WINDSOR: A Brooklyn, New York based private equity partnership Griffin Park Realty LLC controlled by Vasco Ventures purchased the Griffin Office Park Portfolio from Cedar Rapids, Iowa based Investors Warranty of America LLC., for $5 million.
CBRE/NE’s John McCormick who along with company associate Patrick Mulready represented the seller and “procured” Vasco.
McCorrmick said of the five building 375,000 square foot suburban campus office property located in the 600 Acre Griffin Office Center and the greater Hartford market, “while on the market for an extended period, this transaction certainly highlights that our region can attract new investment capital.” Adding, “we were ultimately able to secure a buyer that is committed to investing in the Greater Hartford market and to repositioning this undervalued real estate.”
According to CBRE, Vasco Ventures is a real estate investment firm that specializes in distressed and undervalued real estate. The company currently owns and operates a handful of properties in the New York City area and one in upstate New York, in addition to several in Philadelphia and one in Galloway, New Jersey. The Griffin Office Park Portfolio will be the company's first acquisition in Greater Hartford.
Scott Weinblatt National Director of Operations at “Vasco, said “ [we’re] very enthusiastic to be entering such a strong market,” adding “we're dedicated to working with the invaluable team at Griffin Office Park to make this a world-renowned business environment.”
The Griffin Office Park Portfolio is an “institutional-quality” portfolio of office properties consisting of two four-story Class A office buildings located at 1 and 2 Waterside Crossing and three two-story Class B office buildings located at 4, 6 and 8 Griffin Road North. The portfolio's properties are located within Griffin Office Center, an “award-winning 600-acre development that features a full-service restaurant, an open-air performance center and a network of walking trails and open space, all centered around two picturesque man-made ponds.”