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The Property Exchange
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Business New Haven
08/18/2003
By: BNH
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Donnelly Plants Command $8.5M
OLD SAYBROOK — The former R.R. Donnelley & Sons plant on Schoolhouse Road has been sold to a Stamford-based developer who intends to recruit light industrial companies for the complex.
The facility has been idle since the printing manufacturer closed in 2002, idling 500 workers.
Kurt Wittek of Wittek Development said the 300,000-square-foot building was purchased as part of an $8.5 million deal that also includes former Donnelley plants in Ohio and Florida.
In published reports, Wittek said he was unsure how much of the overall purchase price is for the Old Saybrook location, but estimated the property would account for roughly $2.5 million of the overall cost of the four plants.
Wittek said the Old Saybrook Donnelley building would be subdivided to accommodate manufacturing, distribution, warehouse and production-based businesses.
Wittek said he is negotiating with three potential tenants. His company also has ownership interests in other southern Connecticut properties including the U.S. Motors building in Milford and other properties in the New Haven area.
NEWS
NAR: Pru Tops in CT
ROCKY HILL — Prudential Connecticut Realty has been ranked the top real-estate firm in Connecticut by the National Association of Realtors. The rankings, published in the July edition of Realtor magazine, also place Pru Connecticut 18th among the nation’s 100 top residential real-estate companies. The magazine’s rankings are based on the number of transaction sides closed in 2002. Last year, Prudential Connecticut closed 11,314 transaction with an aggregate sales volume of $3.58 billion.
SALES
Cobalt Center Sold for $4.5M
CHESHIRE — Craig Fuchs, CCIM, of H. Pearce Realtors and Ted Schaffer of Press/Cuozzo Realtors have completed the sale of Cobalt Center, 525 Knotter Drive, Cheshire for approximately $4.5 million. The seller, Cobalt Interests, LLC, was represented by Schaffer, who at the time of contract was both an independent broker and a partner in Cobalt Interests. Fuchs represented the buyer, California-based Ferrucci Properties, LLC.
Cobalt Center includes a one-story, 45,600-square-foot flex building on 14 acres. Erected in 1999 by FIP Construction, the property is part of Cheshire Industrial Park. The premises are 100-percent leased to two NYSE-traded companies, who conduct primarily office operations at the site.
Whalley Ave. Bldg. Fetches $228G
NEW HAVEN — The former Casher Auto Body Paint Supply Store at 47-51 Whalley Avenue has been sold by Wayne Sloper to Tim Bo Inc. The 4,060-square-foot, freestanding brick building one block from the Broadway retail district closed August 4 at $228,000. Joel Nesson of Press Cuozzo Realtors represented both parties in the deal.
Simple Deal for Complex
WALLINGFORD — Town Farms Plaza, 23,490-square-foot, three-building mixed-use retail office strip center on two-plus acres, has been sold by Branford Green, LLC to the Lee family. The Rt. 150 complex is home to 12 retail/professional tenants as well as several second-story office tenants. The transaction closed July 28 at $1.33 million. Joel Nesson, senior commercial broker at Press/Cuozzo Commercial Services, was sole broker in the deal.
Bridgeport Apartments Sold
BRIDGEPORT — Marcus & Millichap Real Estate Investment Brokerage has completed the sale of the Tower II Apartments, 1491 Central Avenue. Sale price was $6.5 million with a 12-percent market capitalization rate. The HUD/HAP transaction closed in less than six months. CHFA financing with HUD rental contract transactions typically require 12 to 24 months to close.
The seller was Denver-based AIMCO Properties; the buyer Fairfield Ventures of Bridgeport. The $6.5 million sales price represents $47,445 per unit and $81 per square foot. The 137-unit property encompasses 79,902 rentable square feet on approximately one acre.
LEASES
Pooling Their Resources
MILFORD — L.G.B. Inc. has leased 3,800 square feet of space at 571 Anderson Avenue, Milford, from owner Styr Crazy Inc. L.G.B. is a swimming-pool contractor and designer that has done business in Milford for 35 years. In this transaction Carl G. Russell, CCIM, SIOR or George J. Smith & Son represented the owner, while the tenant was rep[resented by Scott Zakos of Vidal/Wettenstein in Westport.
New Home for Boathouse People
NEW HAVEN — Gregg & Wies Architects has leased some 3,000 square feet of office space at 155 East Street, New Haven as its corporate headquarters. The firm was previously housed in the former "Yale Boathouse" on Ferry Street, which was taken by the state via eminent domain to accommodate the widening of the Pearl Harbor Memorial ("Q") Bridge. Chris Nolan, SIOR, of H. Pearce Co. Realtors, represented the tenant, while Bill Silverman of Levey Miller Maretz represented the landlord, the Hurley Group.
DCF Unit Leases in W-ford
WALLINGFORD — The state Department of Children & Families Court Monitors Office has leased 5,280 square feet representing the entire fourth floor of 300 Church Street, Wallingford. The five-year triple-net lease is valued in excess of $250,000. Both tenant and landlord, Yaskot & Ahearn, were represented Joel Nesson of Press/Cuozzo Realtors.
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