Connecticut Commercial Real Estate and Construction News
WEST HARTFORD: Corbin's Corner is getting a lift with the help of the Town Council which voted unanimously to approve a developer’s plan to redevelop the Sears retail and automotive stores when the shuttered stores vacate this month.
Sears stores continue to struggle and Seritage Growth Properties a $2.6 billion dollar publicly trade Real Estate Investment Trust [NYSE SRG]: purchased the locations across the country. The West Hartford store was closed in January and Seritage is redeveloping the property as The Corbin Collection, with an expected price tag of $27 million. Construction is expected to begin immediately and be completed in 2017.
Shake Shack, Saks Fifth Avenue Off 5th and REI outdoor store is relocating from Blue Back Square in West Hartford Center.
DANBURY: The Society of Industrial and Office Realtors [SIOR], released the results of its semi-annual membership survey of its Connecticut/Western Massachusetts chapter’s members . There are more than 3,100 SIOR members in the US and Realtors with the SIOR designation are considered within the industry to be among the most well trained and educated commercial real estate professionals.
According to SIOR, the survey reports “a continuation of the positive trend established earlier in 2016. Responses have trended away from negative to either stable or improvement.”
NEW HAVEN: According to the most recent research report for New Haven from Colliers International the New Haven office market is undergoing a change.
“The office market in New Haven is now a few months into its new reality of high vacancy and vague prospects, the result of the bombshell decision last September by Alexion Pharmaceuticals [NYSE: Alxn] to move its headquarters to Boston.”
The report added, “following the mega-jump in 3rd Quarter vacancy due to the Alexion move – from 14.1 to 19.3 percent – the market settled back into its usual groove in Q4, ending the year with modest improvement and a vacancy rate of 19.0 percent. Net absorption for the quarter was 20,898 square feet.”
WALLINGFORD: Massachusetts-based , Calare Properties, real estate development company firm has purchased the Bristol-Myers Squibb property for $5 million, the property has a $46 million assessment from the town..
Calare said that it sees “exciting leasing potential for both office and pharmaceutical/biotech tenants as well as new development opportunities for a variety of uses including industrial.”
The company announced in 2015 it would be closing the Wallingford Campus by end of 2018 as part of a company wide reorganization. Employees will be offered positons in Cambridge, MA and New Jersey facilities to Cambridge.
|After $38 million in improvements just three years ago Mass Mutual is leaving its Enfield location and consolidating operations across the border in Springfield.|
SPRINGFIELD: MassMutual Insurance is consolidating its operations in Springfield and a new $2500 million facility on Boston’s seaport. The company says the consolidation will result in a total investment in Massachusetts its home corporate location, of $300 million.
The Springfield corporate office will see 1,500 over the next four years to reach more than 4500 jobs there, and 500 at the Boston location.
NEW BRITAIN: - The former Stanley Black & Decker building at 480 Myrtle Street is for sale.
According to Frank Amodio, owner of Amodio & Co. Real Estate who is representing the seller.
The five story 138,986 square foot building is outfitted with offices, a cafeteria, three elevators, a “modern atrium lobby”, and sits on a 5 acre parcel.
WETHERSFIELD: Connecticut Ready Mixed Concrete Association’s [CRMCA] Build with Strength Committee, announced that the CRMCA will be marketing a comprehensive “Build With Strength” campaign to the Connecticut construction market. The campaign will be targeted to the Connecticut architecture, design and engineering communities to promote the versatile uses of concrete in construction.
BOSTON: 2017 was an excellent year for single family home sales in Connecticut with the year over year sales reaching an eleven-year high. December on the other hand was not a Christmas celebration for many real estate agents and home sellers as the month was down 9.4% compared to last year, prices did inch up 2.2% for the month.
Warren Group, publisher of The Commercial Record reported a total of 2,472 single-family homes were sold in Connecticut during the month of December, compared with 2,705 sold in December 2016. Meanwhile, the median price of a single-family home rose 2.2% in December to $245,000, compared with $240,000 a year ago.
TRUMBULL: An empty 78,692 square foot office building on 10.78 acres at 100 Oakview Drive will be demolished to make way for a new $30 million rental community of 202 units in six buildings offering the “latest luxury amenities and modern conveniences.”
Tim McMahon and Rich Lee of O,R&L Commercial represented the seller, Canon USA [former headquarters] and procured the buyer, Trumbull Developers, LLC [145 HUDSON STREET, NY, NY] The purchase price was $4,500,000. Canon USA headquarters is now in Huntington, NY.
PLAINFIELD:, CT Truckload carrier Western Express has purchased a 12.85-acre facility at 1293 Norwich Road for $1.75 million. Ron Lyman, CCIM, CEO of Lyman Real Estate, brokered both sides of the deal.
The property is two adjacent parcels and a 30,740 square foot building. This will be the ninth location for Western Express, which is based in Nashville, TN, and operates facilities across the country. The company has grown to become a large tier industry truckload carrier, running approximately 2,500 power units and more than 6,500 trailers, and reporting 2014 annual revenue in excess of $550 million.
The seller was P. Camp, LLC, of Jewett City, with procuring manager Ricky McDonald handling the transaction for Western Express.
WEST HAVEN: A 24,317 SF light Industrial / Flex building on 1.25 acres located across from the Metro-North West Haven train station at 45 Railroad Avenue. Richard S. Guralnick, CCIM of O,R&L Commercial in Branford represented the seller, L & A Realty. The buyer, Pinpoint Promotions & Printing, LLC, currently in Stratford was represented by Steve Gentile of Keller Williams Realty. Pinpoint will move their full service, marketing and production agency to this new location.
The property sold for $830,000 and was was formerly occupied by Manufacturers Associates, Inc.
FAIRFIELD: Connecticut has a new real estate company that is hoping that their expertise in software and digital marketing will allow them to disrupt the traditional real estate sales model.
Redfin [NASDAQ: RDFN] is a Seattle, WA based pubic company with $2.6 billion market cap they call themselves “the next-generation real estate brokerage”. The company says it “pairs personal service from Redfin agents with technology to create a better home-buying and selling experience that costs less.”
HAMDEN: Elina Katsman has joined the Press/Cuozzo Realtors “commercial services team.”.
Katsman was born in the USSR, and grew up in Tel-Aviv, Israel, where she worked as a marketing professional, leading accounts of the largest national and international companies. In 2013 she moved to the US and settled in Hamden, speaks Russian, Hebrew, and English.
Katsman holds a B.A in communications & business from the Israeli College of Management and has 10 years of experience in marketing communication. Her professional career started with a public relations firm specializing in real estate, then continued to include small start-ups, B2B customers, and large multinationals.
EAST HARTFORD: The 120-unit apartment Turtle Creek Apartments complex was sold for $8 million, $66,666 per unit.
Steve Pappas of the Hartford office of investment broker Chozick Realty Inc. represented both the seller, Turtle Creek Realty and purchaser, Up Realty LLC, a New York based investment group.
The complex was constructed in 1968 the property and according to Chozick received new amenities in the late 1980s, including an indoor swimming pool, jacuzzi, steam room and sauna, a full commercial kitchen and dining room for resident functions, an indoor running track, miniature golf course, fitness rooms, a billiards room, media room and library.
HARTORD: The Ritz Grande Apartments was sold for $3.7 million, to Aria Legacy Group (ALG), its the company’s 16th multifamily investment in the city.
The 58-unit complex located at 29 Annawan Street is a mix of fully remodeled one to four-bedroom apartments. Amenities at the complex include on-site laundry, a playground, basketball courts and off-street parking. The property is located near neighborhood shopping outlets and Dillon Stadium.
“This acquisition excites us because Connecticut, and especially Hartford, has been one of our best success stories to date,” said Joe Novoseller, managing principal of ALG.
NEW HAVEN: The Connecticut Chapter of the American Institute of Architects has appointed Gina Calabro to Executive Director. AIA Connecticut serves as a resource to architects and the public. Its membership of over 1,300 is comprised of architects, professionals working towards licensure, architectural students, and professionals in affiliated fields.
Calabro's has more than 25 years of executive planning, administration, communications, and marketing experience in both the private and non-profit sectors. Calabro was the CEO at the Home Builders and Remodelers Association of Fairfield County and prior to that was the Director of Membership and Marketing for the Connecticut Conference of Municipalities.
By Mitchell Young
NEW HAVEN: In December 2014, digital media entrepreneurs David Salinas and Peter Sena founders of Digital Surgeons a New Haven digital marketing firm with 45 employees were seeking a new location.
Like many other growing New Haven companies they needed a lot of space and parking. DS was growing at 1175 State Street, the Robby Len [Swimsuit factory] Building, first constructed to house Trolleys in the early part of the last century, but they weren’t happy with the status and condition of the building and wanted to own and control their own space.
The pair criss-crossed Greater New Haven looking for a new nest for the fast growing company, but nothing was coming that met their specs.
NEW HAVEN: Yale University is extending The Yale Homebuyer Program, for another two years, through Dec. 31, 2019.
The program that gives permanent Yale University employees working 20 or hours or more a week a substantial income benefit if they purchase a home to own and occupy in designated areas in the city.
The program was first established in 1994, provides up to a $30,000 total benefit to participants: a $5,000 first-year bonus and an annual $2,500 grant for up to 10 years to university faculty and staff as long as they continue to own and live in the home and remain employed by Yale.
According to the University, 1,221 Yale faculty and staff have benefited from the program since its inception. They have purchased homes with a total market value at time of purchase of more than $237 million and have benefited from $31 million provided by Yale since 1994.