hendricksonFARMINGTON: 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."

NEWINGTONTOWNHALL01 viNEWINGTON: 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.” 

cambridge marineNEW 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.

Link to New Haven Register Story

 


 

stonegateNEWINGTON: 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.

LEARY ADVIRSAMILFORD: 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.

leonardo pearceNORTH 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. 

575 585 Villa AvenueAngel 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.


 

whitneyStephen 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.

 


wareck dostillo
Wareck D'Ostillo

John Wareck and Frank D’Ostilio, principals of Real Living Wareck D’Ostilio Real Estate have announced the launch of a new company, WD Management, LLC. This full service property management company will oversee the operation of rental apartment complexes, commercial, retail and industrial real estate properties all over Connecticut.

Neil P. Currie, licensed in real estate, was introduced as the Director of the company. During his career, Currie has headed sales and leasing departments, personally managed and over-seen day-to-day property operations for rental apartment complexes. He earned his a B.A. in East Asian Studies and Architecture and master’s degree in Urban and Environmental Planning from the University of Virginia



 

Fischer 760 Frost BridgeAlan M. Fischer, CCIM SIOR, of Fischer Commercial Real Estate Inc. represented the buyer 1 Frost Bridge Road Reality, LLC, a titl-holding entity of Bridgeport-based Norwalk-Wilbert Vault Company in the $1,570,000 sale of 760 Frost Bridge Rd., Watertown This is a 47,098 SF industrial building on 8.44 acres.

weirsmanKevin Weirsman has re-joined the firm Colonial Properties, Inc. as their Vice President of Commercial Sales. Weirsman held the position of Senior Sales Executive on CoStar Group’s Deby & Equity Team and most recently worked at TotalSource, a human resources platform which adds value to employee benefits in CT-based companies. Prior to this two positions, Weirsman spent 15 years at Colonial Properties as a Commercial Broker. He is licensed in Connecticut and Massachusetts.

northmain brisotolReal Living Wareck DOstilio Real Estate announced the $4,700,000 sale of a New Britain retail center owned by Ettcon & Company. The center  was formerly anchored by a CVS which moved earlier last year. Tenants  Subway, Family Dollar and Oak Hill School are among those that still occupy the property. The owner plans to fill the  CVS store with a possible medical use, complementing the new hospital planned for across the street. Ken Ginsberg of RLWD Commercial represented the seller as the listing broker and Robert Cole of Property World represented the buyer.    


SOLD

 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.

Joel Nesson, Senior Commercial Advisor at Press/Cuozzo Commercial Services completed the sale of Unit #A-2 at 250 State St., North Haven, a 1258 SF office condominium at Sturbridge Commons Office Park. The seller, Curtis OConner sold the unit to Gregory S. Peterson for $145,000.

dialSTAMFORD: Henkel Corp. based in Dusseldorf, Germany has a wide range of consumer and industrial products, and  more than 50,000 employees world wide. The company has facilities throughout the United States and its US headquarters is 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 square feet to bring the research and marketing functions closer together.

Henkel brands include Dial soap, Right Guard, Loctite, Purel and many others. According to the report the company is expected to nearly double its employment to 500 employees by 2018. 


 

bigstock Increasing Real Estate Market 1692403BOSTON: The Warren Group, publisher of The Commercial Record released their home sales report on single-family home sales in Connecticut increased by 2.7 percent in December.

A total of 2,656 single-family homes were sold in Connecticut in December compared with 2,587 sold in December 2015. Year-to-date, sales were up 8.7 percent with 32,235 transactions, compared with 29,644 during the same time a year ago.

The median price of a single-family home rose 2.1 percent in December to $240,000, compared with $235,000 a year ago. Year-to-date, prices took a slight increase to $247,000 compared with $246,000 during the same time a year ago, a rise of 0.4 percent. Rhode Island’s home market was aquite a bit stronger than Connecticut’s with sales rising 21% for the year and prices 3.4%.

fiddlersSIMSBURY: Investment sales broker Northeast Private Client Group completed the sale of the 25,750 square foot mixed-use property known as ”Fiddler’s Green” located at 2-10 Wilcox Street.  Edward Jordan, JD, CCIM, the firm’s managing director, and Taylor Perun, senior associate in the Hartford/Springfield market, represented the seller in the $3.425 million transaction.

“We have a proven track record of matching our clients with qualified buyers for commercial and multifamily properties,” said Jordan.

By Mitchell Young


A Troubled Connecticut Economy But Across The Region – Building, Buying and Renovating,

Like Money is Going Out of Style

traynorPeople’s United Bank Chief Investment Officer John Traynor said everything that needs to be said to understand Connecticut’s economy. Speaking to a recent New Haven Chamber of Commerce gathering, he said since 1989 the state has added only 1,600 jobs, that’s right, one thousand six hundred jobs in 27 years.

In some ways that appeared to be the good news, Traynor added that of the jobs that have remained, “Connecticut has lost higher paying jobs, and they are being replaced by lower skilled, lower paying jobs.” 

VIEW DOWN ORANGE STREET 720 466 88 sha 100NEW HAVEN: Spinnaker Real Estate Partners of South Norwalk.revealed its plans for a 3.3 acre site in downtown New Haven,  Audubon Square. Currently the property is a large parking lot behind the Frontier Communications building and sits on State, Audubon, Grove and Orange Streets. 

Spinnaker paid $5 million to Frontier for the parcel and an agreement to provide 525 parking spaces for its weekday use, which Frontier will pay a fee for.

inglese
New Haven Group's Inglese

MILFORD: The Quarry Road Business Park, home to a diverse group of companies, has sold for $5 million. The park at  260-284 Quarry Park Road consists of 87,000 square feet of commercial flex space on a 7.7-acre property and is 95% occupied. The tenant mix includes Unicomm, the producers of the Travel and Adventure Show now hosted in eight major cities across the US including Los Angels, Chicago, Washington DC. Also at the location is Caldwell & Walsh Building Construction Inc., headquartered in Sandy Hook and with offices in, Boston, and New York City.

lower chapel2NEW HAVEN: A Downtown New Haven parcel has sold for $8.4 Million to New York Investment Group,

East River Properties. The one acre parcel contains 42,000 square feet of retail and office space spread over four contiguous buildings. The property runs from State Street up Chapel Street to the Family Dollar formerly the home of Horowitz Brothers and behind the building, including a surface parking was sold by New Haven based Olympia Properties. 

The parcel opposite the 360 State Street apartment tower, includes four buildings that are fully rented. Retail tenants include a Subway, a temporary US Post Office [now in its tenth year at the location] and the Happiness Lab coffee shop. See Click Fix and The Grove co-working space are major office tenants.

SOLD

The Geenty Group, Realtors completed the $485,000 sale of 30 Main St., in Centerbrook, a 6,000 SF Tudor mansion. This property was previously used as a multi-tenanted office building. Kevin Geenty, SIOR represented the seller, ECC Realty, LLC and Kristin Geenty, SIOR represented the buyer, Michael Hannifan, of Essex. After extensive renovations, he plans to lease the building to his son, Colt Taylor, a chef in Manhattan relocating to Connecticut.

O,R&L Commercial, LLC participated in the $4,350,000 sale of a 22,600 SF retail strip center located at 201 Salem Tpke., in Norwich. The property was built in 2008 and anchored by Goodwill. Tim McMahon of O,R,&L Commercial represented the seller, Sincerest, LLC and also procured the buyer, Easter Seals Goodwill Industries.

realtors2016The New Haven Middlesex Association of REALTORS® Commercial Investment Division (CID) announced the CID “2016 Deals of the Year”. CID recognized industrial and commercial real estate transactions topping $220 million in the Greater New Haven market during 2016, according to CID Chairman Vance Taylor.  

“CID, comprised of over 135 commercial real estate agents doing business in the Greater New Haven area, recognized brokers who have distinguished themselves in a variety of notable real estate transactions,” said Taylor. “The $220 million in transactions completed by our brokers represent only the top tier of the countless deals done by our members in 2016 and are, in effect, the tip of the iceberg.  For those who think the New Haven economy is showing signs of weakness, we’ve got the numbers to show quite the contrary!”

FISCHERNEW HAVEN: Brooks Fischer has been named a principal of Newman Architects.

A graduate of the Roger Williams University School of Architecture, Fischer joined Newman Architects in 2004. Acording to the company’s release Fischer has been the manager for “significant educational and mixed-use development projects and directs our small projects group, oversees business management, and leads in the advancement of the firm’s project management procedures.”

Brooks manages Noroton Heights Development in Darien, Trumbull Development and the New Haven Coliseum Site Redevelopment.

NEW HAVEN, CT - O,R&L Commercial, LLC sold the 150,000± SF office/industrial complex known as the Marlin Business Center at 85 Willow Street in New Haven, CT.

The property traded for $4,475,000. The seller was 85 Willow Street NH LLC which had owned the building for over 15 years and the buyer is Willow Street Equities LLC, a New York based investor. The buyer plans on continuing to operate the property as an office/industrial complex with 40 tenants in 16 separate buildings. Originally built for Marlin Firearms in the 1800’s the property was converted to a multi- tenant facility back in the late 1970s.   

O,R&L Integrated Services is a full service real estate firm that specializes in Commercial Real Estate Brokerage, Commercial Construction, and Facility Management and Maintenance. For additional information on this sale or other transactions you may contact O,R&L Commercial at  203-488-1555 or 860-721-0033

 

124 Temple St REAL ESTATE

A new Italian restaurant Olive Oils is opening at 124 Temple Street in downtown New Haven.

 
fischer real estate pic

$410,000 commercial property sold at the corner of Center Street and Coram Avenue in Shelton.

SOLD

Marcus & Millichap participated in the sale of a 39-unit apartment property for $4,000,000 located at 91-99 Howe St., New Haven. New Haven-based agents Gary Witten and Victor Nolletti represented the seller, Valanzuolo Equities LLC. The building, originally constructed in 1920, is a mix consisting of 32 studio apartments, one one-bedroom unit, three three-bedroom units, three four-bedroom units, an onsite office and a 29-space parking lot. 

The Court Kicks To the Curb New Haven’s First Modern Era Apartment Developer

By Mitchell Young

petraR 140619504.jpgmaxh400maxw667Many in New Haven saw it as a nuisance lawsuit by Philadelphia PMC Property Group to slow down the building of new competitive apartments in downtown, now PMC’s zoning lawsuit against the city has been tossed by the Superior Court.

PMC’s lawsuit challenged the city of New Haven’s rights to rezone certain properties to allow the development of two projects first proposed in 2014 in the direct vicinity of PMC’s Strouse-Adler [Smoothie] Building. 

Great Island Connecticut 1DARIEN: If you were iced out on a bid for your favorite Thimble Island hideaway, no worries, mon.  The sixty-three acre Great Island with its own land bridge to Darien is now available.

Bring your daddy’s checkbook, however, because at $175 million it is the most expensive private residence for sale in America. 

bar juice2xNew Haven: A newly constructed 7,500 square feet industrial building located at 55 John Murphy Drive in New Haven will house operations for new tenant Fresh Bev, a specialty non-GMO “farm-to-bottle,” juice-maker who manufactures RIPE Craft Juice and RIPE bar juice. FreshBev is supplier for Whole Foods..

The deal was brokered by Frank D’Ostilio of Wareck D’Ostilio Real Estate, Kevin Geenty of the Geenty Group and Consiglio Properties, LLC. 

Home Sales Improving

Hartford:  The Warren Group, publisher of the Commercial Record reported that single-family home sales in the Nutmeg State rose 4.1 percent in June.

This June, a total of 3,506 single-family homes sold in Connecticut compared with 3,368 sold in June, 2015. This marked the highest number of sales in nine years since June, 2007, when 3,658 homes sold. Year-to-date, sales were up 17.8 percent with 14,419 transactions, compared with 12,240 during the same timeframe a year ago. The median price of a single-family home in Connecticut rose 1.5 percent in June to $269,000, compared with $264,900 a year ago. This is only the second increase in the median price in 15 months. Year-to-date, prices have decreased by 1.2 percent to $242,000 compared with $245,000 during the same time a year ago.

NEWS

Orange: New Haven resident Diana Cipriani has joined Colonial Properties, Inc. as the residential and commercial brokerage’s newest team-member. Cipriani is a licensed realtor and has worked in various New York-based non-profits. She holds a Masters Degree in International Affairs and Economic Development from The New School in New York City and is fluent in Spanish. President of Colonial Properties, Michael Richetelli, says his firm is seeing several indications of the high demand for real estate in downtown New Haven. 

New Haven: Fred A. Messore, a Senior Vice President with Colonial Properties, Inc. represented buyer Pike International in the purchase of a 3,678 square foot commercial building at 27 High Street which it intends to convert into residential apartments. The building, which is on .09 acres of land was sold for $900,000 from University Lutheran Ministry of New Haven, who was represented by Jack Hill of Seabury Hill Realtors

New Haven: 47 Trumbull Street owned by Lincoln’s Inn Associates for the past 40 years was sold to 47 Trumbull LLC. The new owner plans to do some cosmetic upgrades to the property and lease the offices out to multiple tenants, according to Stephen Press, a Principal with real estate company Press|Cuozzo who represented the seller in the transaction. The building, which houses 3,829 square feet of office space, sold for $530,000. 

Westport: HK Group, a commercial real estate firm based in Westport, announced five lease deals completed by Franco Fellah, the company’s executive vice president.  Nefer Fresh Spa also in Westport leased 2,000 square feet of downtown retail space at 141 Post Road East. The business is expected to open in late 2016.

OneDX LLC, a medical software company, leased 1,000 square feet of office space at 10 Saugatuck Avenue, Westport.

Flora Levin, an ophthalmologist specializing in oculofacial cosmetic, reconstructive surgery, leased 1,350 square feet of medical space in the Willows Medical Complex at 131 Kings Highway North in Westport.

Wilton: Emmanuel’s Kitchen and Bath leased 2,109 square feet of retail space at 1 Danbury Road. The company’s showroom opened in June. Also in Wilton, Alex and Leo, a delicatessen, leased 1,102 square feet of retail space at 17 Danbury Road. The space was previously occupied by a Blimpie submarine sandwich shop.

Hamden: Virginia Shea has leased 3,600 SF of commercial space at 21 Pershing Street in Hamden for an Athletic Training Facility and Simulated Golf. The tenant signed a one year lease with a value of $20,000. The landlord is Elm City Management and The Proto Group was the sole broker.

Derby: Pet Valu Inc. has leased 3,200 SF of retail space in the Aldi anchored shopping center on Pershing Drive in Derby. The 10 year lease was valued in excess of $675,000. RHYS Commercial represented Pet Valu Inc. and The Proto Group represented the landlord, Pershing Partners, LLC. 

Wallingford: Shimmer, a new salon leased 1,100 SF of retail space at 775 North Colony Road in Wallingford. The tenant signed a 5 year lease with options, the value was in excess of $75,000. D’Angelo’s Real Estate is the landlord and the Proto Group, LLC was the sole broker in the transaction.

Old Saybrook: John Cafasso of Colliers International’s Hartford Office represented SBS Properties LLC of Madison in its sale of 599 Middlesex Turnpike in Old Saybrook, to 599 Middlesex, LLC. The purchase price was $1,085,000. The building will be converted to medical use and The Proto Group LLC represented the buyers.

New Haven: Kate’s Klips has signed a five year lease for 1,539 square feet at Amity Plaza Shopping Center, 172 Amity Road, New Haven. Kate’s Klips will operate Great Clips in the location. Dan Charest of Acre Group represented the landlord Wellmakara LLC. The Proto Group represented Katie’s Klips.

Cheshire:  Brian Godin of Godin Property Brokers, recently represented both parties in the sale of a 2,000 square foot Office/Warehouse Condominium located at 325 Sandbank Road, Cheshire . The buyer is a local investment group

Waterbury: Ed Godin Jr, SIOR of Godin Property Brokers, represented the buyer in the $325,000 sale of a 60,000 square foot industrial facility on 3.5 acres at 15 Boyden Street in Waterbury. The former commercial uniform and laundry facility is well located with excellent access to Interstate 84 and Route 8 Highway. The new buyer, Riverbank Construction, is an investor with other Connecticut holdings. They are renovating the facility and repositioning it for multiple tenants. Godin Property Brokers has also been retained to provide the marketing and leasing of the project. The seller was G & K Services Inc.

Fairfield: David Cervero, associate vice president and Ralph Michel, senior vice president of HK Group completed the sale of the property at 348 Black Rock Turnpike. for $1.3 million.  The property consists of a 2,663 s/f restaurant known as Black Rock Oyster Bar & Grill. 348 Black Rock Turnpike sits on .25 acres.  The Black Rock Oyster Bar & Grill was active at the time of the sale. The sellers were FCCW, LLC and Baylor LLC and the buyers were Ahabs Table LLC and Black Rock SoHo, LLC.  The buyer will continue to operate the restaurant/bar under a new name. Michel and Cervero represented the buyer.  Audrey Longo of Guttman Realty Advisors represented the seller.

Fairfield: Angel Commercial, L.L.C., completed the sale of a 24,866 s/f commercial office building located on 1.05 acres at 418 Meadow St. for $2.9 million. Senior vice presidents at Angel Commercial, Brett Sherman, CCIM, represented the seller, and Lester Fradkoff represented the buyer. Owned by BAO Partners, LLC, the building was purchased by Julian Enterprises, headquartered in Milford.

West Haven: Kristin Geenty, SIOR, President of The Geenty Group, Realtors and Arnold Grant, MAI of Arnold J. Grant Associates announce the Sale of 5 Water Street, West Haven, Connecticut, known, since 1953 as the Headquarters of the Bilco Company.  

Kristin Geenty represented members of the initial development team, Sheldon Gordon and Matt Armstrong, known collectively as The Haven, LLC, who purchased the Bilco property as the key parcel to their future development: The Haven, a proposed upscale outlet mall.  The Three Acre property with 116,000 square feet of office and manufacturing buildings sold for $3,100,000.00  in January of 2016.

Milford: The Geenty Group, Realtors, reports a lease of 800 SF at 225 Research Drive, Milford. The tenant is Guy Presler of Cali Customs, LLC. The Tenant will use the space for his screen printing business for T-shirts and the like. The landlord is D’Amato Investments, LLC. Bill Clark, Senior Vice-President at The Geenty Group, was the sole agent in this transaction.

North Haven: DanMar Construction, which specializes in building construction and renovation, has leased office space at 88 Old Broadway in North Haven, in a deal brokered by Levey Miller Maretz. Steve Miller, principal at Levey Miller Maretz, represented both the tenant and the landlord in the deal. DanMar Construction leased 480 square feet of office space from Mario Gambardella. DanMar is a family owned and operated construction firm that also offers full design services.  The company does ground-up work, as well as remodeling, excavation, additions and roofing for residential and commercial properties.

New Haven: A new barbecue restaurant has opened in downtown New Haven, thanks to a deal brokered by Levey Miller Maretz. Shawn Reilly of Levey Miller Maretz represented the buyer and the seller in the deal, in which Albert Greenwood and Associates bought the business at 969 State Street for $75,000. The 1,200-square-foot site previously housed C.O. Jones Mexican Restaurant for more than a decade. The buyer has opened Bull & Swine New Haven Barbecue at the site, and also operates nearby Oak Haven Table & Bar on State Street.

Home Sales Improving

Hartford:  The Warren Group, publisher of the Commercial Record reported that single-family home sales in the Nutmeg State rose 4.1 percent in June.

This June, a total of 3,506 single-family homes sold in Connecticut compared with 3,368 sold in June, 2015. This marked the highest number of sales in nine years since June, 2007, when 3,658 homes sold. Year-to-date, sales were up 17.8 percent with 14,419 transactions, compared with 12,240 during the same timeframe a year ago. The median price of a single-family home in Connecticut rose 1.5 percent in June to $269,000, compared with $264,900 a year ago. This is only the second increase in the median price in 15 months. Year-to-date, prices have decreased by 1.2 percent to $242,000 compared with $245,000 during the same time a year ago.

NEWS

Orange: New Haven resident Diana Cipriani has joined Colonial Properties, Inc. as the residential and commercial brokerage’s newest team-member. Cipriani is a licensed realtor and has worked in various New York-based non-profits. She holds a Masters Degree in International Affairs and Economic Development from The New School in New York City and is fluent in Spanish. President of Colonial Properties, Michael Richetelli, says his firm is seeing several indications of the high demand for real estate in downtown New Haven. 

New Haven: Fred A. Messore, a Senior Vice President with Colonial Properties, Inc. represented buyer Pike International in the purchase of a 3,678 square foot commercial building at 27 High Street which it intends to convert into residential apartments. The building, which is on .09 acres of land was sold for $900,000 from University Lutheran Ministry of New Haven, who was represented by Jack Hill of Seabury Hill Realtors

New Haven: 47 Trumbull Street owned by Lincoln’s Inn Associates for the past 40 years was sold to 47 Trumbull LLC. The new owner plans to do some cosmetic upgrades to the property and lease the offices out to multiple tenants, according to Stephen Press, a Principal with real estate company Press|Cuozzo who represented the seller in the transaction. The building, which houses 3,829 square feet of office space, sold for $530,000. 

Westport: HK Group, a commercial real estate firm based in Westport, announced five lease deals completed by Franco Fellah, the company’s executive vice president.  Nefer Fresh Spa also in Westport leased 2,000 square feet of downtown retail space at 141 Post Road East. The business is expected to open in late 2016.

OneDX LLC, a medical software company, leased 1,000 square feet of office space at 10 Saugatuck Avenue, Westport.

Flora Levin, an ophthalmologist specializing in oculofacial cosmetic, reconstructive surgery, leased 1,350 square feet of medical space in the Willows Medical Complex at 131 Kings Highway North in Westport.

Wilton: Emmanuel’s Kitchen and Bath leased 2,109 square feet of retail space at 1 Danbury Road. The company’s showroom opened in June. Also in Wilton, Alex and Leo, a delicatessen, leased 1,102 square feet of retail space at 17 Danbury Road. The space was previously occupied by a Blimpie submarine sandwich shop.

Hamden: Virginia Shea has leased 3,600 SF of commercial space at 21 Pershing Street in Hamden for an Athletic Training Facility and Simulated Golf. The tenant signed a one year lease with a value of $20,000. The landlord is Elm City Management and The Proto Group was the sole broker.

Derby: Pet Valu Inc. has leased 3,200 SF of retail space in the Aldi anchored shopping center on Pershing Drive in Derby. The 10 year lease was valued in excess of $675,000. RHYS Commercial represented Pet Valu Inc. and The Proto Group represented the landlord, Pershing Partners, LLC. 

Wallingford: Shimmer, a new salon leased 1,100 SF of retail space at 775 North Colony Road in Wallingford. The tenant signed a 5 year lease with options, the value was in excess of $75,000. D’Angelo’s Real Estate is the landlord and the Proto Group, LLC was the sole broker in the transaction.

Old Saybrook: John Cafasso of Colliers International’s Hartford Office represented SBS Properties LLC of Madison in its sale of 599 Middlesex Turnpike in Old Saybrook, to 599 Middlesex, LLC. The purchase price was $1,085,000. The building will be converted to medical use and The Proto Group LLC represented the buyers.

New Haven: Kate’s Klips has signed a five year lease for 1,539 square feet at Amity Plaza Shopping Center, 172 Amity Road, New Haven. Kate’s Klips will operate Great Clips in the location. Dan Charest of Acre Group represented the landlord Wellmakara LLC. The Proto Group represented Katie’s Klips.

Cheshire:  Brian Godin of Godin Property Brokers, recently represented both parties in the sale of a 2,000 square foot Office/Warehouse Condominium located at 325 Sandbank Road, Cheshire . The buyer is a local investment group

Waterbury: Ed Godin Jr, SIOR of Godin Property Brokers, represented the buyer in the $325,000 sale of a 60,000 square foot industrial facility on 3.5 acres at 15 Boyden Street in Waterbury. The former commercial uniform and laundry facility is well located with excellent access to Interstate 84 and Route 8 Highway. The new buyer, Riverbank Construction, is an investor with other Connecticut holdings. They are renovating the facility and repositioning it for multiple tenants. Godin Property Brokers has also been retained to provide the marketing and leasing of the project. The seller was G & K Services Inc.

Fairfield: David Cervero, associate vice president and Ralph Michel, senior vice president of HK Group completed the sale of the property at 348 Black Rock Turnpike. for $1.3 million.  The property consists of a 2,663 s/f restaurant known as Black Rock Oyster Bar & Grill. 348 Black Rock Turnpike sits on .25 acres.  The Black Rock Oyster Bar & Grill was active at the time of the sale. The sellers were FCCW, LLC and Baylor LLC and the buyers were Ahabs Table LLC and Black Rock SoHo, LLC.  The buyer will continue to operate the restaurant/bar under a new name. Michel and Cervero represented the buyer.  Audrey Longo of Guttman Realty Advisors represented the seller.

Fairfield: Angel Commercial, L.L.C., completed the sale of a 24,866 s/f commercial office building located on 1.05 acres at 418 Meadow St. for $2.9 million. Senior vice presidents at Angel Commercial, Brett Sherman, CCIM, represented the seller, and Lester Fradkoff represented the buyer. Owned by BAO Partners, LLC, the building was purchased by Julian Enterprises, headquartered in Milford.

West Haven: Kristin Geenty, SIOR, President of The Geenty Group, Realtors and Arnold Grant, MAI of Arnold J. Grant Associates announce the Sale of 5 Water Street, West Haven, Connecticut, known, since 1953 as the Headquarters of the Bilco Company.  

Kristin Geenty represented members of the initial development team, Sheldon Gordon and Matt Armstrong, known collectively as The Haven, LLC, who purchased the Bilco property as the key parcel to their future development: The Haven, a proposed upscale outlet mall.  The Three Acre property with 116,000 square feet of office and manufacturing buildings sold for $3,100,000.00  in January of 2016.

Milford: The Geenty Group, Realtors, reports a lease of 800 SF at 225 Research Drive, Milford. The tenant is Guy Presler of Cali Customs, LLC. The Tenant will use the space for his screen printing business for T-shirts and the like. The landlord is D’Amato Investments, LLC. Bill Clark, Senior Vice-President at The Geenty Group, was the sole agent in this transaction.

North Haven: DanMar Construction, which specializes in building construction and renovation, has leased office space at 88 Old Broadway in North Haven, in a deal brokered by Levey Miller Maretz. Steve Miller, principal at Levey Miller Maretz, represented both the tenant and the landlord in the deal. DanMar Construction leased 480 square feet of office space from Mario Gambardella. DanMar is a family owned and operated construction firm that also offers full design services.  The company does ground-up work, as well as remodeling, excavation, additions and roofing for residential and commercial properties.

New Haven: A new barbecue restaurant has opened in downtown New Haven, thanks to a deal brokered by Levey Miller Maretz. Shawn Reilly of Levey Miller Maretz represented the buyer and the seller in the deal, in which Albert Greenwood and Associates bought the business at 969 State Street for $75,000. The 1,200-square-foot site previously housed C.O. Jones Mexican Restaurant for more than a decade. The buyer has opened Bull & Swine New Haven Barbecue at the site, and also operates nearby Oak Haven Table & Bar on State Street.

Brideport1BRIDGEPORT: Things are building up in Bridgeport as evidenced by $1,168,054 in revenue earned from issuing nearly 300 building permits in the city, almost triple from July 2015.

This sharp increase in building permit revenue comes as major economic and real estate development projects get underway. A city press release says, “even more building activity is expected over the next 12 months.”  

The current projects include developments of phase two of the Crescent Crossing housing development on the East Side of Bridgeport, major infrastructure improvements to Bridgeport Hospital, and the Polka Dot Theater renovation and conversion into apartments.

janesky

Basement Systems CEO Janesky - Business New Haven Business Person of the year in 2009 hasn’t slowed down yet.

Seymour: Larry Janesky, CEO of Basement Systems, will see his company hit the thirty year mark next year, but the celebration is coming a little early.

The company has just unveiled a new three story 37,000 square foot “Building 9,” a $5.5 million dollar expansion featuring additional office and warehouse space on its fifty acre campus in Seymour.

Janesky was Business New Haven’s Businessperson of the Year in 2009 when he told us “If you’re not growing, you’re dying.” That philosophy has worked well for the combined companies, which have more than $100 million in annual sales and 400 dealers in three countries.

The company’s Connecticut Basement Systems division services Connecticut and Westchester directly with basement waterproofing, crawl space and foundation repair. Janesky has said employment at the company, which exceeds three hundred employees, has increased by 50 staff members in the past twelve months. 

In addition to directly providing services to homeowners, the company franchises the Basement Systems name and provides systems and products to dealers.

The Seymour staff support the dealers with products and training and the new facilities, which include the company’s third warehouse, will also house new training facilities for dealer contractors.

Janesky explained how problems he saw with wet basements helped form the basis for his company when we first wrote about him in 2009, and how the challenges of wet basements and older foundations led to his company’s success, “that made me think about new products — new and better draining systems, new and better sump-pump systems, basement flooring systems, basement wall, paneling and covering systems, basement window products — we innovated in all those areas and took the industry to a whole different place than it had been before.”

Janesky says he didn’t want to add a mundane building, telling the media at the opening, “Building 9 is a glass, blue-and-white warehouse with a 9-foot stainless steel globe out in front that mirrors the one from the (1964) World’s Fair.”

 The Berkshire Hathaway HomeServices New England Properties third-quarter market report was released earlier this month. Some highlights of the report include:

• Connecticut’s rental market remained strong with signed leases are up 4.6 percent year over year.

• There was a nine-percent increase in the number of sales over $5 million in the third quarter when compared to the third quarter of 2013.

• The inventory of homes priced over $5 million increased now making up 17.2 percent of current active listings in the luxury market.

• Contracts signed — the leading indicator of real estate activity — increased in the condominium market year over year by 4.2 percent.

• New housing permit data provided by the state’s Department of Economic and Community Development (DECD), shows a 17.4-percent increase year over year for single and multi-unit residential housing through August.

• There were 8,461 closed sales for single-family homes during the third quarter, up 10.7 percent from the previous quarter.

The entire report may be found at bhhsneproperties.com.

 

 Following a half-dozen years in the doldrums, greater New Haven appears on the precipice of a renaissance

 

Greater New Haven is experiencing a surge in economic-development activity unseen in the region in half a century.

One may attribute the wealth of new projects to demographics or the region’s location. But credit also needs to be extended to Yale University, business supporters and a longtime effective if not always well-loved mayor, John DeStefano Jr.

Recently retired Yale president Richard Levin spearheaded a two-decade-long effort to revitalize what was a financially challenged university when he took over the corner office of Woodbridge Hall in 1993.

His efforts to forge a better relationship with the city of New Haven found a partner in DeStefano, and their two-decade-long partnership in reinvigorating the city center is now bearing fruit across the New Haven region. More work needs to be done and the battle especially for jobs and overall economic growth is challenged by the state of Connecticut and New England’s sub-par economic growth. But literally billions in current and future investment demonstrate that the economic future of south-central Connecticut is looking brighter than it has in many years.

 Perhaps no development in the region has posed a more pleasant surprise than the Haven. A 350,000-square-foot development housing 100 “high-end” stores and restaurants, the Haven is expected to cost $200 million in West Haven’s Water Street district, off the Kimberly Avenue exit of I-95.

The developers — Greenwich-based  Sheldon Gordon and Dallas real estate investor Ty Miller — have cobbled together a 25-acre waterfront location from more than 20 property owners and are expected to break ground in 2015 with an opening date slated for 2016.

Today the area decidedly low-end and industrial, a neighborhood best known for the tiny but popular Sandbar Seafood restaurant, a no-tell motel, a marina and on Water Street itself the Bilco Co.

The City of West Haven, which has sold 4.7 acres to the developer, projects that 1,200 jobs will be created by the development and will yield $3 million in annual tax revenues.

Developer Gordon has undertaken successful high-end projects across the country including the Shops at Mohegan Sun, new outlet stores at Foxwoods Resort Casino, the Bridgemarket in Manhattan and the Forum Shops at Caesars Palace in Las Vegas, thought to be the most successful mall in the country.

Access-door manufacturer Bilco is among the companies that will be selling land for the new development. Bilco is exploring a new location in West Haven and beyond. The company says it needs approximately 12,000 square feet for its headquarters’ 65 employees. Bilco’s manufacturing is no longer done in Connecticut, but in Truman, Ark. and at a recently opened plant in Zanesville, O.

The U.S. Environmental Protection Agency (EPA) has provided $200,000 for brownfield remediation on Water Street, at the site of a former oil company. The feds and the state together granted $2 million in 2012 for the West River bulkhead reconstruction project, a 462-foot section of the 1,400-foot wooden bulkhead at 105 Water Street with a new steel bulkhead, which consists of a piling of steel sheets and stands 11 feet above sea level. The project, which is expecting to have a 2,000-car surface parking lot, will require substantial transportation improvements in the area.

Gordon has said negotiations with state officials for better access from I-95 have commenced.

The project is minutes away from Sargent Drive, retail giant Ikea store and the soon-to-be built Jordan’s Furniture. Jordan’s is owned by billionaire investor Warren Buffet’s Berkshire Hathaway Co., which bought the former New Haven Register headquarters and is expected to have four co-tenants. Jordan’s has a reputation for creating an atypical shopping experience featuring laser shows and an IMAX theater in some locations. The “Disneyland of Furniture Experience” is expected to draw shoppers from far beyond greater New Haven.

The New Haven Register, which now jobs out its printing to the Hartford Courant, is relocating and downsizing from its longtime 220,000-square-foot home on Sargent Drive to the 18,000-square-foot former Star Supply building at 100 Gando Drive in North Haven. The Register first considered a downtown location but even an arm-twisting attempt by city Economic Development Administrator Matt Nemerson couldn’t convince the Register’s Pennsylvania-based parent company to move downtown  in the face of higher rents, limited parking and a dearth of available space.

Nevertheless, the Haven’s 100 stores, “world-class” restaurants” and their big-box neighbors will present tough new competition for both downtown New Haven and Westfield’s Trumbull and Milford malls as well as outlet centers in Clinton and Westbrook.