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The Property Exchange
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Business New Haven
9/22/1997
By: BNH
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GFI Realty Services Inc. a division of GFI Capital Resources Group, has arranged $5.5 million in mortgage financing for Milford Jai-Alai at 311 Old Gate Lane in Milford. Scott E. Mazin represented the borrower, Milford Jai-Alai Associates, LP. The five-year loan amortizes over a 12-year period. The 110,000-square-foot facility is situated on 24 acres and has been in operation
since 1977.
Sprint PCS has signed a 13,500-square-foot lease at Signature 91 Building at 35 Thorpe Avenue, Wallingford. The location will serve as the company's regional headquarters for the Connecticut and Massachusetts markets. Later this year, Sprint PCS will introduce the first 100-percent digital, 100-percent PCS network to Connecticut and Massachusetts. The system will be the most extensive in the U.S.
Leases
Data General of Middlefield has leased 1,725 square feet at 1501 East Main Street, Meriden. The 22,000-square-foot office building is owned by Meriden Penn Partnership. Sentry Commercial Real Estate represented the landlord and Farley Whittier Partners represented the tenant.
OR&L Realtors recently leased 7 Elm Street/506 State Street, New Haven to Gennaro Iannaccone and Joseph Maiorano of Tré Scalini. The former site of Bagdon's Restaurant will become the new Pollo Grille featuring a continental menu.
Area Cooperative Education Services (ACES) has leased 46,000 square feet of office space at 130 Leeder Hill Drive, Hamden. The space will be used as temporary quarters pending construction of a permanent facility being retrofitted in North Haven. ACES serves the New Haven area by developing and offering educational programs that provide direct services for children and adults. Chris Nolan of H. Pearce Co. represented the tenant; Carl H. Zinn of the same office represented the owner, Leeder Complex LLC.
Dunhill Staffing Systems of Wallingford has leased 1,460 square feet at 850 North Main Street, Wallingford. The 17,718-square-foot office building is owned by Z.X. 850 Westview LLC. Sentry Real Estate represented the landlord and OR&L Realtors represented the tenant.
Peter D. D'Addeo of Prudential CT negotiated a sublease for Carson Family Restaurant of Manchester to MSA International of Milford. The 14-year lease is valued at more than $1 million. MSA International plans to raze the building and construct a new retail center for a tenant to be disclosed.
Sales
George J. Smith & Son Real Estate recently completed the sale of 1360 Boston Post Road, Milford, the former home of Steak & Sword Restaurant. The new owner is the Rite Aid Corp. of Connecticut. Zoning, site plan approval and building permits were acquired for a new 11,000-square-foot building. Rite Aid plans to construct a state-of-the-art drugstore and pharmacy. The property was sold by CFT Restaurant Corp. and Land and Building Group Partnership, which had owned and operated the Steak and Sword, which closed last fall. The property sold for $1,85 million.
Cambridge Equity Fund IV announced the closing on a 43-acre site in Medway Business Park on the Wallingford/Meriden line. The site will be home to the Medway Distribution Center, a state-of-the-art warehouse/distribution facility with 360,000 square feet and 30-foot clear ceilings, scheduled for occupancy in January 1998. Cambridge Equity Fund IV is a joint venture between M.F. DiScala & Co. of Norwalk and Covington Capital Corp. of Aspen, Colo.
Daniel Johnson of MJB Real Estate recently brokered the sale of Perry Hill Estates, Ashford. Johnson represented the owner; the buyer, the Wilkinsen Corp., was represented by H. Pearce Co. The sale price was $1,150,000 at $24,000 per unit, based on a projected NOI of $180,000. Perry Hill Estates comprises six buildings with 48 two-bedroom townhouse units on 26 acres of land.
Skico Manufacturing purchased a 4,900-square-foot industrial building at 3 Industrial Circle, Hamden. Formerly located at 485 Ella Grasso Boulevard in New Haven, Skico will relocate to the building. The company operates a contract-machining facility manufacturing precision parts for companies throughout the Northeast. David Roetting of H. Pearce Co. represented the buyer, while Kevin Smith of the same office represented the seller, Anthony F. Maturo.
Exclusive Listings
Sentry Commercial has been named exclusive leasing agent for 7.38 acres of land at Route 63 and Horton Hill Road, Naugatuck. The parcel is available for lease as a build-to-suit opportunity. The property is owned by R.D. Scinto Inc.
MJB Real Estate is the exclusive leasing and management agent for 8 Progress Drive, Shelton. The property is a 63,000-square-foot, two-story Class-A office building situated on five acres of property in a campus setting. There is parking in front and in back, and the property is accessible from Route 8, exits 11 and 12. 20,000 square feet are available for lease.
Sentry Commercial is exclusive agent for 250 Long Beach Boulevard, Stratford. The 50,000-square-foot industrial building is located on 3.6 acres of land and is for sale. The property is currently occupied by Oriel Instruments and is owned by MBL Life.
People
Michael Sexton, H. Pearce vice president, has earned the designation of professional standards certified specialist. Sexton took part in a program to train professional standards hearing officers, which was recently offered for the first time in Connecticut. Sitting on panels of three, these officers arbitrate financial disputes between Realtors, and between Realtors and the public. The hearing officers also listen to complaints of violations of the Realtors Code of Ethics.
Ronald Maselia of Beazley Co., Realtors' Hamden office has earned the title of professional standards certified specialist from the Connecticut Association of Realtors. Maselia has been in real estate for more than 30 years. He is a member of Beazley's Producer's Club and is an expert in land development.
Lenore J. Teodosio was honored with Prudential Connecticut's Realty's Winner's Circle Designation at the company's “Around the World” party in Farmington. Three hundred real estate associates gathered to honor those who earned membership in the Winner's Circle.
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