Connecticut Business E-News
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.”
BOSTON: median single-family home price in Connecticut increased in March and the median condominium price followed a similar trajectory, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 2,012 single-family homes were sold in Connecticut in March 2018, compared to the 2,229 homes sold in March 2017 – a 9.7 percent decrease. Meanwhile, the median single-family home price increased 7.8 percent to $248,000, compared to $230,000 a year ago, marking the second consecutive month of median price gain. Year-to-date, single-family home sales totaled 5,834 transactions with a median sale price of $240,000.
SHELTON, Dark Field Technologies has relocated their headquarters from Orange to Shelton, according to Jon Angel, president of Angel Commercial, L.L.C. in 5,785 square feet of space at 5 Research Drive.
“5 Research Dr. is an 84,000 square foot office building near Route. 8 that is owned and managed by R.D. Scinto, Inc.,” said Angel who was the sole broker in this transaction. “Tenants in this building have access to the plethora of amenities available at the nearby Enterprise Corporate Park, which include a private fitness club, cafés, a 200-person auditorium, daycare center, airport limo/shuttle service, salon & spa, and tennis and basketball courts.”
HAMDEN: , A 19,000 square foot industrial property at 2115 State Street has been sold. The purchase price was not released but a recent listing for the property cited a price of $589,900 for the cost to purchase.
Dave Melillo of the Pearce Real Estate North Haven office was the selling broker for the freestanding industrial building on 2 acres, the former home of Cummings Steel. The seller, represented by Melillo, was 2135 State Street, LLC and the buyer was Community Crusade for Children, Inc. Jeff Del Favero of Berkshire Hathaway New England Properties represented the buyer.
Community Crusade is a non-profit organization that operates under the Kiducation name and recylces clothing.
FARMINGTON: CREW-CT – The Real Estate Exchange, supports “advancing the achievements of women in commercial real estate,” the group named its winners of its 23rd annual Blue Ribbon Awards for best Connecticut real estate projects completed in 2017. The winners were announced the evening of April 25 at the Connecticut Science Center in Hartford.
There were 27 notable real estate projects nominated this year. The selection panel included Cecil Adams, director of museum services, Wadsworth Atheneum;Rebecca Nolan, vice president of global business development, MetroHartford Alliance; and Courtney Hendricson, vice president of municipal services, CERC. John Glascock, director of the center for real estate and urban economics at the University of Connecticut served as emcee for the event and announced the following winners:
HARTFORD: The Connecticut Building Congress (CBC) has named the winners of the 2018 Project Team Awards (PTA).
The Awards Banquet will be held on June 12.
One of the winners listed below will be named the Project Team of the Year at the event. CBC also will award several scholarships to graduating high school seniors who will be attending a two or four-year college next fall to study a field within the A/E/C industry.
Congratulations to the teams on the following projects:
By Terence Elton
BRANFORD: “Make no little plans” was the advice of American architect and urban designer Daniel Burnham. His point was that in order to make communities more livable and to have the future we desire, good planning is critical.
Branford believes Burnham would approve of its approach to development. As a town, Branford considers such plans as more than an exercise, devoting time, energy, resources and much thought into its planning efforts, and then uses those plans to move the town forward.
This is evident as the town works to dovetail its Transit Oriented Development Plan, completed last fall, with efforts currently underway on its decennial Plan of Conservation and Development. Neither is produced in order to just check the box and then filed away until the next time; rather they are intended to be effective tools for the town to plot its course for the next decade.
NEW HAVEN, LOS ANGELES: New Haven based Pickard Chilton working with Arup, Corgan, and The Beck Group was selected as one of six leading architecture and engineering firms to showcase the first designs at Uber’s 2nd Elevate Summit, for uberAIR Skyports. These conceptual designs mark the first steps from industrial leaders to create infrastructure for high-volume operations of uberAIR networks in and around cities.
According to a release from Pickard Chilton, dozens of submissions, were whittled down to six concepts were selected which demonstrate a high degree of realism and technical feasibility. Finalists include: Gannett Fleming, BOKA Powell, Humphreys & Partners Architects, Pickard Chilton working with Arup, Corgan, and The Beck Group.
NEW HAVEN: AIA CT released the winners of its 2018 Business Awards. The organization says,this statewide award honors architects for solving business problems for Connecticut clients, thereby demonstrating the power of architecture to shape business performance, improve peoples’ lives, and provide a value- added service.”
The annual awards are juried by an independent panel of architects, this year’s jurors are
Victor Cassella, American Polyfilm Company, Branford; Brent Robertson, Fathom, West Hartford; Tony Terry, AIA, Terry Architecture, Branford.
There are two size categories, [under and over 50 employees] for the awards to help clarify the project scale and two “social” categories, Community Integration and Civic Contribution.
MILFORD: Dockside, a waterfront biergarten and craft brewery in Milford, has received a “green light” from several important agencies in the city that are necessary to move forward with the project.
Co-owners of Dockside, Bob Chicoine and, are letting the public know that this summer the waterfront location will have low-cost, high-quality slips for boaters to rent in addition to the craftbrewery.
“Our hope is for Dockside to serve as a Gateway to Milford,” said Dockside co-owner Bob Chicoine.
“Now more than ever, the craft beer industry is thriving with a more than $700 million impact statewide. And, we believe that Milford-residents, as well as folks across the region, deserve to be able to enjoy locally brewed beer near the waterfront and to experience the neighborhood revitalization benefits of the growing craft beer industry.”
Several agencies that have given approval for the project include Wetlands, Police, Fire, Building, City Engineer, and others.
The property where Dockside will be located is currently occupied by a home (50 Bridgeport Ave.) and Village Marina (40 Bridgeport Ave.). Plans include demolishing the existing home – which will pave the way for 112 parking spots – and renovating the 4,000 square foot building that currently houses Village Marina to then serve as the new craft brewery.
In addition, near the waterfront, two docks will be renovated to hold boat slips and inland will be home to a top-notch biergarten. To maximize the waterfront views, there will be a wide array of waterside seating and deck space for craft brewery goers.
The dock restoration includes the building and installation of two new docks, one of which will be complete this summer. That said, both docks will be operational for boaters looking to rent slips at a top-notch location this year.
“Dockside is going to be a place where folks can come and enjoy locally brewed craft beer, hang out on the waterfront, and enjoy a little slice of Nantucket right here in Milford,” said Dockside co-owner Dan Bagley.
The two outstanding agency approvals that Dockside is awaiting currently are the Connecticut Department of Energy and Environmental Protection (DEEP) and Milford’s Planning and Zoning board.
NEW YORK: Can New York style pizza get a slice of the New Haven and Connecticut market?
The Artichoke Basille’s Pizza, franchise which says it is “the nation’s largest and fastest growing New York pizza concept,” has signed a multi-unit franchise deal to bring its “larger than life” slices and whole pies to the greater Hartford and New Haven, Connecticut areas.
Franchisee Matthew Rusconi is looking to open the first location by year’s end and is actively scouting real estate opportunities in Hartford County, New Haven, Middletown, and Cromwell.
NEW HAVEN: The Connecticut Chapter of the American Institute of Architects [AIACT] has unveiled a new digital magazine, Archtype, expected to be published 11 times per year. The digital “page turning” format mirrors a print style magazine, a PDF version is available as well.
NEW HAVEN: A collaboration led by Pirie Associates Architects, with New Haven based sculptor Gar Waterman and Branford “energy expert” and architect Lindsay Suter designed a public art piece for the waterfront of downtown Willimantic. The design was created as part of the most recent Land Art Generator Institute’s [LAGI design competition for construction on the site.. The team’s effort won and the trio was presented with an award for their project design at Connecticut Arts Day on April 25.
Rio Iluminado is an unusual, innovative and what Inhabit a design Weblog magazine called a “spectacular energy generating artwork."
LAGI’s most recent design competition was a partnership with the Willimantic Whitewater Partnership (WWP).
By Betsy Paynter
Brookfield, Connecticut is the perfect lace .to live, play, raise a family and run your business -
Brookfield, Connecticut is the perfect place to live, play, raise a family and run your business. A 20 square mile town, located in Fairfield County in southwestern Conn., Brookfield is a quintessential New England town. Strategically located between metropolitan areas of NYC, New Haven, Hartford and Boston, make Brookfield an appealing location for industry to move their products with ease. Vehicular access exists along Interstate 84, running east-west from Pennsylvania through Brookfield to Hartford onto Boston. US Rtes. 7, 25 and 202 intersect I-84 within Brookfield. It’s convenient proximity to interstate highways, air and rail transportation along with a highly skilled work force make Brookfield a great place to do business.
ASHFORD: It may be up in the northeastern part of the sate but Milford based DeForest Smith and Carl Russell of Pearce Commercial have sold the property at 299 Pompey Hollow Road for $1.9 million.
The 9,100 square foot single-story, freestanding retail space situated on a 2.4 acre lot, is a Dollar General Store. The seller, Gary Eucalito, was represented by Daniel de Sa’ of EXP Realty Advisors of NYC. The buyer, Jordan Realty, was represented by Smith and Russell of the Pearce.
WALLINGFORD: NN Inc. [NASDAQ: NNBR] based in Johnson City, TN has leased the 50,400 square foot building located at 6 Northrup Industrial Park Road. NN Inc. is a “leading diversified industrial manufacturer of high precision metal and plastic components and assemblies.”
The company has subsidiaries in several countries and in addition to its Wallingford subsidiary, Connecticut Plastics LLC the company’s Boston Endo-Surgical Technologies, LLC, Lacey Manufacturing Company, LLC are located in Bridgeport.
Connecticut Plastics is expanding from a 20,000 square foot facility at 1264 Old Colony Road, it is expected to expand employment in the new facility.
David Barnes and Kyle Roberts of CBRE, New England represented the landlord 1070 North Farms Road, LLC and Gary Damato of Press|Cuozzo Commercial Services in Hamden represented the tenant, NN Inc.
HARTFORD: 60 Popieluszko Court built in 1935 and rehabbed in 2005 was sold for $550,000 to the Connecticut Fair Housing Center.
O,R&L Commercial, LLC brokered the sale of the 6,902± square foot office building, Robert Gaucher, CCIM, SIOR and Carol Karney of O,R&L represented the seller, Office Associates, LLC, and the buyer, Connecticut Fair Housing Center was represented by Andy Filler of Avison Young.
According to a statement by the brokers, “the building offered some the most attractive architectural features in the Hartford area and was sold fully furnished.”
The building was the former home of Families in Crisis Inc. which was shuttered in July of last year when the state cut funding to it and 25 other non-profits.