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Big Deals
New Haven's commercial Realtors celebrate the biggest and best (as well as smallest and strangest) transactions of 2002
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Business New Haven
12/23/2002
By: BNH
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On December 11, the Commercial Investment Division (CID) of the Greater New Haven Association of Realtors presented its 2002 “Deal of the Year” awards at its annual banquet at 500 Blake Street Café.
The annual CID awards highlight the biggest and best deals in commercial real estate during the year. The CID also highlights unusual and/or tiny transactions in commercial, industrial and office real estate.
New to this year's awards are a “Top Gun” citation (shared by two H. Pearce Co. Realtors) and a “Booster & Cheerleader” award recognizing individuals outside the Realtor ranks who have advanced the cause of commercial real estate during the year.
The CID confab also marks the annual changing of the guard. For 2003, Kristin Geenty, vice president of the Geenty Group, Realtors, moves up from vice chairwoman to chairwoman, while Joel Galvin, GRI, of H. Pearce Co., Realtors, becomes vice chairman for the 2003 term.
Stephen Press, president of Press/Cuozzo Realtors in Hamden, was presented with Business New Haven's 2002 Community Service award.
Each year BNH presents a community service award to a Realtor from the Greater New Haven Board of Realtors' Commercial Investment Division.
In his remarks to the CID gathering, BNH Publisher Mitchell Young cited Press for his help in establishing the business biweekly ten years ago by introducing and endorsing Young and the then-startup publication's editor, Michael C. Bingham, to CID members.
Said Young, “The real estate and construction community have been among our strongest supporters, and it started with people like Stephen Press, who believed in what we were trying to do for the region's business community.”
CID award-winners included:
Investment Sale - Bill Silverman of Levey Miller Maretz brokered the $2.95 million sale of a 40-unit apartment building on Hunting Hill Road in Storrs.
Industrial Sale - George J. Smith & Son's John Bergin and Carl Russell, CCIM sold 260-284 Quarry Road, Milford, an 87,000-square-foot parcel on seven acres, for $4.75 million
Industrial Lease - No award in 2002. “Many of us have commented on the lack of activity in industrial leases this year,” noted 2002 CID co-chair Kristen Geenty of the Geenty Group. “We had no submissions in this category, which seems to have borne out the anecdotal evidence about the lack of major activity in this sector of the market.”
Land Lease - Lou Proto and Steve Patten of the Proto Group for a 75-year ground lease of 1.85 acres on James Street in Chicopee, Mass. to Walgreen's pharmacy chain for $9 million.
Land Sale - Frank Micali, CCIM of C.A. White for a 500-acre site in Franklin, to be developed into a golf course resort. Cooperating agent was Ron Lyman, a non-CID participant.
Retail Lease - Levey Miller Maretz's Steve Miller and C.A. White's Frank Micali for a 5,800-square-foot lease on Dixwell Avenue in Hamden to Bennigan's restaurant for 15 years. Lease value: $2 million.
Retail Sale - Bill Clark, Kevin Geenty and Kristin Geenty of the Geenty Group, Realtors for the sale of a property at 200 Boston Post Road, Madison. The 20,000-square-foot neighborhood strip center was sold as part of a 1031 exchange for $1.72 million.
Business Sale - Harold Kent of Levey Miller Maretz brokered the sale of the First USA Trophy business at 1190 Dixwell Avenue, Hamden, for $225,000.
Smallest Transaction (Sale or Lease) - The Geenty Group's Bill Clark and Beth Lombard negotiated the lease of a 504-square-foot office space 625 East Main Street, Branford for a total of $5,821.20
Office Lease - OR&L Commercial's Frank Hird and Jeff Kravet collaborated on the leasing of 52,503 square feet of office space in two contiguous buildings at 233-243 Main Street and 213 Court Street in Middletown. Lease value: $6.7 million.
Office Sale - Stephen Press, GRI, a principal of Press/Cuozzo Realtors, brokered the $1.525 million sale of a 16,000-square-foot office building at 442 Orange Street, Hamden to an investor.
Biotechnology Transaction - Frank Hird, Rich Lee and Jeff Kravet of OR&L Commercial brokered the lease of 14,000 square feet of office and lab space for an undisclosed sum.
Most Unusual Transaction - Joel Galvin, GRI, of H. Pearce Co., Realtors, negotiated the sale of 18.5 acres of land at 2351 Boston Post Road, Guilford. The unusual part? The first offer came in $25,000 above the $1.2 million asking price and closed within 30 days - with no contingencies.
Most Transactions - The Geenty Group's Bill Clark closed a whopping 103 transactions during the year - from 800-square-foot industrial leases to several investment sales for combined transaction values of $5.5 million.
'Top Gun' Award - Shared by H. Pearce Co.'s Christopher Nolan, SIOR, and Peter Brown for two transactions totaling $23 million.
Booster & Cheerleader Award, No. 1 - Helen Rosenberg of the city of New Haven, “in appreciation for her diligent effort and dedication.”
Booster & Cheerleader Award, No. 2 - To Christopher Edge of the Connecticut Economic Resource Center (CERC), “in appreciation of his support and promotion of Connecticut commercial real estate.
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