Fairfield County leasing activity during the second quarter of 2012 was “significantly down” from mid-year 2011, according to Cushman & Wakefield’s latest market report.
Overall leasing (Class A and B) for the first half of 2012 totaled 758,069 square feet, representing a 23.9-percent decrease from the 1,125,804 square feet leased during the first six months of 2011.
“In theory, quite a few ten-year transactions that were signed in 2003 should have been up for renewal this year,” said Jim Fagan, senior managing director and market leader of Cushman’s Fairfield and Westchester County regions. “With the difficult economy over the last few years, however, a number of early renewals and blend-and-extend transactions have taken some of the vitality out of leasing activity this year.”
Former Woolen Mill Sold
BEACON FALLS — Beacon Mill Village, 2 North Main Street, a 188-unit condominium-style multifamily residential complex on the banks of the Naugatuck River, has been acquired by UOB Eagle Rock Multifamily Property Fund, LP for $21.7 million. The seller was BMV Associates, LLC. The 184,000-square-foot property includes eight historic buildings originally constructed between 1851 and 1911 as a mill for the Home Woolen Co. The property was converted to residential units in 1988. Steve Witten and Victor Nolletti of Institutional Property Advisors represented the seller in the transaction.
Cooll Customer in Hamden
HAMDEN –– Taylor Freezer has paid $250,000 for a 20,000-square-foot building at 130-150 Welton Street.
Stephen Press of Press Cuozzo represented the buyer, while Rich Lee of OR&L Commercial represented the owner, People’s United Bank.
“Taylor will use about two thirds of the space and lease the rest,” said Hamden economic development director Dale Kroop. The company also will benefit from a city business incentive program giving it a 100-percent waiver of building permit fees and a 50-percent tax abatement for three years on building improvements, Kroop added.
In 2011, nine businesses used the program when leasing or buying commercial properties in Hamden.
Kroop expects at least that many for 2012. In the last couple of months businesses receiving grant money and waiver of permit fees include Deric Currie Insurance, which purchased a commercial condo at 3208 Whitney Avenue.
“We have approved more than 100 applications since the program got underway in 1999,” Kroop said. “I don’t think many suburban communities offer as much as we do. We focus on small businesses which really need this help.”
HAMDEN –– GTB Properties has purchased a 1,200-square-foot residential unit and 2,400-square-foot commercial building at 330-336 Welton Street for $280,000. Albert Scafati of Press Cuozzo represented the buyer and seller, Donna Oliveri.
Milford Showcase Sold
MILFORD — Fairfield developer Ceruzzi Properties, LLC has paid $5.8 million for the former Showcase Cinemas at 230 Cherry Street. National Amusements, the seller of the nine-acre site, never listed it with a broker, according to Bob Gregory, Milford’s director of economic and community development. Ceruzzi, which redeveloped a Post Road [Ryder] mobile home park into a mall anchored by Walmart and transformed the Milford Jai Alai on Old Gate Lane into a Lowes, apparently is mulling over options for the property. “We like what [company principal Louis CVeruzzi] does,” Gregory said.
Zink Buys in N. Branford
NORTH BRANFORD –– Philip Zink has purchased a vacant 20,000-square-foot industrial building at 27 Ciro Road for $575,000. Joel Galvin of Pearce Commercial Real Estate represented the sellers, Christian Jensen and Paul Tupey. Bill Parry of Joy Real Estate represented the buyer.
No School for Scandal
FARMINGTON –– Miss Porter’s School has paid $810,000 for the Grist Mill Restaurant on 1.7 acres at 44 Mill Lane. Stephen Press of Press/Cuozzo represented the sellers, the Trustees of the Estate of Mario Zacco, who transformed the 5,600-square-foot 17th-century mill into the restaurant more than two decades ago. Gayle Talbo and Bruce Cagenello of Prudential Connecticut Realty represented Miss Porter’s, whose campus abuts the restaurant property.
Business Is Exploding
BRANFORD –– Uncle Guido's Xtreme Paintball and Fireworks has leased 857 square feet at 71 West Main Street. Geenty Group Senior Vice President Bill Clark, represented both the tenant and the landlord, 71 West Main, LLC.
Biotech Startup Puts Down Roots
BRANFORD –– AxioMx Inc. has leased 2,735 square feet in Orchard Research Park, 688 East Main Street. Kevin Geenty and Kristin Geenty of the Geenty Group, Realtors represented both the landlord, Parish Farm Partners, LLC and the tenant, a startup biotech firm founded by senior members of the Affomix and Illumina corporations.
Auto Firm to Cheshire
CHESHIRE –– Auto accessories maker Aftermarket Specialty Co. Inc. has leased 4,825 square feet at 182 Sandbank Road. Joel Nesson of Press Cuozzo was sole broker in the transaction. The landlord is B&S Realty, LLC.
Two for the Show
NEW HAVEN — Two new tenants have inked five-year leases for an aggregate 5,000 square feet at 345-355 Forbes Avenue. The tenants are Greenwich Fleet Leasing, LLC, and Eastern Region Re-Marketing Services. The space will be used for automobile sales as well as car and truck rentals. The landlord is John LaViola. Barry Stratton of the Geenty, Group, Realtors was the sole agent in this transaction.
Boris Good Enough
CHESHIRE –– Boris Construction Co. has leased 4,800 square feet 184 Sandbank Road. Joel Nesson represented the landlord, B&S Realty LLC. Ed Grodin of Matthews Commercial Properties represented the tenant.
No Room at the Inn
FAIRFIELD –– Cimbali USA and Ifficient Inc. have leased 6,000 square feet at 418 Meadow Street, bringing the 24,000-square-foot building to full occupancy. Cimbali, which makes espresso and cappuccino machines, will occupy approximately 3,600 square feet for its U.S. headquarters. Internet marketer Ifficient Inc. will occupy the remainder of the space. Brett Sherman of Angel Commercial represented Ifficient and landlord Bao Partners, LLC. William Raveis represented the tenant.
TV, Or Not TV?
GUILFORD — GoodTV, LLC has leased 360 square feet at 2415 Boston Post Road. The landlord is Mariner Properties, LLC. Bill Clark of the Geenty Group, Realtors was the sole agent in the deal.
Taylor-Made in Hamden
HAMDEN –– Taylor & Francis Group, LLC has leased 1,400 square feet at 2440 Whitney Avenue. Joel Nesson of Press Cuozzo represented the landlord, WTE 2428 Whitney, LLC. Albert Scafati of Press Cuozzo represented the tenant.
HAMDEN –– Campus Clothing Co. Inc. has leased an entire 19,500 square foot building at 1004 Sherman Avenue. The landlord is WTE Sherman 1004, LLC. Joel Nesson of Press Cuozzo was sole broker in the transaction.
MERIDEN –– Connecticut Career Coaches, LLC has signed a three-year lease for 1,400 square feet at 1501 East Main Street. The Proto Group represented the landlord, Cucinelli Properties LLC. Gil Julian of NAI Elite represented the tenant.
Oil’s Well That Ends Well
MILFORD –– Finnish-based Lamor Corp. is moving its U.S. operations from Seymour to 36,560 square feet at 155 Hill Street. Jon Angel of Angel Commercial represented both the tenant, which makes oil spill-recovery products, and the landlord, Clarke Avenue Properties, LLC.
New Denny’s A-building
NEW HAVEN –– C&L Whalley, LLC has leased 4,200 square feet of the former Blockbuster Video store at 1467 Whalley Avenue for a Denny’s Restaurant. The Proto Group represented the landlord, ACL/Smartyale, LLC. Jason Wuchiski of Rhys Commercial represented the tenant.
YNHHS Renews Lease
NEW HAVEN –– The Yale New Haven Health System has renewed a two-year lease for 11,065 square feet at 1 Church Street. The Proto Group represented the landlord, One Church Street, LP. No other broker was involved in the deal.
All the News That Fits
NEW HAVEN –– Tribune Co., owner of the Hartford Courant, New Haven Advocate and WTIC-TV, has inked a ten-year lease for 5,000 square feet for an Advocate office and broadcast studio at 107 Whitney Avenue. Chris Nicotra of Olympia Properties represented the landlord. Evan O’Brien of Cushman and Wakefield represented the tenant.
Whitney Ave. Lease
NEW HAVEN –– Asian Ivy Lab has signed a ten-year lease for 5,000 square feet at 97 Whitney Avenue. Landlord Chris Nicotra of Olympia Properties was sole broker in the transaction.
NORTH HAVEN –– The Basket Gallery, LLC has leased 1,000 square feet at the 55-57 State Plaza. Joel Galvin of Pearce Commercial Real Estate represented both the tenant and landlord, John DeChristofaro.
Med Office Opens in orange
ORANGE –– Urology Group, PC has leased 1,600 square feet in the Lambert Professional Center at 291 South Lambert Road. Bill Weirsman of Colonial Properties represented both the tenant and the landlord, Sunny Ledge Group, LLC.
No Bones About It
SHELTON –– Connecticut Orthopaedic Specialists has leased 6,466 square feet at 889 Bridgeport Avenue for a medical office and physical therapy facility. Dan Boynton of Boynton Commercial Real Estate represented the tenant. Michael Dillion of CB Richard Ellis represented the landlord, Rugby Realty.
“This will be our eighth medical office and seventh for physical therapy,” said Laura Whinfield, marketing director for Connecticut Orthopaedic Specialists. The other medical offices are in Branford, Guilford, Hamden, Milford, New Haven, Orange and Wallingford. All except for New Haven have physical therapy provided by STAR Sports Therapy & Rehabilitation.
The new space is being renovated, and is slated to open on September 1.
Food for Thought
STRATFORD –– El’s Kitchen has signed a ten-year lease for 3,000 square feet at 300 Benton Street. Jon Angel of Angel Commercial was the sole broker, representing the gluten-free snack food manufacturer and the landlord, 300 Benton Street, LLC.
WALLINGFORD –– Wesco Aircraft Hardware has signed a five-year lease for 5,000 square feet at 1070 North Farms Road. Phil Barber of H. Pearce Co. represented the tenant. Kyle Roberts of CB Richard Ellis represented the landlord, 1070 North Farms Road LLC.
HR Firm Inks Lease
WALLINGFORD –– Resources for Human Development has signed a seven-year lease for 8,125 square feet at 135 North Plains Industrial Road. Phil Barber of H. Pearce Co. represented the landlord, UPC Realty. Steve Wollman of Wollman Realty represented the tenant.
Scene and Heard
WEST HAVEN –– Steve Heard has renewed a two-year lease for 900 square feet at 38 Sawmill Road. The Proto Group represented the landlord, Mail-One LLC. Krista Foster of ERA Property World represented the tenant.
SHELTON — Cushman & Wakefield has been named the exclusive leasing agent for a 175,000-square-foot Class A office property at 6 Armstrong Road. Marcus Partners recently purchased the building from Fusco Management Co. for $8.2 million, and announced its intention to spend $4.5 million for improvements including upgraded lobbies and common areas and new mechanical and control systems.