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.”
HARTFORD: Cushman and Wakefield’s Hartford Office released its Qtr 2 real Esate review for the Hartford Office Market. While the report points to a stronger economy with reducing unemployment, segments of the market continue to struggle. The Harford suburban office market is seeing negative absorption and weaker per square foot lease rates.
Overall vacancy for the region continues to be running in the negative as well. On the good news bad news front, the Central Business District is seeing positive growth, but according to Cushman it is coming at the expense of suburban properties, not new growth.
By Town of East Hampton
EAST HAMPTON: In June the town council took an important first step in preserving and protecting its historic Village Center with the implementation of a Tax Increment Financing (TIF) District. The TIF District plan will allow the town to set aside increased revenue generated through property taxes within the district in order to perform projects that directly benefit the Village Center area with the goal of promoting growth, redevelopment and creating an inviting atmosphere in the historic downtown.
East Hampton, known colloquially as Belltown, was once home to several bell and toy manufacturers, all of which were nestled in the Village Center, originally drawing on water power from nearby Lake Pocotopaug. Beginning in the 1970s, changes in the manufacturing industry resulted in the loss of all but one bell manufacturer to date. Several large historic mill buildings sit, blighted, vacant or underutilized throughout the area. TIF is a method used to catalyze economic development through anticipated future increases in property tax revenues to generate incremental revenues to help pay for costs within the district.
The Y is Q's First Tenant
By Putnam Economic Development
PUTNAM: n the true spirit of community, the Quinebaug Regional Technology Park (The Q) is a regional economic development initiative between the towns of Brooklyn, Pomfret, Putnam and Scotland. Strategically located in the Tri-State, including Conn., Mass. and R.I., The Q is a 267-acre technology park accessed directly off I-395 at Exit 45.
Suited to support industry sectors such as aeronautics, plastics and medical devices, the site further supports the growing sectors of agritourism and ecotourism, like breweries and soap making. Amenities of The Q include The Hale YMCA Youth and Family Center, the Q’s first tenant, which offers two swimming pools, a whirlpool, exercise room, fitness classes, member child-care and many other health and wellness amenities.
A farmers’ market is less than a half mile away which is adjacent to a dog park. The Q also offers access to the Putnam River Trail, a two mile-long biking and walking trail winding its way along the Quinebaug River, through Rotary Park and into historic downtown Putnam. The River Trail features a canoe launch, bike repair station and runs behind Rotary Park’s bandstand, which hosts several outdoor events and concerts.
The Q is being developed and sold in phases with several lots in Phase I still available for sale.
With a downtown packed with award-winning dining options, specialty shopping, arts venues, theaters, a well-known antiques section as well as year-round events, festivals and activities, it is no wonder that the town of Putnam was recently named “One of the Best 15 Small Towns to Visit in New England” by Boston Magazine. Putnam is a small town with a big attitude!
WEST HARTFORD: What developers ae calling “a pioneering mixed-use community,” located next to the new CTFastrak “rapid transit stop,” 616 New Park hopes to attract “everyone from millennials to seniors.”
The 54-unit project, has one and two-bedroom units, and is priced both at market rate and at rates attractive to a workforce earning at or below 60% of the area’s median income. Eleven units are designated as supportive housing for veterans.
Retail space is available on the ground floor, cost for the project was $15.6 million.
The "pet friendly" apartment rents range from $1600-$2300 per month.
HAMDEN: An $8.7 million price tag was made for a 30 unit [130 bed] Hamden apartment building adjacent to Southern Connecticut State University campus.
The buyer was 1160 Silas Deane Company, LLC [433 South Main Street, West Hartford] and the seller was by One Hundred Ninety Pine Rock Avenue, LLC.
Ralph Lewis of CW Commercial Real Estate [a subsidiary of Calganini] represented both sides of the off-market sale. This transaction marks the second sale of this property by Lewis, who represented both buyer and seller in August of 2015 when it traded for $7.6 million.
MANCHESTER: Winstanley Enterprises, LLC of Concord, MA has acquired the two million square J.C. Penney distribution warehouse facility located at 1339 Tolland Turnpike for $70 million from J.C. Penney.
Winstanley Enterprises says it plans to renovate the interior and exterior of the facility and transform the location into a bulk warehouse and distribution center.
“This facility is one of the largest distribution warehouses on the Eastern Seaboard, and we are very excited to breathe new life into the property,” said Adam Winstanley, a principal of Winstanley Enterprises. “We look forward to working closely with the community, creating new local jobs and offering distribution tenants a top-tier facility centrally located here in Manchester.”
By Thomas Madden, AICP,
Director of Economic Development, Stamford
Stamford is preparing to be the city of tomorrow through a repeating $2 million implementation grant for the next five years by CTNext, the state’s business development entity. The award is helping to develop the city’s “Innovation Playground” through investment into projects that support Stamford’s “Smart Cities” movement and in partnership with private companies such as Harman International Industries, Frontier Communications, Synchrony Financial, AT&T, Local Motors, Navya and public entities including UConn, CTDOT, the Stamford Partnership,Fairfield County Business Council,Downtown Special Services District, and BLT. These partners envision Stamford as an intensely collaborative, walkable, digitally enabled city, connected to NYC and to other major Connecticut cities through technology and support both small and large business in entrepreneurship and innovation pipeline.
STRATFORD: Kubtec Digital X-Ray has purchased a freestanding building at 111 Research Drive for $1.045 million. The building, on 0.67 acre, encompasses 10,216 square foot and includes a loading dock.
Founded in 2005 in Milford, Kubtec Digital X-Ray, a registered trademark of KUB Technologies Inc., is a research based organization that develops digital x-ray solutions for medical, research and industrial applications.
UNCASVILLE: Fairfield Inn & Suites Uncasville, a recently renovated four-story 105-room hotel located off I-395 has been sold for $11.05 million.
Located 12 miles from the New London Union Train Station and 57 miles from Bradley International Airport, the property was recently repositioned from a Best Western to a Fairfield Inn and Suites by Marriott.
Jonathan Ruprai, senior director of Marcus Millichap’s national hospitality group, along with Jerry Swon and Daniel Zagoria of the firm’s Manhattan office, secured the exclusive listing to market the property on behalf of the seller, a private investor.
NEW YORK: Smartassets.com the financial resources website says “whether you’re a first-time homebuyer or a grizzled veteran of the home-buying experience, you want to make sure you are taking out a mortgage you can afford.”
To that end the company says it “analyzed data to find the most undervalued cities in the U.S in 2018.”
New Haven was chosen as the seventh most undervalued city in the country.
NEWINGTON: Nickerson Properties LLC has purchased 445 & 445A Willard Avenue for $2,095,000. The 9,760 SF office condo property is 100% occupied by Davita Dialysis and Family Adult Day Care. Nicholas R. Morizio, SIOR, CRE and Terri Rockefeller of Colliers International in Hartford, represented the seller Rotundo Developers LLC.
NEW BRITAIN: The Advanced Wound and Hyperbaric Medicine Center on The Hospital of Central Connecticut’s campus has been rehabilitated by C.E. Floyd Company [Middletown], worked with Jacunski Humes Architects of Berlin. The original schedule was 14 weeks, but according to a release by E.E. Floyd the hospital wanted to occupy the space sooner. The company achieved it “by working longer days and implementing lean construction practices, such as a daily huddle and maintaining a constraints list,”, the compressed schedule took eight weeks.
“Our new state-of-the-art wound care center in New Britain will ensure our hospital offers the most advanced therapies, products, and practices to our community,” said Janette Edwards, vice president of operations for Hartford HealthCare’s Central Region, in a press release published on the hospital’s website. “The new center includes six treatment rooms, allowing us to treat more patients and increase our rate of healing difficult wounds.”
Previously, C.E. Floyd converted a gymnasium into the Family Health Center in Bristol for the Hospital of Central Connecticut. This outpatient care facility provides many medical services to the community, including another Advanced Wound and Hyperbolic Medicine Center.
Rendering of the to be built Thomas S. Perakos Arts and Community Center at The Gunnery
WASHINGTON: The Gunnery private school celebrated the groundbreaking of the new 32,000 square foot $17 million Thomas S. Perakos Arts and Community Center. The new facility is one of the largest on the campus of the co-educational college preparatory boarding and day school.
The S/L/A/M Collaborative (SLAM), say it was designed “to reflect the English Tudor and shingle style architecture prevalent on campus.” The building will be constructed by O&G Industries, and is estimated to be complete in December 2019.
STAMFORD: The law firm Day Pitney LLP has relocated to 1 Stamford Plaza into 19,450 square feet. Pitney’s new digs is a 16-story, 219,000 square foot class A office tower. The firm is expected to move in the first quarter of 2019.
The lease, which encompasses the entire 7th floor, features an “efficient floorplate” with a mix of private offices and meeting spaces. The new offices will house 70 employees, including 32 attorneys.
Day Pitney has been at Canterbury Green at 201 Broad Street in downtown for the past 30 years.
By Maureen Funke
Director of Development, greenbox-is [an environmentally oriented interior space construction company]
Have you heard all the buzz about Opportunity Zones?
Opportunity Zones are at the heart of what could become the nations’ largest economic development program! The initial reactions from economic development officials and involved parties across the state are promising. In summary, the 2017 Tax Cuts and Jobs Act established the federal “Opportunity Zones” (OZ) program, a new community development program designed to encourage long-term investments by providing favorable capital gains treatment for investors who support eligible projects in designated communities. The program is especially beneficial for long term investors… making it financially attractive for investors to focus on long term investments with a holistic community based approach.
CENTERBROOK Ben Mayne and Andrew Wait have been added to the architectural staff at Centerbrook Architects. Mayne joins fulltime following internships at the firm in each of the two previous summers. A second-generation designer, Mayne graduated this spring with a bachelor’s degree from Cornell University’s top-ranked architecture, art & planning program. He is originally from Suffield.
Wait comes to Centerbrook upon completion of bachelor’s and master’s degrees in architecture from Northeastern University. The Andover, Mass., native was a two-time participant in Northeastern’s co-op program, where he worked at LDa Architecture & Interiors and Prellwitz Chilinski Associates.