLaura, LLC has signed a long term lease for the first floor of 26 Trumbull Street, New Haven. Stephen Press of Press/Cuozzo Realtors handled the transaction
MCS Group, a Philadelphia litigation support company with locations in 14 cities nationwide, has leased 1,300 square feet of office space at 100 Allyn Street, Hartford. Steve Inglese of Lexington Partners was sole broker.
Electrical Wholesalers Inc. has leased 2,816 square feet at 75 Hamilton Avenue, New Haven. Diane Farley Petra of CB Commercial/Whittier Partners represented Uneeda Sales Co., owners of the space.
The law firm of Pullman & Comley has leased 6,446 square feet at 90 State House Square, Hartford for general administrative usage, formerly located in Bloomfield. John M McCormick and Andrew D. Filler of CB/Commercial/Whittier Partners brokered the space from Aetna Life & Casualty. CB Commercial represented the landlord.
Right Management Consultants, a career management counseling firm, has signed a six-year lease for 10,200 square feet of space at 4 Landmark Square, Stamford. David Block and Troy Giammarco of Insignia/ESG Inc. represented Right Management.
Sales
Clarke Avenue, LLC has purchased 155 Hill Street, Branford from Robertshaw Controls. The 174,000-square-foot building on 14.3 acres sold for $3,500,000. Robertshaw agreed to lease back 90,000 square feet for its continued use. William Clark of he Geenty Group represented the seller, while Sal Buono of the Stamford office of Cushman & Wakefield represented the buyer.
Milford Transit has purchased Lot 2, Research Drive, Milford for $375,000. Sentry Commercial Real Estate was the sole broker.
Winstanley Enterprises, LLC, has purchased six buildings at Barnes Industrial Park, Wallingford for $8.8 million. The purchase included 1 Barnes Road, 5-9 Barnes Road, 860-866 North Main Street Extension, 23-27 Village Lane and 29-033 Village Lane. The seller was CPM Associates/Guardian Life, New York.
Pacific Western Mortgage & Investments purchased the 50,000-square-foot building owned by Woodbridge Realty Associates at 1764 Litchfield Turnpike, Woodbridge. Robert Motley of CB Commercial/Whittier Partners represented the seller.
429 Forbes Avenue, LLC has purchased a 5,400-square-foot retail center at 429 Forbes Avenue in New Haven's Annex neighborhood for $425,000. The property was formerly known as Grannis Corner Pharmacy. Discount Liquor, Quality Deli Mart and the Video Store operate there. Craig Fuchs and David Roetting of H. Pearce Co., Realtors were sole brokers in the transaction.
77 North Plains Industrial Road, LLC purchased 77 North Plains Industrial Road, Wallingford, an 11,500-square-foot industrial building from Thomas Equipment for $350,000. Donald Mondani of Colliers Dow & Condon represented the seller, and McLaughlin Real Estate the buyer.
Oxford Property Trust, LLC purchased a 232,000-square-foot industrial investment property at 699 Middle Street, Middletown for $3,920,000 from N&J Real Estate Inc. Nicholas Morizio of Colliers Dow & Condon represented the seller and MJB Real Estate represented the buyer.
Exclusive Agents
Hines & Sterling Equities appointed Insignia/ESG exclusive agent for Merrit Crossing, 440 Wheelers Farms Road, Milford,. The four-story, 176,000-square-foot building is presently vacant. Hines & Sterling Equities acquired Merrit Crossing in December of 1997 from Subway Subs Inc. at a reported price of $13,675,000. Subway purchased the building in 1989 but never occupied it. Hines & Sterling plans to upgrade the facility in March to include an in-house cafeteria, private dining room and fitness facility. The building may be subdivided to space as small as 4,000 square feet. Jeter Cook & Jepson was named project architect, Lev Zetlin Associates project engineer and Turner Construction Co. general contractor.
Insignia/ESG has been named exclusive leasing agent by Sawmill Road Property, LLC for Sawmill Farms, 33 Turner Road, Danbury. The site is the former U.S. headquarters and research and development facility for Novo Nordisk Bioindustrial Inc. The property encompasses more than 92,000 square feet of available space.
AmeriPride Services Inc. has appointed the Geenty Group, Realtors of Branford exclusive agent for a 115,000-square-foot building on 2.2 acres, formerly operated as American Linen Services Inc. The property is adjacent to the Payne Whitney Gymnasium and the Yale University campus and is offered at $745,000.
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