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Commercial Realtors Celebrate Best (and Even Least) in 2003
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Business New Haven
12/22/2003
By: BNH
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In December 3, the Commercial Investment Division (CID) of the Greater New Haven Association of Realtors presented its 2003 "Deal of the Year" awards at the group's annual banquet at the New Haven Country Club in Hamden.
The annual CID awards highlight the biggest and best deals in commercial real estate during the year. The CID also highlights large, unusual and even tiny transactions in commercial, industrial and office real estate.
The CID confab also marks the group's annual changing of the guard. For 2004, Joel Galvin, GRI, of H. Pearce Co., Realtors, moves up from president-elect to president, replacing Kristin Geenty of the Geenty Group. Michael Gordon of Levey, Miller, Maretz becomes president-elect for the 2004 term.
Business New Haven's 2003 Community Service award was accepted by Regan Traub on behalf of her late husband, Carl Traub, president of Traub & Co., Realtors, who passed away in October.
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 Traub for his commitment to New Haven, and his unique efforts within the commercial real estate community, including helping to re-invigorate the sharing of information among downtown New Haven brokers, by organizing monthly meetings for them.
Said Young: "Carl had a passion for New Haven. He was generous in sharing - he shared his spirit, as well as his experience. Throughout Connecticut, New Haven's CID is known for a level of cooperation among members that is unique. Carl's approach in sharing information and in mentoring other brokers is widely acknowledged."
Other awards included:
Most Unusual Transaction - a 3,500-square-foot office condo at 3190 Whitney Avenue, Hamden. New CID member Bill Davis of the William Raveis Co. took an expired listing that had been on the market for six months. Two months after he began to market the property sold it to the original listing broker for $307,500.
Business Sale of the Year - Harold Kent of Levey Miller Maretz was sole broker in the sale of Hebert Jewelers in Milford for $250,000 (business only, no real estate).
Land Sale of the Year - DeForest Smith of George J. Smith & Son Realtors was sole broker in the $20 million sale of two parcels of 50 acres each in Milford - the former Ryder Trailer Park - to shopping center developer Louis Ceruzzi. Park Residents relocated by Ceruzzi as part of the contract. Also Largest Transaction of the Year.
Smallest Deal of the Year - A one-room office of less than 120 square feet at 26 Trumbull Street, New Haven, was leased by Bill Silverman and Glen Greenberg of Levey Miller Maretz.
Industrial Sale of the Year - Rich Lee and Frank Hird of OR&L Commercial, working with a non-CID member, brokered the sale of 105,000 square feet on 22 acres at 15 Sterling Drive, Wallingford for $5,000,000.
Industrial Lease of the Year - Five-year lease of 35,000 square feet at 22 North Plains Industrial Road, Wallingford, brokered by Connecticut Realty Group's Fred Petrella. Negotiation of lease terms, execution of lease and construction of 2,000 square feet of office space were completed within 45 days. Lease value: $787,500.
Sale/Leaseback of the Year - Joel Galvin of H. Pearce Co., Realtors, brokered transfer of 62,480 square feet of industrial space at 351 Old Whitfield Street, Guilford. Total value of the sale/leaseback was $5,065,000 (sale alone $2.1 million).
Retail Lease of the Year - Kevin Weirsman of Colonial Properties and a non-CID broker cooperated on the lease of 6,555 square feet at 377 Boston Post Road, Orange to 99 Restaurant. Lease has an initial term of ten years, with options to renew for 20 additional years. Lease value: $1,195,130.
Land Lease of the Year - 0.98 acres plus a building at 36 Shenpike Road, Cromwell leased to 99 Restaurant, a national restaurant chain, for ten years plus five five-year options. Total value: $1,187,200. Louis Proto and Steve Patten of the Proto Group brokered the transaction.
Retail Sale of the Year - Levey Miller Maretz' Bob Blank was sole broker in the sale of the former Service Merchandise building, 53,000 square feet on seven acres on the Berlin Turnpike in Newington. The property was purchased for $2.45 million by First Brook Properties for a Stickley Furniture Showroom. Transaction was completed in two weeks from first showing to closing and transfer of title.
Most Transactions of the Year (including sales, leases, leased space expansion & renewals) - The Geenty Group's Bill Clark, who completed 92 transaction during the first 11 months of 2003.
Office Sale of the Year - This category signifies the sale of an office building to an office user. Bill Silverman of Levey Miller Maretz brokered the sale of a 6,800-square-foot office building at 389 Orange Street, New Haven for $660,000.
Office Lease of the Year - The consolidation of three offices precipitated the lease of 45,993 square feet in Rocky Hill for five years and four months. Total lease value: $4,829,265. Office specialists David Barnes and Jennifer Rancourt of CB Richard Ellis brokered the transaction.
Investment Sale of the Year - C.A. White's Frank Micali brokered the sale to the New England Real Estate Group of 50 apartment units in Uncasville and two complexes (96 and 151 units) in Groton - a residential package including apartments and townhouse units that sold for $12,275,000.
Leadership & Dedication - The membership of CID thanked Kristin Geenty of the Geenty Group, Realtors for her dedication and work as president of CID in 2003.
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