OLD SAYBROOK: The former estate of Katherine Hepburn is back on the market for $11.8 million. The property was previously listed in 2014 at $14.8 million. The 1.5 acre property overlooks a private pond, a dock and sits on 220 feet on London Island Sound. The house is at 10 Mohegan avenue and has 8,400 square feet with three stories.
The home site is only part of Hepburn's original property, developer Frank Sciame built a 3,800 square foot beach house on 1.3 acres at 6 Mohegan Avenue, which is also for sale, at $5.88 million.
Sciame knocked down the price of the beach house from a 2015 listing at $6.8 million. Sciame also owns the nearby historic and iconic [it is pictured on some Connecticut license plates] Old Saybrook Lighthouse.
BOSTON: Single-family home sales in Connecticut increased by 23%in January, according to the latest report from The Warren Group, publisher of The Commercial Record.
A total of 2,130 single-family homes were sold in Connecticut during the month of January compared with 1,731 sold in January 2016. This is the highest total of sales in January since 2007 when the number reached 2,345 homes sold.
HARTFORD: In July the State of Connecticut cinched a deal with Airbnb, the home sharing company, to collect taxes from its “host” facilities.
According to the company, Connecticut’s 2,400 active hosts earned more than $11 million dollars in 2016 by hosting approximately 64,000 visitors.
The company said the typical host in Connecticut earned $5,500 last year, and the typical listing is occupied 32 nights per year with the average length of stay is 3.4 nights.
Josh Meltzer, Head of Northeast Public Policy’s statement demonstrated the bucking the everyday the company is known for. We will just have to see, if “nutmeggers” or Connecticut citizns are as equally willing to accept their self description as Connecticuters as they are the home sharing service.
In 2006 James Schembari a “something” from Connecticut wrote in the New York Times that he didn’t want to be called a "Connecticuter," or a Nutmegger for that matter.
Meltzer explained the company’s efforts in the home of the Connecticuters , “we are proud to see that more and more Connecticuters have discovered home sharing as an opportunity to share their community with visitors from around the world, and earn a little bit of extra money along the way. From New Haven to Putnam, Airbnb hosts are ambassadors to the Constitution State and we are grateful they have embraced home sharing as a way to welcome thousands of visitors.”
BRIDGEPORT: A Drug Rehabilitation facility at at 425 Grant Street has been sold.
The building leased by the APT Foundation has 160 beds and 60,000 square feet. Steven Inglese of New Haven Group, Inc., represented the owner and sold the building $4 million. Inglese represented the 425 Grant Street LLC in marketing and negotiating the transaction for and procured the buyer, Grant Property Group, LLC.
The property has operated in its current capacity for the past 15 years and is located one block from Bridgeport Hospital. The building was built in 1966 as a nursing home.
NORWALK: Webster Bank has extended its branch commitment to its 192 Westport Avenue location with a new long term lease extension. The twenty year lease between Oxbank II, LLC with offices located at 2614 Boston Post Rdoad and Webster has a $4.5 million value. The branch is a 2,942 square feet free standing building on a .51 acre lot.
The bank has been at that location for ten years and was a build-to-suit de novo bank on behalf of Webster in 2006.
Mike O’Connor, president of operations for Webster Bank, reaffirmed Webster’s commitment to the location and market by overseeing the process of this lease extension internally on behalf of the bank. Michael Berke, president of Oxford Real Estate Group, Inc.
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.
HARTFORD: A recent survey by the Connecticut Economic Resource Center’s Real Estate Survey showed a majority of real estate professionals were claiming a soft office market in local communities across Connecticut. Large corporate office space lessors are reportedly becoming increasingly difficult to find in Fairfield County, but that apparently isn’t slowing down investors in Connecticut office buildings.
OLD LYME: Prospect Transportation, headquartered in Carlstadt, NJ is expected to build a new facility at 36-38 Hatchetts Hill Road in Old Lyme. The company has signed a short term lease for office space, a truck bay and parking and storage facilities and has an option to buy a 6.23 acre lot at 38 Hatchetts Hill Road. Both properties are owned by Hatchetts Hill LLC, represented by Norm Peck of Pequot Commercial. Prospect is represented by Ron Lyman of Lyman Real Estate in Westbrook.
Prospect Transportation plans to build its Connecticut headquarters at the site to provide fuel delivery and related services to large fuel suppliers, such as airports, gas stations, bus terminals, ferry docks, fleets and other refueling stations.
The quick take away: respondents are generally positive about markets, except for the office market and the overall economy, Of the 72 respondents 47 were brokers and 15 economic development professionals from Connecticut and out-of-state, nearly one-third of respondents were from New Haven County. CERC's survey tracked with Society of Industrial and Office Realtors [SIOR], released the results of its semi-annual membership survey of its members.
Norwalk: Hearst Connecticut Newspapers have consolidated their office into a regional headquarters at Merritt 7 Corporate Park, Norwalk. Hearst has signed a new 11 year lease for 30,251 square feet in building 301 in the six building, 1.4 million square foot office complex.
Margaret Egan, Senior Vice President, Clarion Partners the owners of Merrit 7 said, “this brings their entire Fairfield County workforce to a Class-A workplace environment, allowing Hearst to optimize its operations."
DANBURY: GE’s sale of its sprawling campus to Sacred Heart University and the relocation of employees to Boston and Norwalk, appears to be part of a larger undercurrent of corporate management. Major companies revisiting how they structure their faclity needs is having a major impact on Fairfield County’s corporate real estate market.
Making matters more difficult for two signature office buildings however, is the untimely death of the founder of theMatrix Realty Group.
GLASTONBURY: United Bank [United Financial Corp, NASDAQ: UNBK] is making a big deposit in downtown Hartford. William H. W. Crawford, IV, CEO is relocating the bank’s headquarters from Glastonbury to 68,000 square feet at Goodwin Square, 225 Asylum Street, in downtown.
The move will occur in the third quarter of this year and will bring 200 employees to the city. United Bank currently occupies 48,000 square feet of space at 45 Glastonbury Boulevard. Still under lease, the bank is seeking to sublet the space. Bank officials cited a very tight office market in town as one reason for the relocation.
STAMFORD: Paredim Partners LLC of White Plains, NY acquired Parallel 41 Apartments, a 124-unit class A apartment building at 1340 Washington Boulevard for $33.5 million from Cornerstone Real Estate Advisers LLC . Paredim’s announcement said the purchase “marks the company’s entry into the city’s apartment market.”
Parallel 41 is a six-story mid-rise elevator building, built in 2012 it has five stories of residential apartments above a surface parking level.
PLAINVILLE: The Tomasso Group’sMedical Arts Center [the MOB] has been sold for $30.25 million. The MOB is located at 201 North Mountain Road, about 10 miles southeast of downtown Hartford, at the Hartford Healthcare Cancer Institute, a joint venture between the hospital and Memorial Sloan Kettering. The buyer a publicly traded Real Estate Investment Trust was not disclosed at the time of the announcement.
Completed in 2014, the MOB is connected to, and shares a lobby with the Cancer Center, which leases the entire first floor of the MOB. The property is 95% leased and tenants include Hartford Healthcare, Orthopedic Associates of Hartford, and Hartford Healthcare-employed physicians.
BRIDGEPORT: New leases at 1000 Lafayette Boulevard one of Bridgeport’s premier office properties is demonstrating new interest in the city’s downtown. Colliers International, with its Fairfield County office in Stamford, was the broker for the two new world class clients.
COWI North America a bridge, tunnel and marine engineering consulting group is relocating to downtown Bridgeport, from 35 Corporate drive in Trumbull, a suburban campus environment. The firm will occupy 8,204 square feet of space on the 10th floor, of the 11 story 214,000 square foot property, which they expect to move into this fall.
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.”
MIDDLETOWN: Hamilton Point Investments LLC announced the sale of Wilcox Apartments, an 81-unit apartment property in Middletown. The property was acquired by HPI Wilcox DST in a Delaware Statutory Trust 1031-syndicated acquisition, the sale price was $7,000,000. The investment provided the 1031-exchange investors with a 1.62x multiple on equity, including distributions, and a 14.01% net IRR over an approximately four-year hold period.
STAMFORD: J. Philip Commercial Group Brokerage of Mahopac, NY completed the $2.35 million sale of 184 Selleck Street, a 16,000 square foot industrial building.
The building has been occupied for the last century by Hathaway, Reiser & Raymond, one of the last sail boating maintenance shops in the state. Fritz Chery, of J. Philip Commercial, represented the sellers, Tom Anderson and John Savage of Hathaway, Reiser & Raymond, as well as the buyer, Dr. Philip Putter of Spot On Veterinary.
NIANTIC: A property housing a Bank of America branch for forty years located at 25 Pennsylvania Avenue was sold in a transaction represented by Marcus and Millichap.
The 3,638 square foot net-leased property sold for $2.25 million. Laurie Ann Drinkwater and Seth Richard, both first vice president of investments in Marcus & Millichap’s Boston and Manhattan offices respectively, had the exclusive listing to market the property.
Richard explained one attraction of the property, saying, “its not often that you see tenants with that much tenure at a single property.”
MIDDLEBURY: Ed Godin Jr. SIOR of Godin Property Brokers in Middlebury represented both the buyers and seller in the $225,000 sale of a 34,000 square foot manufacturing and warehouse facility on 1 acre at 56 Eagle St.
The former warehouse facility is located with access to I-84 and Rte. 8 Highway. The new buyer, 56 Eagle Street LLC, is an investor. The seller was GLN LLC.
Godin Jr. also represented both l parties in the $930,000 sale of a 10,000 square foot multi-tenant industrial facility on 2.5 acres at 365 Christian Street in Oxford. The buyer K & W Construction, also acquired an adjoining 3-acre parcel for $149,000. The facility is located in the Oxford Industrial Park near Oxford/Waterbury Airport.
NORTH BRANFORD: Aberlink USA headquartered in Eastcombe, Gloucestershire England leased 5,000 square feet at 8 Commerce Drive. Aberlink sells its precision calibration equipment to industry, in forty countries. The space contains an upscale showroom/demonstration room and 4,000 SF of warehouse/distribution area with a truck dock and a drive-in door. The building owner is Douglas Bredbury. Kevin Geenty SIOR was the sole agent in this transaction
STORRS: The Millennial driven apartment boom and the growth of UCONN helped make the sale of Storrs Acquisition LLC’s five student apartment complexes surrounding the University of Connecticut’s main campus for $20.2 million to a [non-disclosed] private investor. The portfolio consists of 231 units with a mix of 95 one-bedroom and 136 two-bedroom apartments.
The properties include Knollwood Apartments, 101 S. Eagleville Road, 125 units; Oakwood Apartments, 114 S. Eagleville Road, 10 units; Clubhouse Apartments, 3 Clubhouse Circle, 44 units; Maplewood Apartments, 1 Carlton Road, 40 units; and Millbrook Apartments, 170 Spring Hill Road, 12 units.
ORANGE: Bill Weirsman, Commercial Broker of Colonial Properties, Inc., represented the landlord, Leo Zygelman, in the leasing of three professional office suites at 370 Boston Post Road Two spaces were leased for psychotherapy offices; 1,170 square feet was leased by Achieve Wellness, LLC for two years and 1,150 square feet was leased by Beth Robson, Inc. and Gail Chotiner for 5 years. Additionally, a 900 s/f office suite was leased by Kaoud Realty for 5 years.
Weirsman also represented the landlord, Marlaure, LLC, in the leasing of 2,500 square feet of office/flex space at 488 Derby Avenue in West Haven to Cyclelectric, LLC for one year.
WEST HARTFORD: In Manhattan the temporary closing of a Chick Fill A’s restaurant brought a comment by a New York Post reporter on February 10th that would be patrons “lost their minds” in response to the temporary closing. The apparently really wanted their chicken.
In West Hartford, the newest location of the 2000 restaurant chain, one group of “welcome waggoners” were clucking a different tune,. Approximately twenty animal and LGBT rights activists came out to protest the store and some of the company’s policies on gay rights on February 11th.
FARMINGTON: Women in Commercial Real Estate in Connecticut are few and far between, only three of the forty-six SIOR member in the Connecticut/Western Mass chapter are women. CREW-CT says, it is “dedicated to supporting and advancing the achievements of women in commercial real estate”, the group has elected Courtney Hendricson as its new president to lead that mission.
Hendricson, is vice president of municipal services at the Connecticut Economic Resource Center (CERC), where she “designs and implements economic development strategies and drives CERC’s services to Connecticut municipalities."
NEWINGTON: Town Hall will be getting a $25 million renovation, designed by Quisenberry Arcari Architects. QA Architects has worked on other projects for Newington including the renovation of the John Wallace Middle School’s Aerospace Academy and Martin Kellogg Middle School’s Academy of Biomedical Sciences. The firm is also the architect for the renovation of Newington High School, currently under construction and scheduled to be completed this summer.
Tom Arcari, principal-in-charge of the project said, “Our team is looking forward to working with the Building Committee, the Town, and the entire community to develop a far-reaching design that fulfills their vision for modernizing Newington’s town hall facility.”
NEW HAVEN: Cambridge Marine Construction Inc. and partner Patel Construction LLC, completed the purchase of 24 and 36 River St., two privately owned waterfront properties on the Quinnipiac river. Cambridge, a construction contractor that specializes in marine construction of piers and lighthouses, primarily for government agencies, will be headquartered there. The company plans to build an 18,900 square foot, two-story glass fronted building that will accommodate offices, show room, and a large, waterfront access repair area for cranes, excavators and other waterfront equipment.
Cambridge was represented by Ken Bondi of Bondi Commercial Real Estate and the seller, River Street Holdings, and was represented by Jim Bussmann and Jeff Dow of Dow Realty Co.
NEWINGTON: Rick Chozick and Steve Pappas of the Hartford office of investment broker, Chozick Realty, Inc. have completed the sale of Stonegate Apartments at for $6.85 at 1431 Willard Avenue, $114,166 per unit.
The complex has a mix of 20 one-bedroom and 40 two-bedroom apartments on a six acre site, with units ranging in size from 950 square feet to 1,043 square feet, the complex is consistently 100% occupied.
MILFORD: John Leary, MAI, CRE, has joined Advisra Consulting of Milford, as senior valuation consultant. With more than 40 years of real estate industry experience, Leary will be a “key member of Advisra’s valuation group.”
Most recently, Leary was president of Leary Counseling and Valuation, Inc., based in Hamden, and specializing in real estate dispute resolution and litigation support, appraisal review services in any United States market, major and complex property appraisals in the northeastern United States, and commercial real estate mass appraisal services. For the last four decades, Mr. Leary has developed expertise in real estate appraisal, arbitration and mediation and has been a national leader in developing industry standards.
NORTH HAVEN: A 9,800 square foot commercial/office building sitting on 2 acres at 66 Leonardo Drive, was sold for $700,000. Phil Barber, a commercial realtor at Pearce Real Estate’s North Haven commercial office represented the seller of the property, Mason Holdings, LLC.Margaret Bennett, of Margaret Bennett Realty in Wallingford, represented the buyers, Scott Cavallaro and Jason Brenner, who operate Cavcom LLC a fiber optics cable company and may use the new space for future expansion.
STAMFORD: Henkel Corp. based in Dusseldorf, Germany has a wide range of consumer and industrial products, and has more than 50,000 employees. The company has facilities throughout the United States and its US headquarters are in Rocky Hill along with the research division for its adhesives business.
Henkel is expanding in Stamford , moving into 155,000 square feet of space at the BLT Center. According to a report in the Stamford Advocate the company decided to increase its space allocation from 135,000 to bring the research and marketing functions closer together.
Henkel brands include Dial soap, Right Guard, Loctite, Purel and many others. According to a report in the The company is expected to nearly double its employment to 500 employees by 2018.
Angel Commercial, L.L.C., participated in the $825,000 sale of 575-585 Villa Ave., Faifield, a 6,344 SF retail and office building on .32 acres. Jon Angel, president of Angel Commercial, L.L.C., represented both the buyer and the seller in this transaction. Angel stated the investment property was purchased from Fleet National Holdings by Villa 575, LLC.
Stephen Press, SIOR Principal of Press/Cuozzo Commercial Services and Senior Advisor Ted Schaffer completed the off-market sale of the Hamden Center II complex— an 80,000 SF Class A Office Building and a 20,000 SF of retail space at 2321 Whitney Ave., Hamden, sold for $10 million.