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The Property Exchange
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Business New Haven
9/16/2002
By: BNH
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SALES
Index Co. Sells Avenue Parcel
SHELTON - Bruce Wettenstein, SIOR and partner with Vidal/Wettenstein, LLC, announced that the Index Co. has sold its property at 829 Bridgeport Avenue, Shelton to an investment group. The property consists of 28,300 square feet on five acres. Vidal/Wettenstein, LLC is presently marketing the property for lease.
The building houses 10,000 square feet of office space plus high bay assembly space which could be converted to additional offices. Wettenstein was the listing broker and negotiated the sale for both parties.
Strip Center Sold
MADISON - 200 Boston Post Road, Madison, a 19,390-square-foot retail strip center housing a dozen retail units with local and national tenants, has been sold for $1,720,000. The sellers were Steve and Ronni Berman and Loren Watrous; the buyer a real estate investment partnership based in Branford, Ridgefield and New York. The investors say they intend to make visible improvements to the property.
William N. Clark of the Geenty Group was the listing agent, while colleagues Kevin C. Geenty and Kristin T. Geenty were the selling agents. Several portions of the transaction involved IRS Section No. 1031 exchanges.
Business Park Fetches $4.75M
MILFORD - The Quarry Road Business Park at 280-284 Quarry Road has been sold for $4.75 million. The business park houses 87,000 square feet of warehouse and office space on seven acres. The deal between the park owner, SK Properties of Wichita, Kan., and CERES-Milford LLC was brokered by the Milford commercial real estate firm of George J. Smith & Son.
Post Road Property Changes Hands
WESTPORT - A two-building office/retail complex at 335 Post Road West, Westport, has sold for $860,000. The 6,000-square-foot Route 1 facility was purchased by Waterfront Properties from Joan & Michael Gray, LLC. Bruce Sheldon of the Pyramid Real Estate Group represented the seller, and Mark Brockwell of MJB Real Estate Services Corp. the buyer.
LEASES
Distribution Center Sublet
WALLINGFORD - Kevin C. Geenty, president of the Geenty Group, Realtors, announced the five-year sublet of 29 Capital Drive, Wallingford, an 8,000-square-foot distribution facility with 22-foot ceilings and truck loading. The facility was sublet by the Baer Supply Co. to Impact Finishes, with a sub-lease value of $240,000. Impact Finishes, which does specialty metal finishing, is relocating from Hamden to expand operations and facilities.
Kevin Geenty was the listing agent. The leasing agent was Vincent Scarpeti of H. Pearce Co., Realtors. Stephen H. Podolsky of Podolsky Northstar Realty Partners of Chicago was the referring agent.
WALLINGFORD - Albert Scafati of Press-Cuozzo Realtors has completed a lease transaction at 950 Yale Avenue, the property known as Yale Plaza. Tenant Sign*A*Rama signed a multi-year lease for a portion of the 66,000-square-foot retail/office center. Scafati was sole broker in the transaction.
MILFORD - The Louisiana-based Aegis Mortgage Corp. has signed a long-term lease for 2,800 square feet at 185 Plains Road, Milford, known as Milford Place Corporate Center. Christopher O'Hara and Robert W. Ludwig Jr. of Coldwell Banker Commercial NRT represented the landlord, Fairhaven Investors LP, an affiliate of the Berwind Property Group of Philadelphia. Aegis was represented by the Beazley Co., Realtors.
EXCLUSIVE LISTINGS
WALLINGFORD - Press/Cuozzo Realtors' Albert Scafait has been appointed exclusive sales agent for Prestige Park, an industrial/office condominium complex. The North Plains Industrial Road complex houses some 36,000 square feet of space, of which 10,000 feet is available for sale for $575,000. The units are sprinklered and air-conditioned.
CONSTRUCTION
NEW HAVEN - OR&L Construction of Branford and Rocky Hill last month was awarded a “fast-track” contract to renovate the East Pavilion, PFAS/Admitting Unit and the West Pavilion Pediatric Emergency Waiting Room at Yale-New Haven Hospital. Both projects are slated for completion by the end of October.
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