NEW HAVEN — Construction is underway for a six-story luxury apartment building with street-level retail abuilding on a vacant lot at the northwest corner of Chapel and Howe streets.
The privately funded project broke ground in mid-May at 1145 Chapel Street. It will have 136 upscale apartments, 92 parking spaces and approximately 5,000 square feet of retail space, according to developer Randy Salvatore, president of RMS Cos., a Stamford-based real estate firm that constructs and manages residential and commercial properties. The “urban chic boutique” Hotel Zero Degrees hotels in Stamford and Norwalk are RMS’ handiwork.
Salvatore’s RMS Chapel Street, LLC recently purchased the 53,000 square foot Elm City property for the apartment building —approximately 1.2 acres — for $3,675,000. The deal includes two houses at 169 and 175 Dwight Street, which will be renovated, and a two-family house at 1249 Chapel Street that is part of the Dwight Street historic district and has been relocated to a vacant lot at 1255 Chapel Street.
The seller was Chapel & Dwight, LLC, a group of property owners represented by Steve Witten and Victor Nolletti of Marcus & Millichap.
“We felt its highest use was residential development and marketed as such nationally,” says Nolletti, executive director and senior vice president of investments for M&M’s Institutional Property Advisors group. “The primary buyer pool was between [Washington] D.C. and Boston, and [Salvatore] was the most viable suitor of around a dozen.”
Salvatore first pitched his mixed-used proposal in 2012, following a call from Nolletti about the property. “When I saw it I thought it would make a great apartment site,” he says. “I know New Haven a little bit. At the time my brother was a grad student at Yale School of Architecture.”
The project evolved along with discussions with community members, a lawsuit by the owner of a neighboring building and the city approval process. New Haven’s City Plan Commission unanimously green-lighted the development last December.
The apartments will be a mix of “very modern” studio, one-bedroom and two-bedroom units, with hardwood floors, stainless-steel appliances and stone countertops, Salvatore says. Some will have balconies. Amenities include gathering areas, exercise rooms, a screening room and a rooftop deck.
Salvatore expects a diverse range of tenants, from graduate students and “young people getting their first jobs” to professionals and empty-nesters.
“Things go in cycles,” he adds. “Right now there’s a big push in all demographics for people to move into the urban areas.”
New Haven has become “kind of a 24/7 live-work community,” he says, noting the proliferation of restaurants and cultural activities in the city as well as a “demographic shift to Gen-Xers and a mature successful population” attracted to urban living.
“New Haven is an exceptionally desirable city,” Nolletti adds. “Over the last four years, it has been in the top ten (U.S.) metro areas with the lowest apartment vacancy rates.”
Salvatore estimates the entire project, including the price of the land and the houses, will cost around $17 million. Construction should be completed by spring 2015.
A restaurant could fill the retail space.
“I don’t have anything solidified yet,” Salvatore says. “Just something to create ground-floor activity.”
Salvatore views the upscale apartment building as “a win-win when all is said and done.
“The Chapel West Association was totally in support of the project, and everyone now is excited about it.”
Adds Nolletti, “This is just going to be a phenomenal development for the neighborhood.”
WOODBRIDGE — Beazley Property Management Co. (BPM) is now part of Levey Miller Maretz (LMM). The commercial real estate firm recently purchased Beazley’s assets and stock, according to LMM Principal and broker Steve Miller, who would not disclose the sale price.
The sale is LMM’s latest move into property management.
“About 12 years ago we started managing things for others,” Miller says. “The real estate business in Connecticut has been up and down, and property management [affords] a steady regular monthly cash flow, as opposed to waiting for commissions during the down times.
“About five years ago, we started looking outside of our client base,” Miller adds. LMM bought its first property-management firm, Rolar Management, in 2011.
Since then, Miller explains, “We’ve been trying to increase and broaden our base of property management.” Beazley Property Management was attractive because “They had properties in areas that fit our geography, which covers Milford to Rocky Hill and Guilford to Rt. 8.
“We now manage retail plazas, residential apartments, industrial buildings, a small industrial park, office buildings, mixed-used properties and a couple of things like fraternity houses and parking lots,” Miller adds.
According to Susan Bradford, former president and managing director of Beazley Management Properties, the sale includes 100 percent of BMP stock and eight condo and investment properties.
BPM was part of Beazley Co. Realtors from the 1990s, Bradford said, “until they sold off their real estate and commercial assets in the early 2000s.”
Over the last couple of years, Bradford adds, “My business partners and I were looking to slow down, and we have merged with Levey Miller Maretz so it (BPM) will continue to exist.
“We did talk with quite a few people but we were looking for someone with a [compatible] business model. Levey Miller Maretz came as close as possible.”
BRANFORD — Premier Realty, LLC has purchased two properties at 155 North Main Street — a 5,368-square-foot auto sales building on 2.9 acres and a one-family house in a commercial zone — for $1,125,000. Kevin Geenty and Juan Marquez of the Geenty Group were sole brokers in the transaction. The seller was 155 North Main Street, LLC.
BRANFORD — SECT, LLC has purchased a 17,000-square-foot manufacturing building on a 1.77 acre lot at 69 North Branford Road for $990,000. The seller was BRCT Inc. Tim McMahon of OR&L Commercial represented the buyer. Kevin Geenty and Juan Marquez of the Geenty Group represented the seller.
NEW HAVEN — Netz USA has purchased a 54-unit apartment building at 154 Fountain Street for $2.8 million. Edward Jordan, managing director of investment sales broker Northeast Private Client Group, represented the seller, Lighthouse Group of New Haven. Bradley Balletto, Northeast Private Client Croup’s regional manager for Connecticut, represented the buyer.
SHELTON — Woodgreen Management Inc. has purchased a three-story, 46,364-square-foot Class B office building at 375 Bridgeport Avenue for $6.3 million. Gene Pride and Jeff Dunne of CBRE brokered the deal. The seller was Rugby Realty, which over the previous five years had extensively renovated the property.
BRANFORD — Core Informatics has leased 9,000 square feet at 36 East Industrial Drive. Rich Guralnick of Pearce Commercial represented the tenant. Rich Lee of OR&L Commercial represented the landlord, Albany Road Branford, LLC.
CHESHIRE — Trinity Solar Systems is relocating its Connecticut headquarters from Plainville, Connecticut to a 20,780-square-foot building the company has leased at 611 West Johnson Avenue. Rich Guralnick of Pearce Commercial represented Trinity. Matt O’Hare of CBRE represented the landlord, the Hampshire Cos.
MIDDLETOWN — Middletown Business Park has two new tenants. All Star Software has leased 6,236 square feet at 440 Smith Street and Security Plus has leased 3,200 square feet at 436 Smith Street. Trevor Davis of Trevor Davis Commercial Real Estate represented the landlord, BostonMiddletown LLC. Jennifer Gosselin of CBRE New England represented both tenants.
MIDDLETOWN — At 98 Washington Street, Charles Computer Services has leased 2,500 square feet and Change Inc. has leased 3,618 square feet. The landlord is RAMO, LLC. Trevor Davis of Trevor Davis Commercial Real Estate was the deal’s sole broker.
MILFORD — Engineered Inserts & Systems Inc. has signed a long-term lease for 3,287 square feet of light manufacturing space at 26 Quirk Road. John Bergin of Pearce Commercial represented the tenant and landlord, Maiorano Holdings, LLC of Milford.
NAUGATUCK — The YoFarm Yogurt Co. has signed a five-year lease for a 70,460-square-foot warehouse/distribution building at 80 Rado Drive. Gerry Matthews of Matthews Commercial Properties Co. represented YoFarm, which is replacing a Coca-Cola bottling and distribution center. Richard Gretsch of Gretsch Commercial Real Estate was the listing broker. The landlord is Naugatuck Industrial 1, LLC.
NEW HAVEN — Next Step Living has leased 804 square feet at the former Powerhouse Building, 458 Grand Avenue. Nick Pinto of Sentry Commercial in Hartford represented the tenant. The Proto Group represented the Landlord, CAPP Associates, LLC of New Haven.
NORTH HAVEN — Life Changing Ministries has leased 9,400 square feet at 30 Montowese Avenue. Phil Barber of Pearce Commercial represented the tenant and landlord, Luigi Ferraro.
NORTH HAVEN — Vivint Solar Holdings Inc. has leased a 15,000-square-foot office/warehouse structureat 50 Divine Street. Jeff Dow of Dow Realty represented the tenant. Dave Melilo and Chris Nolan of Pearce Commercial represented the landlord, 424 Chapel Street, LLC.
WALLINGFORD — Jumping Jacks has leased 1,500 square feet at 950 Yale Avenue for an early childhood activity, learning and play center. Jeff Dow of Dow Realty represented the tenant. Joel Nesson of Press/Cuozzo is the exclusive leasing representative for the landlord, The Hurley Group.
WATERBURY — Nail Pro has signed a five-year lease for 1,423 square feet for a salon at the Aldi/CVS-anchored plaza at 464 Reidville Drive. The Proto Group was sole broker in the transaction. The landlord is 500 Monroe Turnpike Associates, LLC.
WESTVILLE — Style 2000 Salon has signed a five-year lease for 900 square feet at 883 Whalley Avenue. Steve Miller of Levey Miller Maretz was the sole broker. The landlord is 883 Whalley Associates, LLC.
WESTVILLE — Westville Family Dental Centers has inked a five-year lease for 2,500 square foot at 881 Whalley Avenue. Steve Miller of Levey Miller Maretz was the sole broker. The landlord is 883 Whalley Associates, LLC.
WOODBRIDGE — Grimaldi’s Coal Brick-Oven Pizzeria has executed a ten-year lease — its first in Connecticut — at D’Andrea’s Plaza, 1646 Litchfield Turnpike. Steve Miller of Levey Miller Maretz was the sole broker. The landlord is Litchfield Realty Trust. Over the last decade Grimaldi’s has expanded beyond its original Brooklyn site to stores in more than half a dozen states. Miller said the chain is interested in opening as many as a dozen locations in the Nutmeg State.
Vincent Torrens has joined Wareck D'Ostilio Real Estate, after serving in the U.S. Air Force and working as a manager for National Supplement Warehouse. He also has been a job supervisor and project manager building residential and commercial properties.
In the sale of a 175,000 square foot property on 16 acres at 265-269 Old Gate Lane in Milford for $1,695,500, Pearce Commercial represented only the seller, United States Bankruptcy Court, New Haven office.
Paradigm Milford LLC, the buyer and mortgage holder, did not assume an outstanding tax lien of more than $1 million to the city of Milford, but in fact acquired the property subject to the tax lien.
(As of early August the property was on the market, and Angel Commercial represented its owner, Paradigm.)
C. Cowles buys former Marlin plant in No. Haven
After 176 years as a mainstay of the Elm City business community, C. Cowles & Co. is leaving town. The company has acquired the former Marlin Arms factory at 100 Kenna Drive, North Haven for $1.7 million.
“We wanted to combine operations and Water Street facility wasn’t big enough,” explains Cowles CEO Larry Moon.
The Marlin plant, which closed in 2011, is a 226,000-square-foot single-story structure on 23.5 acres, with approximately 20,000 square feet of office space and 206,000 square feet of manufacturing and warehouse space.
Moon said he found the site on his own after speaking with several commercial brokers.
The Binswanger Co. represented the property for the seller, the Remington Arms Co. It was initially marketed to firearms manufacturers, according to James M. Panczykowski, executive vice president of Binswanger, which specializes in manufacturing and distribution facilities.
“We had some interest but started shifting gears to mainline manufacturers,” Panczykowski says. “The town of North Haven was instrumental in making the deal with Coles. First Selectman Mike Freda made them comfortable that North Haven was a good spot to be.”
The new location will have a training facility for contractors “and people who use our equipment in the heating industry,” says Moon. “We’re also building a lab that will enable us to develop new and more efficient heating products.”
Founded in 1838, Cowles originally manufactured lanterns for horse-drawn carriages. It now has around 180 full-time employees and six divisions in Connecticut and Massachusetts, including metal stamping, plastic injection molding, commercial lighting, boiler controls and automotive accessories.
After the move is completed, Moon plans to sell Cowles’ New Haven building.
NEW HAVEN — The city’s Office of Economic Development has issued a Request for Proposal (RFP) for the redevelopment of the former Strong School at 69 Grand Avenue.
Proposals for the two-story 33,000 square-foot building on 1.06 acres could include residential, cultural and mixed-use development projects complementing adjacent residential areas on Clinton Avenue and Perkins Street.
Built in 1915, Strong School is part of the Quinnipiac River Historic District Extension and is on the National Register of Historic Places.
Developers must be qualified to execute their project in its entirety, including financing, design, community and stakeholder involvement, public approvals, any required environmental remediation and hazardous building material abatement, construction, leasing, marketing, management and operations.
For more information, visit: cityofnewhaven.com/PurchasingBureauOnline/show_oppsIP.asp?RFPID=D101074C-E95F-43DF-9093-67DCC44A7CCE.
The deadline for proposals is 11 a.m. ON June 18.
NEW HAVEN — The Trolley Square Arts and Office Center at 1175 State Street will be auctioned on June 19. The 247,000-square-foot multi-use building is currently 15 percent occupied, with no local management, and generating more than $160,000 in net income, according to the listing at loopnet.com/Listing/18685873/1175-State-Street-New-Haven-CT/
Tenants include Lumber Liquidators and Digital Surgeons.
The opening bid is $1.8 million.
HARTFORD — The state’s Department of Economic & Community Development (DECD) is seeking applications for a new round of $20 million in funding for the remediation and redevelopment of brownfield sites throughout the state.
Developers, municipalities and economic development agencies can request as much as $4 million in grants or $2 million in loans.
Awards may be used for activities such as abatement, demolition, site investigation and assessment, groundwater monitoring and installation of institutional controls, and for professional-services fees associated with redevelopment, including legal, planning, design and consulting.
The deadline for applications is June 30. To learn more visit ctbrownfields.gov/.
CHESHIRE — R2M Properties, LLC has purchased a 4,816 square feet industrial condo at 1486 Highland Avenue for $230,000. The seller was J. Lin Properties, LLC. Bill Clark of the Geenty Group was sole broker in the transaction.
SHELTON — Fairfield Realty Group, LLC has bought a 134,000-square-foot office building at 1000 Bridgeport Avenue for $8.1 million. Jeff Dunne, Steven Bardsley and Erik Edeen of CBRE’s New York Institutional Group represented the seller and procured the buyer, 100 Bridgeport Associates, LLC.
WATERBURY — Aijaz Ahmed has acquired a 15,000-square-foot building at 428 West Main Street for $155,000. Brian Godin of Matthews Commercial represented the seller, Joseph Cuda. John G. Famiglietti of Drubner Commercial represented the buyer, who plans to remodel the building into a convenience store.
WESTVILLE — Netz USA, LLC has purchased a 6,963-square-foot building at 1400 Whalley Avenue as well as a 4,368-square-foot building at 150 Westerleigh Road from the Ernest Caccavale family for $385,000. The Proto Group, LLC was the sole broker.
BEACON FALLS — J-Con Inc. has signed a long-term lease for 18,300 square foot building at 104 North Main Street. Ed Godin Jr. of Matthews Commercial was sole broker in the transaction, representing the high-end specialty woodworking company and the landlord, Meadowbrook Homes Inc.
BRANFORD — Planet Barbeque Catering, LLC has signed a three-year lease for 1,250 square feet at 7 Sycamore Way with a drive-in overhead door and office space. Juan Marquez of the Geenty Group, Realtors represented the tenant. Robert Reichner of the Michaud Co. represented the landlord, 7 Sycamore Way, LLC.
NORWALK — Datto Inc. has signed an 11-year lease for 100,398 square feet at Merritt 7 Corporate Park. The company will occupy the fifth, sixth and seventh floors of Building 101, which is one of several of the six buildings extensively renovated last year at the 1.4 million square foot Class A office park.
Paul Jacobs, Colin Reilly and Barbara Segalini of CBRE represented Datto, a cloud-based backup, disaster-recovery and business-continuity solution provider. David Fiore and JoAnn Brennan-McGrath of Marcus Partners represented the landlord, Clarion Partners.
Datto was subleasing about 50,000 square feet in Building 101, and spent about a year doing “a full market search with CBRE” before deciding to expand its global headquarters in the building and become a tenant, according to David Fiore, a principal with Marcus Partners, which leases and manages the corporate park.
“What’s important to note is they are a very young company,” Fiore said. “[Employees’] average age is the low 20s, and they started operations in 2006 in small space in Wilton. When they moved to the (Merritt 7) park they had ten to 20 employees. Today they have a couple of hundred. They’re a great employer, and it’s good to see a very high-growth tech company growing in this area.”
OXFORD — Autonomy Technology Inc. has signed a long-term lease for 10,100 square feet at 353 Christian Street. Michael Dillon of Cushman & Wakefield represented the tenant, a manufacturer and supplier of electronic components. Ed Godin Jr. of Matthews Commercial Properties represented the landlord, Sippin Management Co.
WALLINGFORD — 3PD Inc. (3PD/XPO Logistics) has signed a long-term lease for 20,000 square feet in the Medway Distribution Center at 25 Research Pkwy. Ed Godin Jr. of Matthews Commercial represented the landlord, Benerofe Properties. A Missouri broker represented the tenant, a national last mile delivery service provider.
WATERBURY — Texas Roadhouse Restaurant has inked a 15-year lease at 330 Reidville Drive. Ralph Calabrese and Tony Valenti of the R. Calabrese Agency were sole brokers in the deal. The landlord is United of Waterbury Limited Partnership.
DeForest (Frosty) Smith of Pearce Commercial has become a Life Member of the Certified Commercial Investment Member (CCIM) Institute. The award is given to individuals for their outstanding contributions and long-time service to the organization. Frosty has been a commercial broker for more than 40 years.
Fred Messore has added another feather to his cap. The senior vice president of Colonial Properties does double duty as the economic development director for the town of Seymour, which recently became the winner of one of Connecticut Main Street Center’s 2014 Awards of Excellence. Seymour’s award is for “Renewed Commitment to Main Street,” for its downtown action strategy and Greenway Trail plan.
NEW HAVEN — Harley Hiscock III has joined Dow Realty as a commercial agent. A recent graduate of Colorado State University, where he earned an undergraduate business degree with a concentration in real estate and finance, Hiscock has interned at Dow Realty as a marketing and research analyst intermittently since 2010.
Branford Indust. Lease
BRANFORD –– Frederick Kelly has leased a 1,180-square-foot industrial unit at 4 Sycamore Way. H. Pearce Commercial’s Joel Galvin represented the tenant and the owner, RCR Enterprises LLC.
Clark Leases Milford Unit
MILFORD –– Timothy Kron has leased 800 square feet at 205 Research Drive for office and storage space for his residential and commercial building improvement and maintenance business. Bill Clark of the Geenty Group, Realtors was sole broker in the transaction. D’Amato Investments, LLC is the landlord.
IP Firm to State St.
NEW HAVEN — DeLio & Peterson has leased 5,5,17 square feet at 700 State Street. John Keogh of Colliers International represented the intellectual property firm. Dave Hansen of CBRE represented the landlord, Acorn Properties.
Sci Park Pens 2 Pacts
NEW HAVEN — P2 Science has renewed and expanded its lease at 4 Science Park, adding 500 square feet of new space to the 1,494 square feet it already occupied. The company is developing chemical processes to convert vegetable oil and other waste materials into soap and similar products.
At 5 Science Park, O’Donnell Programming & Development Co. has leased 3,921 square feet.
John Keogh of Colliers International was the sole broker in both transactions. The landlord is Science Park Development Corp.
Second Time Around
SHELTON –– Vatti-Manhattan Group has renewed its lease for 3,494 square feet at First Shelton Place, 1000 Bridgeport Avenue. Jon Angel of Angel Commercial, LLC represented the tenant. Kevin Foley of Cushman Wakefield represented the landlord, Abbey Road Advisors LLC.
STRATFORD –– Seaboard Industries Inc. has signed a five-year lease for about 32,000 square feet at 100A E. Benton Street for a pool and spa supply warehouse. Robert Shawah of Baldwin Pearson & Company Inc. represented the landlord, Ernest Trefz. Jon Angel of Angel Commercial, LLC represented the tenant.
Betting on Brass City
WATERBURY — AutoPart International has leased 10,000 square foot at 117 East Aurora Street. Vance Taylor of Commercial Realty Group represented the tenant. Bob Bowden of the R. Calabrese Agency, LLC represented the landlord, B&V Realty.
Habitat Finds Salvation
WALLINGFORD — Habitat for Humanity has leased the 7,000-square-foot former Salvation Army Thrift Store at 286 South Colony Road. Angie Hulford of H. Pearce Commercial represented Habitat. The Proto Group represented the landlord, Fulton Forbes Inc.
Puppet House Sold
BRANFORD –– The Legacy Theater has purchased the Stony Creek Puppet House, 128-132 Leetes Island Road, for $475,000. Joel Galvin and Leah Boyd of H. Pearce Commercial represented the seller, the estate of James Weil. Lisa Whitney of Calcagni Real Estate represented the buyer.
Indust./Flex Bldg. Sold
WALLINGFORD — A 24,794-square-foot light industrial/flex building at 10 Beaumont Road has a new owner. Phil Marshall of OR&L Commercial represented the buyer, Beaumont Road, LLC and seller, ASE Group LLC. The purchase price was $775,000.
Pulaski Park Bldg. Sold
WALLINGFORD — Technical Systems Inc. has purchased a 12,004-square-foot industrial building in Pulaski Industrial Park, 116 North Plains Industrial Highway for $515,000. Constructed in 1984, the single-story building is fully occupied. Bernie Dianna of Levy Miler Maretz represented the buyer. Ralph L. Calabrese and Tony Valenti of the R. Calabrese Agency represented the seller, Wells Fargo Bank, NA.
W-bury Apts. Fetch $1.75M
WATERBURY — Laui, LLC has purchased the 66-unit Westview House Apartments, 170 Hillside Avenue for $1,745,000, or nearly $26,500 per unit. Waterbury Carlton Apartments, LLC was the seller. Bradley Ballett of Northeast Private Client Group was the sole broker.
Up to $80,000 available through ‘Re: New Haven’ program
NEW HAVEN — The Livable City Initiative (LCI) has launched “Re: NEW HAVEN,” a campaign offering up to $80,000 in incentives to new homebuyers.
The goal is to attract “20- and 30-somethings who are looking to buy starter homes in the city, as opposed to Orange, Branford and Woodbridge, and probably work at start-up companies,” says LCI Executive Director Erik Johnson. “We want to bring the middle class back into the city.
And, Johnson adds, to boost the current city homeownership rate of around 32 percent to at least 35 percent.
“Re: NEW HAVEN” debuted in early May with billboards, posters and a website, renewhavenct.com.
There are three types of incentives for new homebuyers.
One is an update of an interest-free loan program, providing $10,000 for down payments or closing costs for first-time homebuyers, which is 100-percent forgivable if the homebuyer occupies the home for five years. City employees, teachers, police officers, firefighters or military members can receive an additional $2,500.
Another inducement is a loan of as much as $30,000 for qualified energy saving home upgrades, forgivable if the buyer lives in the home for ten years.
The third incentive ties in with the city’s New Haven Promise program, which offers scholarships covering full tuition (up to $10,000 per year) at a Connecticut public two- or four-year college or university. Recipients must be New Haven residents who have lived in the city for a decade, attend New Haven public schools or approved city charter schools, complete 40 hours of community service during high school, have a cumulative 3.0 GPA or higher at graduation, a 90-percent attendance record and a positive disciplinary record.
To be eligible for the incentives, applicants’ income must not exceed 120 percent of the area’s family median income.
“We currently have around $3 million in the current pot of incentive [money],” Johnson explains. “If we demonstrate we are creating home ownership, the state and the board (of Aldermen) will give us more.”
BOSTON, Mass. — Single-family home sales in Connecticut rose 3.2 percent in March compared with March 2013, according to a new report from the Warren Group. This is the 11th consecutive month of home sale increases in Connecticut.
There were 1,583 single-family homes sold this March, a slight gain from the 1,534 homes sold in March 2013. Sales of single-family homes were up by 2.9 percent to date for 2014. Statewide, a total of 4,198 transactions were completed in the first quarter of the year compared with 4,081 in the first quarter of 2013.
The median price of single-family homes fell by 8.2 percent in March, selling at $225,000 compared with $245,000 in the same month last year. Prices of single-family homes also declined by 2.1 percent in the first quarter, with a median selling price of $230,000 compared with $234,900 last year.
"The continued increase in the number of single-family homes is evidence that the market continues to recover," said Timothy M. Warren Jr., CEO of the Warren Group. "The modest decline in median prices in March is the first decline the state has seen since June 2012. That's makes it an aberration of the data and not the start of new trend."
Condominium sales remained robust in March, with an 8.1 percent increase over the same month of 2013. There were 442 recorded sales, up from 409 in March 2013. Condo sales were up by 4.9 percent in the first quarter of the year compared with the first quarter last year.
The median price for a condo fell in March by 3.5 percent to $154,500 compared with $160,000 in March 2013. Overall, the median price of a condo was down slightly by 0.9 percent in the first three months of the year compared with the first quarter of last year.
The New Haven office market has hit the doldrums.
During the first three months of 2014, “A dearth of transactions produced virtually no statistical change from the end of 2013,” according to the Colliers International’s New Haven Quarterly Market Report, which tracks occupancy levels in 60 Elm City office buildings. Overall vacancy in the 5.2 million square feet of office space declined by 1,203 square feet, staying at 15.3 percent of inventory.
Cushman & Wakefield’s Q1 2014 New Haven Marketbeat Office Snapshot reports a three point year-over-year rise in New Haven County vacancies, from 15.6 during the first quarter of 2013 to 18.6 percent during the first quarter of 2014, with lackluster leasing activity and “no lease transactions of significance in either the New Haven Periphery or Eastern New Haven County.”
Colliers notes the sale of the 17,000 square foot Palladium Building at 135 Orange Street as “probably the most significant event” of the quarter. The price was $1,950,000, or around $115 per square foot. This suggests “Buyers are willing to pay a premium” for prime downtown properties, writes Colliers broker John Keogh, who adds that the new owner, Juan Salas-Romer of NHR Properties, “says he is keeping the building in office use.”
Alexion Pharmaceuticals leased 19,217 square feet at 7 McKee Place in Cheshire, Cushman & Wakefield reports, “representing the majority of the leasing activity in northern New Haven County, which had the most leasing of all of the New Haven submarkets” for the quarter.
The development of 360 State Street, a mixed-use high-rise building that opened in 2010, has triggered steadily rising values in nearby properties, and the area is “poised for more redevelopment,” according to the Colliers market report.
Despite construction underway for the heavily subsidized 100 College Street project, with its 400,000-square-foot headquarters for Alexion, Keogh says the overall trend is creation of living space rather than office space. Nearly 1,000 high-end apartments have come online in downtown New Haven over the last 15 years, and at least 200 more are under construction, including 160 luxury digs at CenterPlan Cos.’ new building at College, Crown and George Streets, which also will have 20,000 square feet of retail space.
During the first quarter of 2014, the overall citywide vacancy rate for Class A space was 23.8 percent, according to the Colliers report. That inventory, Colliers explains, consists mainly of general office space unlikely to attract government incentives and “not suitable for research-oriented companies like Alexion that might be attracted to the cluster of medical enterprises around Yale-New Haven Hospital.”
The Cushman & Wakefield report expects medical demand to “remain healthy, with requirements from multiple organizations in the area, most of which are set to be fulfilled over the course of the next year or two.” Office space, however, “will be slower to pick up “ and rental rates “will continue to flag.”
Eileen Russell, of the Pearce/George J. Smith Milford Commercial office, has been named the company’s 2013 Rookie of the Year.
“It is difficult, and therefore rare, for a new commercial agent to outperform all new real estate agents, since transactions are lengthy and the learning curve is steep,” Pearce President Barbara Pearce said in a statement. “Eileen is to be commended for the hard work and sales skills that got her to this point so quickly.”
Russell previously worked as an information technology professional in New York City and Fairfield County, for employers including New York Life, Con Edison, U.S. Trust Bank, Financial Technologies, the NASDAQ Stock Market, ING Financial Services and Pitney Bowes.
HAMDEN — The Bonadies Law Firm has purchased a 3,520-square-foot freestanding office condominium at 3190 Whitney Avenue for $265,000. Robert Errato of Metro Real Estate represented the buyer. Jed Backus and Phil Backus of Backus Real Estate, LLC represented the seller, CIT Corp.
HAMDEN — A 2,188-square-foot office building on 0.17 acres at 2529 Whitney Avenue has changed hands for $314,500. Stephen Press and Kevin Walker of Press/Cuozzo represented the seller, Dena Khebl and the buyer, 2529 Whitney, LLC.
HAMDEN — The 1,800-square-foot Kamp & Nielsen building at 2935 Dixwell Avenue has been sold for $275,000. Stephen Press of Press/Cuozzo represented the owner, Kamp Family Associates, LLC. Lynn Weed of Weed Realtors represented the buyer, 2935 Dixwell Avenue, LLC.
MIDDLETOWN — Opportunity Real Estate Equities, LLC, has purchased a 4,444-square-foot building at 93-97 Broad Street for $172,000. Trevor Davis of Trevor Davis Commercial Real Estate represented the seller, the American National Red Cross. Joe Fazekas of RE/Max MarketPlace represented the buyer.
MIDDLETOWN — Abarientos Middletown Real Estate, LLC, has acquired a 6,084-square-foot building at 80 East Main Street for $377,000. The buyer will use the top floor for a medical office. Trevor Davis of Trevor Davis Commercial Real Estate was sole broker in the transaction. The seller was Phillip H.W. Redford.
NORTH HAVEN — RAB Properties, LLC has purchased a 4,000-square-foot office condominium at 250 State Street for $450,000. Chris Nolan of Pearce Commercial represented both the buyer and the seller, BGSM LLC.
SOUTHINGTON — Delmic Enterprises, LLC has purchased a 13,325-square-foot industrial building on 1.34 acres at 24 Robert Porter Road for $757,000, for Target Sports USA, which sells firearms, ammunition and gun-related equipment online. Carol Karney of O,R&L Commercial represented the seller, David Scranton. Carl Berman of NAI Elite Commercial represented the buyer.
BRANFORD — There are two new tenants at 23 Business Park Drive. Anchor Science, LLC has leased 550 square feet for a chemical laboratory. Team Tugman WC has leased 2,300 square feet for a wrestling training program. Jeff Vargacheck of Re/Max Right Choice represented Anchor Science. Joe Iammuno of Arnold Peck's Commercial World in Orange represented Team Tugman. Kristin Geenty of the Geenty Group, Realtors represented the landlord, Todd's Hill Investment Circle, LLC.
MIDDLETOWN — Dunkin Donuts has leased 2,140 square feet at 423 Main Street. Trevor Davis of Trevor Davis Commercial Real Estate represented the landlord, R. Balaban Realty, LLC. Wayne D’Amico of RE/Max Right Choice represented the tenant.
MIDDLETOWN — Connecticut Underwriters Inc. has leased 8,471 square feet on the second floor of the Wadsworth Mansion at Long Hill Estate, 421 Wadsworth Street. Trevor Davis of Trevor Davis Commercial Real Estate was sole broker in the deal. The city of Middletown/Long Hill Estate Authority is the landlord.
MIDDLEFIELD — Alpine Environmental has leased 5,000 square feet at 41 Commerce Circle. Trevor Davis of Trevor Davis Commercial Real Estate represented the tenant. Kyle Roberts of CB Richard Ellis represented the landlord, CSK Realty, LLC.
MIDDLETOWN — Middletown Business Park has two new tenants. Connecticut Carbide & Tool Service Inc. has leased 2,190 at 432 Smith Street, while FIA Inc. has leased 1,114 square feet at 450 Smith Street. Both tenants were unrepresented. Trevor Davis of Trevor Davis Commercial Real Estate represented the landlord, BostonMiddletown, LLC.
MIDDLETOWN — Dance Outfitters and Reality Interactive have become tenants at Main Street Market, 366-386 Main Street. Reality Interactive has leased the top two floors, totaling 6,174 square feet of office space. Dance Outfitters has leased 1,300 square feet of retail space in the market area. Trevor Davis of Trevor Davis Commercial Real Estate was the sole broker. The landlord is Main Street Market, LLC.
MIDDLETOWN — Five new tenants have taken up occupancy at 438 Main Street. CardFellow has leased 360 square feet, Dwight Norwood leased 302 square feet, Cosys Systems, LLC leased 385 square feet, Ted Mikulski/Empty Lighthouse leased 367 square feet and Daniel G. Diaz leased 912 square feet. Trevor Davis of Trevor Davis Commercial Real Estate represented the tenants and the landlord, Hilltop Associates.
NEW HAVEN — A to Z Property Preservation Inc. has leased an industrial condominium at 420 Sackett Point Road. Karen Charest of Calcagni Real Estate represented the tenant. Dave Melillo of Pearce Real Estate represented the landlord, Robert DeMorro.
WALLINGFORD — P&L Realty Associates, LLC has leased 1,500 square feet at Yale Plaza, 950 Yale Avenue. Lisa Golebiewski of Realty Associates represented the tenant. Joel Nesson of Press/Cuozzo represented the landlord, 950 Yale Ave. LLC.
BRIDGEPORT — The long-anticipated redevelopment of the historical Steel Point neighborhood, plans for which have spanned six mayoral administrations in the Park City, may actually get underway this summer. That’s when construction is scheduled to commence on the project’s first anchor, a 150,000-square-foot Bass Pro Shops, which sells marine and outdoor equipment.
Eventually the city plans to add additional shops, hotels, a public waterfront and more than two million square feet of housing in a project whose total price tag is expected to approach $1 billion.
Steel Point sits between the Pequonnock River and the Yellow Mill Channel, bordered on the north by I-95 and by Long Island Sound on the south.
All told the city and state combined have spent some $100 million on redevelopment efforts over three decades, but their efforts have been hampered by property disputes, three recessions and a corruption scandal involving Mayor Joseph Ganim, who was convicted in 2003 on charges tat included accepting some $500,000 in bribes and kickbacks.
The state of the region’s small-business real-estate market
The search for rentable space in downtown New Haven may become a bit easier in the near future when two major projects fulfill the need for small businesses looking to establish or expand operations here.
Two projects that have been proposed or are just getting under construction stand to deliver upwards of 100,000 square feet of new retail space and 200,000 square feet of new office space, in addition to the build-out planned within the footprint of Route 34 slated to host several new buildings.
A project to develop the long-vacant former New Haven Veterans Memorial Coliseum site on George Street took a step closer to startup when the Board of Aldermen unanimously approved a developer agreement last December. Montreal-based Live Work Learn Play (LWLP) proposed a $395 million development featuring residential units, an office tower, a hotel, shops, restaurants and public spaces to fill the 4.65-acre site. Usage will comprise 200,000 square feet of office space, 30,000 to 77,000 square feet of retail space, 1,000 residential units and 160 hotel rooms.
Another project moving forward is development of a parcel of land located at the corner of George and College streets, which will add significant space for downtown retail.
Developer Robert Landino, of CenterPlan College Square, LLC of Middletown, won approval last June from the city’s Board of Zoning Appeals to build a $65 million six-story mixed use building housing 20,000 square feet of retail space and 160 apartments, with underground and street-level parking. The project is slated for completion in August 2015 (see March 2014 BNH).
“We have nearly full occupancy in the Broadway district and on mid- and upper Chapel Street,” says Helen Rosenberg, an economic development officer for the city of New Haven. “The same goes for the Ninth Square area, which is almost fully occupied.”
Rosenberg says the downtown areas most suitable for retail small businesses and street-level office space are located on Chapel Street between Church and State streets. There are a few vacancies on Church Street between George and Crown streets and on Temple Street between Chapel and Crown streets.
Jeff Dow of Dow Realty Co. agrees with Rosenberg and notes that defining what a small business needs may depend on how many employees a company has or how much space it requires to operate.
“The space requirement can vary greatly based on the number of employees,” says Dow. “You can have a two- or four-person company occupy 200,000 square feet or they can occupy 1,000 square feet. In greater New Haven, I don’t think there have been a lot of new businesses. I think there may be more space on the market than there was a year ago. In the suburbs, it’s about the same even for industrial and warehouse space.”
According to a CoStar report furnished by Dow, industrial vacancies in greater New Haven are hovering at nine percent, while the office vacancy rate is slightly below that mark. Retail space vacancies in the area are slightly above five percent in what most real-estate professionals agree is statistical full occupancy.
John Wareck, managing broker/owner of Real Living Wareck D’Ostillio Real Estate, sees New Haven as a vibrant city that is attracting national as well as local businesses that want to locate downtown where there are some spaces for lease.
“Of course there is interest in moving to New Haven,” says Wareck, who also chairs the Commercial Investment Division (CID) of the New Haven Board of Realtors. “Even the national franchises that are coming in, like Pinkberry Yogurt, will have both full-time and part-time employees comprising a small business here on Chapel Street in the former Savitt Jewelers store” at 1064 Chapel Street.
Wareck notes the availability of the former Wells Fargo Bank branch at 205 Church Street that offers 23,000 square feet that can be subdivided.
“We certainly could accommodate small businesses that need 5,000 or 10,000 square feet there,” adds Wareck. “The low vacancy rate is a good sign that New Haven is getting stronger and getting better. However, we’re also losing commercial square footage that’s coming off the market to developers who are putting in residential units. We’re seeing it in a big way at the Wells Fargo Bank building [the former Union Trust building] on the corner of Elm and Church streets, where the bank is the sole occupant of the first floor and the upper floors that were office space are being converted to residential.”
Wareck notes the same thing happened several years ago when the upper floors of the building that houses Citibank on the corner of Church and Chapel streets were converted to residential use. He says many of the floors formerly dedicated to office space in the 900 Chapel Street building have been converted to residential units as well.
“Downtown New Haven is in somewhat of a unique position where there is plenty of potential land development,” says Wareck. “There is the whole Route 34 connector area, where Winstanley is putting up the first building, but they have another eight acres there that could be developed. If there were demands for it, the administration could figure out how to accommodate small business growth there.”
“In the suburban areas outside New Haven, given the recession that’s happened, there are a lot of people who were put out of business or lost their jobs and have started small businesses,” says Rich Guralnick, senior broker of the business development group at H. Pearce Real Estate. “They run the gamut from retail to small service businesses. Over the past two years, I’ve seen an increase in the availability of small retail plazas and flex industrial space in places ranging from Milford to Cheshire to Madison — basically in New Haven County.”
“There’s been a lot of infill by smaller businesses run by people who need a second job where the wife or husband has lost their job,” adds Guralnick. “A lot of these spaces, whether it’s on Route 1 or Route 5, have filled up over the last 24 months, frankly. In most retail markets within New Haven County, namely along Route 1, Route 5 and along State Street in North Haven, have basically filled up. I literally have no more product.”
Guralnick sees the business climate improving for small businesses and the vacancy rate shrinking from where it stood two years ago.
“It’s doing well but at a somewhat lower level within a tenant market, where the tenant has the power versus the landlord,” says Guralnick. “The landlord might have lost a larger tenant using 12,000 square feet and now he’s willing to accommodate three 4,000-square-foot tenants in that same space. All of the service and retail businesses, like a day-care center or a beauty salon, have filled in spaces of 1,000 to 5,000 square feet in the last 24 months.”
Guralnick says that business owners have become more adaptable when looking for space that fits their needs.
“On the service side for flex industrial space, which is swing space that can be used for light industrial or office space, I’ve found that segment of the market has done very well,” says Guralnick. “It’s capturing smaller office tenants that don’t want to pay the big bucks of a Church Street space or Class A suburban office buildings. I’ve seen a lot of doctors, accountants and insurance companies opting not to go to the larger multi-tenant office buildings but instead go to a flex space in suburbia, where there’s no charge for parking. New Haven is a killer for parking, where it costs $150 to $200 per car per month — which can add $5 a square foot to the rent.”
“There’s no doubt that New Haven is moving in the right direction,” says Wareck. “The leasing market is growing stronger and we’re seeing more start-ups in small businesses locate in the city and operate here.”
NEW HAVEN — Celebrity chef Mario Batali may be expanding his restaurant empire to a 2,500-square-foot space at 278 Park Street.
His Batali & Bastianich Hospitality Group is seeking city approvals for a Tarry Lodge restaurant.
“The space was originally zoned for a 54-seat restaurant, which is really too small for our purposes,” says Tarry Lodge managing partner Nancy Selzer. “We need 74 seats. We’re also going to be seeking a restaurant liquor license.”
If all the hurdles are surmounted, Selzer adds, the new restaurant will be similar to the Tarry Lodge in Westport, which has a wood-fired pizza oven and is a “more casual style” eatery than the “fine dining” flagship Tarry Lodge in Port Chester, N.Y.
The Batali group is working with Yale, which leases 278 Park Street from St. Thomas Moore Corp.
HAMDEN — The town is seeking developers for the former Michael J. Whalen Middle School property, a 13-acre site containing four buildings and 140,000 square feet.
The deadline for proposals is 11 a.m. April 25.
NORTH HAVEN — More than 15 H. Pearce Real Estate agents and staff recently prepared and served dinner for 100 residents at Columbus House, a local homeless shelter. The company says such volunteer work exemplifies the Pearce’s ongoing commitment to community service.
BRANFORD — May Pasqualoni has purchased the Shoreline Laundromat, 20 Alps Road for $30,500. Frank Greco and Mike Boyarsky of Colonial Properties represented the seller, Heather Vause. The buyer was unrepresented.
BRANFORD — The U.S. Army has acquired 15 acres for an Army Reserve Training Center at 777-779 East Main Street. The sale price was $3,706,850. Part of the 86-acre Bittersweet Farm site, the parcel was sold by Bittersweet Partners, LLC. The Proto Group was the sole broker in the transaction.
MERIDEN — Phoenix Realty Group has teamed with PCCP, LLC to purchase Newbury Village, a 180-unit multifamily community at 211 Pomeroy Avenue, for $27.5 million.
Phoenix will manage the property, which will undergo an upgrade and has been renamed Alvista Willow Brook.
Jeffrey Dunne, Patrick Carino and Mike Stone of CBRE represented the seller, Winthrop Realty Trust, and procured the buyer.
MILFORD — Paradigm Milford LLC has purchased a 175,000-square-foot property on 16 acres at 265-269 Old Gate Lane for $1,695,500.
John Bergin, Carl Russell, and DeForest Smith of H. Pearce Commercial represented both the buyer and the seller, U.S. Bankruptcy Court in New Haven.
The buyer also has assumed an outstanding tax lien of more than $1 million due to the city of Milford.
Formerly used by Aerosols Techniques Inc., the property had been vacant for 18 years.
NEW HAVEN — The APT Foundation has purchased a 27,640-square-foot office building at 495 and 517 Congress Avenue for $2.8 million. Steve Miller of Levey Miller Maretz represented the buyer. Frank Hird of OR&L Commercial represented the seller, 495 Congress LP and Mortgage Investors V, LLC.
NEW HAVEN — Grand Market, LLC has acquired a 7,659-square-foot retail plaza at 240 Grand Avenue for $475,000. Phil Marshall and Toby Brimberg of OR&L Commercial represented the seller, Peoples United Bank. The buyer was unrepresented.
ORANGE — Jone Heo and Jiyenu Sung have purchased a 9,700-square-foot strip mall at 512 Boston Post Road for $940,000. The sellers were James and Margaret Lu. Joseph Han of Weichert Regional Properties was the sole broker.
WALLINGFORD — Wallingford Business Park LLC (WBP) has acquired Wallingford Business Park, 718 North Colony Road for $4.55 million.
Naugatuck Wallingford, LLC sold the 389,000-square-foot property. Dan Garofalo of Reno Properties Group (RPG) was sole broker in the deal.
RPG has a contract with WBP to manage the business park, including plans to increase the property’s energy efficiency.
WATERBURY — Pashtan Properties, LLC has purchased 122-134 East Main Street for $960,000. The four-story, 19,816-square-foot building houses four storefronts and 12 apartments. John Famiglietti of Drubner Commercial represented the buyer and the seller, Wolfpitts Associates, LLC.
BRANFORD — Shoreline Center for Family Counseling & Psychotherapy, LLC has leased 2,688 square feet at 9 Business Park Drive. Barry Stratton of the Geenty Group, Realtors was the sole agent. The landlord is Bellaire Properties, LLC.
BRANFORD — The Westview Company, LLC has leased 1,024 square feet at 11 Sycamore Way. Branford. The landlord is Gray Eagle Corp. Bill Clark of the Geenty Group, Realtors was the sole agent in the transaction.
GUILFORD — World Champion Taekwondo has leased 1,200 square feet at 639 Boston Post Road. Kristin Geenty of the Geenty Group represented the tenant. Juan Marquez of the Geenty Group represented the landlord, Childress & Duncan, LLC.
HAMDEN — Highwood Square at 953 Dixwell Avenue has three new tenants. Hamden Dental Case signed a five-year lease for 1,467 square feet, Hamden Health Insurance Store penned a two-year lease for 477 square feet and Jeremy Chandler inked a two-year lease for 412 square feet. Fred Messore of Colonial Properties was the sole broker. The landlord is Highwood Square Limited Partnership.
MERIDEN — The Episcopal Diocese of Connecticut has leased 11,236 square feet in the Meriden Enterprise Center, 290 Pratt Street, to house its administrative offices and a common meeting space for Episcopalians from around the state.
Peter Holland of Goman + York Property Advisors, LLC represented the diocese. Peter S. Shiue of Colliers International represented the landlord, 290 Pratt Street, LLC.
MILFORD — Coastal Canine Grooming, LLC has signed a two-year lease for 800 square feet at 253 Naugatuck Avenue. Frank Greco of Colonial Properties was sole broker in the deal. The landlord is Albert Faustini Family Trust.
MILFORD — Hobby Lobby Stores has signed a ten-year lease for 43,148 square feet at 1777 Boston Post Road, a building formerly occupied by Sports Authority. The lease value is more than $5.6 million .The Proto Group represented the landlord, 1777 BPR Associates Limited Partnership. Rob Robledo and Kevin Higgins of CBRE/Grossman represented Hobby Lobby.
NEW HAVEN — Jordan's Furniture has signed a 20-year lease valued in excess of $16 million for 197,581 square feet at 40 Sargent Drive, the former New Haven Register building. This will be Jordan’s first store in Connecticut. Tim Fegan and Rob Robledo of CBRE represented the landlord, 40 Sargent Drive, LLC. The Proto Group represented the tenant.
NORTH HAVEN — Rockville Bank has signed a 15-year lease valued in excess of $1.3 million at the North Haven Shopping Center, 117 Washington Avenue. There will be a new 2,500-square-foot bank branch and a 2,500-square-foot second-floor loan office at the location. Jay Fisher of Accubranch (real estate experts for banks and credit unions) represented the bank. The Proto Group represented the landlord, Luciani Realty Limited Partnership.
ORANGE — Sun West Mortgage has signed a three-year lease for 2,000 square feet at 263 Boston Post Road. Brita McGee of Colonial Properties represented the landlord, Consolidated Management, LLC. Dick Brown of Remax Right Choice represented the tenant.
OLD SAYBROOK — Interior Partitions Specialist, LLC has leased 1,793 square feet at 20 Research Parkway. Barry Stratton of the Geenty Group, Realtors represented the tenant. Kevin Geenty of the Geenty Group represented the landlord, Mill Meadow Development, LLC.
ROCKY HILL — Sally Beauty Supply has signed a ten-year lease for 2,029 square feet at Town Line Plaza, 80 Town Line Road. Dan Neaton of Saugatuck Commercial represented the landlord, Acadia Realty Trust. The Proto Group represented, and is exclusive broker for, the tenant.
WEST HAVEN — Sangam Beauty Salon has leased 750 square feet at 973 Boston Post Road. Brita McGee and Frank Greco of Colonial Properties were the sole brokers. The landlord is 973 Orange Avenue, LLC.
WEST HAVEN — The Happy Lung has leased 736 square feet at 97 Campbell Avenue. Fred Messore of Colonial Properties was the sole broker, representing the tenant, which sells e-cigarettes and upscale juices. The landlord is the Peschell family.
WEST HAVEN — The Tortilla Villa Inc. has leased 4,000 square feet at 107 Campbell Avenue. Fred Messore of Colonial Properties was the sole broker in the transaction. The landlord is the Peschell family.
WEST HAVEN — Attorney Benita Lee has leased 736 square feet at 486 Derby Avenue. Fred Messore of Colonial Properties was the sole broker. The landlord is 486 Derby Avenue, LLC.
Nine consecutive months of home-sales hikes for state
Single-family home sales in Connecticut rose 2.0 percent in January, according to a new report from the Warren Group, publisher of The Commercial Record. This marks nine consecutive months of home sale increases in the Nutmeg State.
There were 1,435 single-family homes sold in the month of January, up from 1,402 in January 2013. More home sales were recorded this month than any other January since 2009.
"The modest increase in single-family homes sales for January is smaller than the 6.0 percent increase that was recorded for the full year of 2013," said Timothy M. Warren Jr., CEO of the Warren Group. "We expect to see bigger gains once the spring market gets in full swing. I think there is pent-up demand that will drive home sales upward."
The median price for Connecticut single-family homes sold in January was reported at $230,000, unchanged from January 2013.
"Median prices have remained flat on a year-over-year basis for three months in a row now," Warren said. "Higher interest rates may be holding down recent price increases. In 2013 median prices rose 8.3 percent."
Condominium sales in January fell by 7.0 percent with 387 recorded sales, down from 417 in January 2013.
Condo median prices also fell slightly in January. The median price decreased by less than half a percentage to $162,500 compared with $163,000 in January 2013.
For additional information visit thewarrengroup.com.
John Wareck, partner and broker of Real Living Wareck D'Ostilio, was recently elected chairman of the Commercial Investment Division (CID) of the New Haven Board of Realtors. Wareck has worked in the commercial real estate industry for nearly two decades. In 2005, he received a Business New Haven Rising Star award for the Johnson Simons downtown revitalization project. In 2011, Wareck and Frank D'Ostilio Jr. formed Wareck D'Ostilio Real Estate. The company joined Real Living in 2012.
CLINTON — An 11.2-acre industrially zoned site at 30 Old Post Road has changed hands for $700,000. Kevin Geenty and Kristin Geenty of the Geenty Group, Realtors represented the buyer, 30 Old Post, LLC and the seller, 30 Old Post Road Associates.
EAST HAVEN — ImagePaper.com, LLC has purchased 463-465 Main Street, a 19,897-square-foot commercial building on 1.15 acres, as well as a 696-square-foot home on 0.15 acres. The sales price was $445,000. The company is relocating from New Jersey. Fred A. Messore, of Colonial Properties was sole broker in the transaction. The seller was JT Ventures, LLC.
EAST HAVEN — Brani and Renato Sekerovic have paid $106,000 for a 1,879-square-foot retail condo at 192 Main Street, where they pair plan to open a beauty salon and spa. Kevin Geenty of the Geenty Group, Realtors represented the Sekerovics and the sellers, Gil and Glena Ames.
HAMDEN — Hamden Partners, a New Jersey LLC, has purchased Broadmoor Apartment Homes, a 498-unit, 419,220-square-foot apartment community at 676 Mix Avenue for $58,500,000, or $117,470 per unit. The complex houses 66 studio apartments, 288 one-bedroom and 144 two-bedroom apartments. Institutional Property Advisors (IPA) executive directors Steve Witten and Victor Nolletti advised the seller, Fairfield Apple Hill, a Delaware limited partnership.
HAMDEN — Mango, LLC has acquired the Carriage House, 2297 Whitney Avenue, for $836,750. The 19,470-square-foot building on 0.69 acres includes 42 single-room residential units. Ted Schaffer of Press/Cuozzo Commercial Services represented the seller, House of Hamden, LLC, and procured the buyer.
HAMDEN — A 4,700-square-foot commercial building at 986 Dixwell Avenue has a new owner: 986 Dixwell Holding Co., LLC. The sale price was $385,000. Irfan Ahmed of Sette Real Estate represented the buyer. Stephen Press of Press/Cuozzo Realtors represented the seller, TDR Realty LLC.
MILFORD — A 49,625-square-foot flex building at 100 Washington Street has sold for $3.9 million. Jon Angel of Angel Commercial represented the seller, KC Cubed, LLC, and the buyer, 100 Washington Street, LLC.
MILFORD — Bounce Town USA, LLC has leased a 14,576-square-foot light industrial space at 1770 Boston Post Road for children’s events with giant inflatables and a rock-climbing wall. Carl Russell and John Bergin of H. Pearce Commercial represented the tenant and the landlord, M&K Post Road Associates, LLC.
NEW HAVEN — Three Fifty Orange Street LLC has acquired 348-350 Orange Street from the Professional Arts Group, LLC for $1.175 million. Stephen Press of Press/Cuozzo Commercial Services represented the buyer. John Keogh of Colliers International represented the seller. The 17,246-square-foot space comprises two four-story townhouses connected in the rear by a three-story building.
NORTH BRANFORD — Globe Electric, LLC is relocating its corporate headquarters from East Haven. The company has purchased a new 6,161-square-foot industrial building on 1.65 acres at 285 Branford Road for $500,000. Alan Fischer of Fischer Real Estate represented the seller, Michael Berkun. Jeff Dow of Dow Realty represented the buyer.
SOUTHINGTON — Advanta, LLC has purchased a 14,156-square-foot industrial building at 161 Atwater Street for $850,000.
Robert Gaucher and Carol Karney of OR&L Commercial represented the seller, Benito Brino. The buyer was unrepresented.
WALLINGFORD — HNRSJ, LLC has purchased a 6,600-square-foot caR wash on 1.02 acres at 893 North Colony Road for $1,612,000. The Proto Group was the sole broker. The seller was Fulton Forbes.
ANSONIA — Better Packages is relocating from Shelton to 4 Hershey Drive, where the company has leased 27,600 square feet of light industrial space. Bruce Wettenstein of Vidal-Wettenstein represented the tenant. Carl Russell of H. Pearce Real Estate represented the landlord, John A. Frey, et al.
BRANFORD — Progressive Benefits Solution, LLC has leased 4,500 square feet at 14 Business Park Drive. Lou Proto of the Proto Group represented the tenant. Richard Guralnick of H. Pearce Commercial Real Estate represented the landlord, BRP XIV, LLC.
BRANFORD — Vedran Josic has leased 857 square feet at 71 West Main Street for a cell phone business. Bill Clark of the Geenty Group, Realtors represented Josic and the landlord, 71 West Main LLC.
CHESHIRE — Osprey Strategic Research Group, LLC has leased 1,800 square feet at 1520 Highland Avenue. Tony Valenti and Ralph Calabrese of the R. Calabrese Agency LLC represented the tenant and the landlord, 1520 Highland Partners Inc.
HAMDEN — Bruno Distributors has leased 4,000 square feet at 1004-1020 Sherman Avenue. Joel Nesson of Press/Cuozzo Commercial Services was sole broker in the transaction. He is the exclusive broker for the landlord, WTE 100 Sherman, LLC.
HAMDEN — The Institute of Professional Practice has leased an additional 2,870 square feet at 1125 Dixwell Avenue. The five-year lease is valued at $180,000. The Proto Group represented the landlord, Elm City IP Holdings. Steve Wallman of Wallman Realty in Kensington represented the tenant.
MADISON — Dan & Joe’s Barber Shop and Meriano’s Bake Shoppe are new tenants at Madison Commons, 200 Boston Post Road. Each signed a five-year lease for 1,260 square feet. Joel Galvin of Pearce Commercial was sole broker in the deal. The landlord is Madison Commons, LLC.
MIDDLETOWN — MHS Primary Care Inc. has signed a ten-year lease for 8,660 square feet at 520 Saybrook Road. J. Richard Lee of OR&L Commercial represented the landlord, SPIII Middletown LLC c/o Seavest Healthcare Properties of White Plains, N.Y. The tenant was unrepresented. The lease is valued at close to $2 million.
MILFORD — L.P. Dwyer & Sons has signed a five-year lease for 2,038 square feet at 338 New Haven Avenue. Carl Russell, Richard Lombardo and Eileen Russell of H. Pearce Commercial represented the landlord, Diamond Realty Associates. Lombardo also represented Dwyer.
MILFORD — Connecticut Cabinet Center LLC has leased 800 square feet at 158 Research Drive. The landlord is D'Amato Investments, LLC. Bill Clark of the Geenty Group, Realtors was the sole broker.
NEW HAVEN — Noble Wealth Advisory Group of Janney Montgomery Scott, LLC has leased 4,000 square feet at 321 Whitney Avenue. Stephen Press and John M. Cuozzo, Jr. of Press/Cuozzo Commercial Services represented the tenant and the landlord, 321 Whitney, LLC.
NEW HAVEN — Diversified Employment Services has inked a two-year lease renewal for 1,864 square feet at Whalley Commons, 1463 Whalley Avenue. The Proto Group represented Diversified and the landlord, ACL/Smartyale, LLC of Atlanta.
NORTH HAVEN — Hertz Corp.'s car rental division has signed a five-year lease for 1,120 square feet at 311 Washington Avenue. Phil Barber Pearce Real Estate Co. represented both the tenant and the landlord, Luigi Ferraro.
OLD SAYBROOK — Bikes for Kids Inc. has leased 2,701 square feet at 20 Research Parkway. The non-profit refurbishes donated bikes and distributes them to children in need throughout Connecticut. Kevin Geenty of the Geenty Group, Realtors was the sole agent. The landlord is Mill Meadow Development, LLC.
WATERBURY — Enterprise Rent-A-Truck has leased 2,000 square feet at 184 Kukus Lane. Bob Bowden of the R. Calabrese Agency represented the landlord, Straits Turnpike, LLC, as well as the tenant.
WEST HAVEN — The VA Connecticut Health System has signed a ten-year lease for a gated parking lot with 200 spaces at 325 Campbell Avenue. Frank Hird, SIOR of OR&L Commercial represented the landlord, A+A Enterprises.
WEST HAVEN — Jianwen Zhang has inked a five-year lease for 1,200 square feet at 38 Saw Mill Road for a nail salon. The Proto Group represented the landlord, Mall-One LLC. Joseph Han of Weichert Regional Properties represented Zhang.
WEST HAVEN — Advanced Grow Labs has leased 26,000 square feet at 400 Frontage Road. Fred Frassinelli of AMS Real Estate represented the tenant. Carl Russell of Pearce real estate represented the landlord, TMC Eder LLC. Advanced is one of four state-approved medical marijuana growers in Connecticut.
NORTH HAVEN — The former North Haven Holiday Inn at 201 Washington Avenue is flying a new flag.
A new member of the world’s largest hotel group, the Best Western Plus North Haven Hotel is owned and operated by WNW Hospitality Group. On opening day the hotel received the Best Western Chairman’s Award, the chain’s highest honor for outstanding quality standards, with a perfect score of 1,000. The hotel features 138 guest rooms and five suites. It also houses 8,200 square feet of flexible meeting and banquet space to accommodate corporate confabs, banquets and weddings from 20 to 600 attendees.
NEW HAVEN — For the third quarter in a row, greater New Haven reported the lowest apartment vacancy rate among 79 metropolitan areas tracked by the real-estate research firm Reis Inc. At the end of calendar 2013, New Haven’s apartment vacancy rate stood at 2.2 percent, down 0.4 percent from 12 months earlier. For the same period, average apartment rent in the market rose 2.5 percent, to $1,154.
For the same three-month period, the average apartment vacancy rate nationwide was 4.1 percent, according to Reis. The U.S. average rent during the same period was $1,083, an increase of 0.8 percent.
Deal will phase out city’s contribution over 10 years
NEW HAVEN — Ninety-nine years to the day after it first opened its doors to the public, the Shubert Theater was sold by the city to its private operator for $1.
On December 11, in the lobby of the “Birthplace of the Nation’s Greatest Hits,” outgoing New Haven Mayor John DeStefano Jr. officially signed ownership of the College Street theater over to the Connecticut Association for the Performing Arts (CAPA), the non-profit organization that has operated the Shubert since 2001.
Since then CAPA has operated the Shubert on a year-to-year lease, while the city of New Haven maintained financial responsibility for the building’s capital repairs and improvements. For managing and operating the theater the city paid CAPA a $250,000 annual management fee.
However, the last major renovation of the nearly-century-old Shubert took place in the early 1980s, and since then many of the building’s vital systems have become in need of repair, replacement and/or updating. This include the HVAC system, exterior masonry and the exterior fire escape.
The agreement relieves the city of financial responsibility to maintain the building — over time. Over ten the city’s annual contribution to the theater will decline until it terminates in 2024. This arrangement is expected to save the city approximately $5.5 million over this span.
To pick up the slack, the $11 million project is fueled by $4 million from the state, $2.5 million from city coffers and the launch of a $4 million Shubert Centennial Plan by establishing an endowment for continued financial sustainability of the theater.
The Centennial Plan envisions updates and renovations including backstage, back of house, orchestra shell and an additional performance space. City and CAPA officials such improvement could make possible an additional 95 to 180 event days, attracting 35,000 to 50,000 patrons downtown and generating en economic impact in excess of $6 million.
According to a study by Quinnipiac University, the Shubert presently generates close to $5 million in annual ticket revenues and is responsible for some $20 million in economic impact for the city.
“Places like [the Shubert] are important for maintaining a sense of who we are,” DeStefano said. “It’s so much better that this be owned by the community than by city government.”
Connecticut's inventory of homes in foreclosure ranked fifth in the country in October for the third month in a row, according to a new report by CoreLogic.
During the month, 3.7 percent of mortgaged homes in the state were in foreclosure, roughly even with September but down from 4.4 percent in October 2012.
Connecticut had the nation’s fourth highest inventory in June, following Maine, but tied with that state in July. In August, Connecticut moved down to fifth place.
In addition to Maine, states with higher foreclosure inventories in October included New York, New Jersey and Florida.
Construction could begin next summer on $400M development
NEW HAVEN — A plan to redevelop the former Veterans Memorial Coliseum site took a major leap forward December 2, when the Board of Alderman unanimously approved it, along with a land transfer agreement with Montreal developer Live Work Learn Play (LWLP).
“We’re very pleased and we’re very excited,” said LWLP vice president Richard Martz. “It’s been over three years since we started working on this project, and we’ve invested a lot of time and energy to come up with a plan that everybody supports.”
LWLP estimates the total project cost will be $395 million, including $363 million in private funding.
According to a city economic impact analysis, if fully redeveloped by 2020 the 4.5-acre site will have 719 residential units, 76,900 square feet of retail space, 200,000 square feet of Class A office space, a 160-room hotel, 785 parking spaces and 52,670 square feet of public space. The entire project also is expected to create 4,676 construction jobs, 2,800 full-time jobs and generate annual sales tax revenues of $2,340,000.
Martz says LWLP now will focus on finalizing plans with Newman Architects for the first part of the project: a public square surrounded by several buildings with first floor retail and upper-floor rental units. Construction could commence as soon as next summer.
But advancing from site plan to reality depends on government-funded infrastructure improvements, Martz says. The most important upgrade, he stresses, is the creation of an intersection at the corner of Martin Luther King Boulevard and Orange Street, where the hotel will be sited.
The new intersection, along with landscaping and other infrastructure improvements, will cost around $33 million, according to city New Haven economic development administrator Kelly Murphy. The city has promised as much as $12 million — up to $5 million for Phase 1 and up to $7 million for Phase 2.
Murphy and other city officials and legislators are vigorously lobbying state officials for the rest. “All we can do is make the strongest case for economic return on this investment,” she says.
“We tried for a TIGER grant but didn’t get it,” adds Murphy, referring to a fifth round of U. S. Department of Transportation TIGER grant fund the city applied for in June, requesting $12.5 million to redesign the intersection and extend the Water Street bike route to the Coliseum site, among other improvements.
In late November, the city sent preliminary designs of the new intersection to the state’s Department of Transportation.
“The next step will be to advance the designs and go out for public input,” according to Chris Canna, city project manager for the Coliseum project.
“Our goal is to begin moving dirt next summer (2014) and target finishing the first phase — the town square and retail — by summer 2016,” Martz says. “Our commitments are very much tied to the infrastructure improvements. Ideally it’s most cost-efficient to do everything at once, but we understand that there may not be enough funding to do it that way. We can do it in phases as long as there’s a commitment to the first half of the infrastructure improvements.”
Martz says he is “cautiously optimistic” about obtaining public funding.
“I think the state has been very receptive to the project,” he says. “We want to make sure it is shovel-ready next summer so that we’re ready to go whenever we get the green light.”
SHELTON — William Raveis Real Estate, Mortgage & Insurance has purchased 2 Research Drive for $2 million and plans to convert the 55,000-square-foot light industrial building on five acres into a Class A office building for its headquarters.
Two hundred employees will relocate to the new headquarters from a 20,000-square-foot building at 7 Trap Falls Road in Shelton. Raveis employs approximately 3,200 agents in seven states.
The search for a larger space began more than a year ago, according to William Raveis, chairman and CEO of the company.
“We looked everywhere in Connecticut,” Raveis said. “Hartford County, Fairfield County, New Haven County.” After visiting a couple of dozen sites, Raveis discovered the right one “right in our backyard” when he spotted a “For Sale” sign at 2 Research Drive.
Raveis contacted the broker, Chris O'Hara of Coldwell Banker Commercial NRT, who represented the seller, Shelton Associates. The vacant building had previously been occupied by Dresser Industries and A.O. Sherman.
Raveis described the new headquarters as a “very modern-looking high-tech building with a pyramid glass entrance and interior garden.
“It’s something like you would see in Silicon Valley and unlike anything you see in Shelton,” he added. “That’s what I wanted.”
The architect is Seung Hyeon Park, principal of Archicord, LLC in Bridgeport.
Raveis said R.D. Scinto Inc. will renovate the building, which involves “knocking down 10,000 square feet” and reducing the footprint to 43,000 square feet. The demolition is expected to begin in late January or early February. Construction should commence in March and take approximately 18 months to complete.
$41M for W-bury Shopping Center
WATERBURY — Cole Real Estate Investments Inc. has purchased the Naugatuck Valley Shopping Center, 950 Wolcott Street for $41 million. Jim Koury and Coleman Benedict of Boston-based HFF marketed the shopping center for the seller, DDRTC Naugatuck Valley SC, LLC, and identified the buyer. Stop & Shop and Wal-Mart anchor the 382,864-square-foot retail facility, situated on 50.51 acres.
Advance Auto Parts Building Sold
NEW HAVEN — Hasu Patel has acquired the former Advance Auto Parts building at 222-234 Whalley Avenue for $650,000. The seller was 226 Whalley Avenue Associates, LLC of Woodbridge. The Proto Group was sole broker in the transaction.
Investor Buy Orange Property
ORANGE — RTJ Properties LLC has purchased a 9,120-square-foot building at 307 Racebrook Road for $625,000. Eileen Russell of Pearce Commercial Real Estate represented the buyer. Carl Russell of Pearce Commercial Real Estate represented the seller, RCF, LLC.
ASD Fitness Center has leased around 5,000 square feet in the building, joining tenants Merle’s Record Rack and Ferguson’s Center Ice Sports.
Brass City Bldg. Sold
WATERBURY — Icarus II, LLC has purchased a 28,314-square-foot building at 969 West Main Street for $855,000. Michael Guidicelli of Regions Commercial, LLC represented the buyer. Gerry Matthews of Matthews Commercial Properties represented the seller, Russell Associates.
Psyched Up in Branford
BRANFORD — Psychiatrist J. Craig Allen and psychologist Mark Bono have leased 700 square feet at 765 East Main Street. Kevin Geenty of the Geenty Group, Realtors was sole broker in the transaction. The landlord is Captiva, LLC.
Getting a Foot in the Door
BRANFORD — Connecticut Foot & Ankle Associates has leased 2,000 square feet in Lakeview Center, 249 West Main Street. Richard Gold and Phil Marshall of OR& L Commercial represented the landlord, Lakeview Center Associates, LLC. The tenant did not use the services of a broker.
Law Firm Leases in Branford
BRANFORD — The law firm of Licari, Walsh & Sklaver, LLC has leased approximately 2,400 square feet at 322 East Main Street, a 50,000-square-foot Class A office building. Ted Schaffer and Joel Nesson represented the tenant. Steven Inglese of the New Haven Group represented the landlord, 322 East Main Street, LLC.
Auto Dealer Inks 5-Year Lease
MERIDEN — Go Auto Centers of Meriden has leased a 4,350-square-foot building on 2.2 acres at 171 South Broad Street. The Proto Group, LLC was sole broker in the transaction for the former automobile dealership. The five-year lease is valued at $376,000. The landlord is 171 South Broad Street Meriden, LLC.
No More Sitting on Fence
MILFORD — Fence Me In, LLC has leased 1,500 square feet at 33 Eastern Steel Road. Bill Clark of the Geenty Group, Realtors was the sole broker. The landlord is Connors Properties, LLC.
CrossFit Milford Expands
MILFORD — CrossFit Milford has signed a lease renewal and expansion totaling 10,900 square feet at 49 Research Drive, bringing the 23,000-square-foot building to 100-percent occupancy, according to Jon Angel of Angel Commercial, who was the sole broker in the transaction. The landlord is D’Amato Investments.
Child Center Pens New Lease
NORTHFORD — Twin Lake Children's Center of Northford has leased 3,500 square feet at 5 Ardsley Avenue. Lisa Whitney of Calcagni Commercial represented both the tenant and the landlord, Ardsley Ave., LLC.
Something’s Cooking in No. Haven
NORTH HAVEN — Small Kitchen-Big Taste has leased 862 square feet at 420 Sackett Point Road. Dave Melillo of Pearce Commercial was the sole broker. The property is part of an estate.
Skeletons in This Closet?
ORANGE — Jennifer Al Ghuraibawi, a spine and neuro-musculoskeletal disorders physician, has leased 1,100 square feet at 472 Boston Post Road. Carl Russell and Richard Lombardo of Pearce Commercial represented both the doctor and the landlord, Kelli Lepensky.
Let’s Go (Long) Beach
STRATFORD — Medical Imaging Systems is relocating its headquarters from Shelton to 4,000 square feet at 300 Long Beach Boulevard. Jon Angel of Angel Commercial represented the radiology imaging equipment distributor and the landlord, Development Limited Partnership #300.
Interacter to Wallingford
WALLINGFORD — Interacter Inc. has leased 10,009 square feet at 10 Beaumont Road. Phil Marshall of OR&L Commercial represented the landlord, Beaumont Road Association. The tenant did not use the services of a broker.
Pizza Chain Invades CT
WOODBRIDGE — Grimaldi’s Coal Brick-Oven Pizzeria has signed its first lease in Connecticut at D’Andrea’s Plaza, 1646 Litchfield Turnpike. The landlord is Litchfield Realty Trust. Steve Miller of Levey Miller Maretz was the sole broker in negotiating the ten-year lease plus options, and is representing Grimaldi’s, which plans to sign leases for six to 12 locations in Connecticut in the next 12 months. Now in more than half a dozen states, the pizza chain originated in a Brooklyn pizzeria in 1905.
Public input sought for $360 million mixed-use development
NEW HAVEN — The Economic Development Corp. of New Haven seeks public input for an ambitious new plan to redevelop the former site of Veterans Memorial Coliseum.
Through a two year planning process, the city of New Haven and Canadian commercial real-estate developer LiveWorkLearnPlay (LWLP) have developed a shared vision for a “human-scale,” mixed-use, mixed-income, community-gathering place centered on an activated public square and laneway.
When built the $360 million project would include 719 residential rental units (20 percent of which would be designated as affordable housing), 76,900 square feet of retail, 160 hotel rooms, 200,000 square feet of Class A office space, 52,620 square feet of public space and 785 parking spaces.
The development agreement calls for attracting more than 35 new small to mid-sized permanent businesses and up to 20 seasonal incubator businesses, along with a mix of housing options including affordable, workforce and market-rate housing for individuals and families. In addition, the project will generate approximately 4,700 construction jobs during the seven to ten years of project build-out beginning in 2014, and between 2,800 permanent jobs during full operation.
The plan represents the next phase of New Haven’s Downtown Crossing project, which aims to reconnect downtown, Union Station, the medical district and the Hill neighborhood and will rejoin South Orange Street across the current Route 34 on an at-grade street for pedestrians, cyclists and automobiles.
Two sessions are planned to solicit input from the public. A November 13 Finance/Community Development Committee meeting beginning at 7 p.m. will focus on the proposed development agreement.
A second session beginning at 6:30 p.m. the next evening (November 14) will be hosted by the city’s Legislation Committee will seek public input on the proposed zoning change at the site (from BD to BD-3).
Both meetings will take place in the Aldermanic Chambers of City Hall, 165 Church Street.
BRANFORD — RE/MAX Alliance has merged with RE/MAX Property Consultants in Groton, creating a combined force of 29 full-time agents. RE/MAX Alliance broker/owner Greg Scott will be in charge of both offices. Lian Obrey, the former broker/owner of RE/MAX Property Consultants, will be focusing on his “listing and selling business.”
MILFORD — DeForest (Frosty) Smith has been named Pearce Commercial Real Estate’s top producing agent for its Milford office for the third quarter of 2013, and Rich Guralnick has been named the top producing agent for Pearce’s North Haven office.
A former president of the Connecticut chapter of CCIM, Guralnick recently completed a five-year stint as a co-chair for the Connecticut/Westchester chapter of CoreNet Global, a leading national association for corporate real estate executives.
According to Pearce, Smith, a Yale graduate with more than 45 years of commercial real estate experience, is the only Realtor in America to simultaneously hold the designations of Certified Commercial Investment Member (CCIM), Society of Industrial and Office Realtors (SIOR), Graduate Realtors Institute (GRI), and Certified Real Estate Brokerage Manager (CRB).
“Frosty is a regarded nationwide as a leader in the field of real estate, whom we are lucky to call a Pearce Pro,” said Pearce president Barbara Pearce in a statement.
WALLINGFORD — Prudential Connecticut Realty has a new name and identity. Acquired in April 2012 by an affiliate of Berkshire Hathaway, the company has rebranded, with a new logo, to become Berkshire Hathaway HomeServices New England Properties. President/CEO Candace Adams will remain in charge, overseeing the Wallingford-based affiliate.
“We’re excited to be among the first Prudential affiliates in the nation to make the transition,” Adams said in a statement. “Berkshire Hathaway is a name that commands respect, and it’s synonymous with trust, integrity and quality — three traits that the Prudential organization has long embraced as part of its core values.”
Exchange Bldg. Fetches $2.7M
NEW HAVEN — Developer Paul Denz has purchased a four-story 39,993-square-foot building at 123-127 Church Street for $2.7 million. CBRE represented the seller, the Annie E. Casey Foundation, which recently vacated 30,000 square feet of Class A space in the historic building, constructed in 1832 and known as the “Exchange Building.” The only current tenant, Sovereign Bank, leases 10,000 square feet on the first floor. Denz has hired CBRE as the leasing agent.
Cheshire Commercial Bldg. Sold
CHESHIRE — Common Goal Assoc., LLC has purchased a 7,748-square-foot commercial building at 1573 Highland Avenue for $350,250. Toby Brimberg of OR&L Commercial, represented the buyer. Carol Karney and Bob Gaucher of OR&L Commercial represented the seller, Elaine Richard.
Guralnick Does It Again
BRANFORD — A 20,000-square-foot office building at 388 Main Street has sold for $825,000. Rich Guralnick of Pearce Commercial represented the seller, Davie Enterprises LLC of Connecticut, and the buyer, 388 East Main, LLC.
Whitney Ave. Deals
HAMDEN — An eight-unit multi-family building at 118 Whitney Avenue has changed hands. John Cuozzo of Press/Cuozzo represented the seller, D&L Manchester, LLC. Gary Damato of Press/Cuozzo represented the buyer, 1181 Whitney, LLC. The sale price was $885,000.
HAMDEN — SG & SG LLC has purchased a 13,340 square foot medical office building at 2447 Whitney Avenue. Stephen Press of Press/Cuozzo Realtors represented both the buyer and seller, Whitney Medical Group LLC. The sale price was $990,000.
Former Vet Hospital Sold
NEW HAVEN — Citizen's Television (CTV) Inc. has purchased 843 State Street for $815,000. VTN Associates, LLC, a consortium of veterinarians, sold the 7,400-square-foot building, occupied by New Haven Central Hospital for Veterinary Medicine. David Hansen of CBRE represented the buyer. The seller was unrepresented. The veterinary hospital is moving to a new facility in North Haven.
Alden Ave. Apts. Acquired
NEW HAVEN — Fountainville, LLC has purchased a nine-unit apartment building at of 200-204 Alden Avenue for $800,000. Richard Gold and Frank Hird of OR&L Commercial represented the landlord, Nipote, LLC. Frank D'Ostilio of Wareck D'Ostilio Real Living represented the buyer. The building has seven one-bedroom and two two-bedroom apartments.
One Fewer Farm in No. Haven
NORTH HAVEN — A developer has purchased a 4.34-acre farm at 520 Washington Avenue and plans to construct 125 residential units and 3,000 square feet of commercial space on the property. Albert Scafati of Press/Cuozzo Realtors represented the D'Addio family, owners of the 60-year-old farm. Steve Inglese of the New Haven Group, arranged the sale on behalf of the buyer, 91 Leffingwell Road LLC. The sale price was $2.65 million.
Costume Bazaar Bldg. Sold
NORTH HAVEN — Leeway Inc. has purchased 1593 State Street for $515,000. Carl Russell of Pearce Commercial Real Estate was the sole broker. The former owners of the Costume Bazaar sold the 13,750 square foot building.
Investor Buys Industrial Bldg.
WALLINGFORD — Wiehl Holdings, LLC has purchased a 30,000-square-foot industrial facility at 228 North Plains Industrial Road for $1.65 million. Bill Wiehl of Colonial Realty represented the buyer. Chris Nolan of Pearce Commercial, represented the seller, DBS Properties.
Personal Trainer Pens Lease
CHESHIRE — Horizon Personal Training has signed a five-year lease for 3,525 square feet at 1701 Highland Avenue. Joel Nesson of Press/Cuozzo Commercial Services was the sole broker. The landlord is Fazzone Investments & Properties, LLC.
Consultant Chooses Cheshire
CHESHIRE — Andrews Consulting Group has leased 11,500 square feet at 1154 Highland Avenue. David Barnes of CBRE represented the tenant. Richard Guralnick of Pearce Commercial Real Estate represented the owners, Marshall Enterprises LLC.
Dodge Ave. Lease
EAST HAVEN — TXX Services, Inc. has leased 3,289 square feet at 250 Dodge Avenue, a large, light industrial building near Tweed-New Haven Airport. Kevin Geenty of the Geenty Group, Realtors represented both the tenant and the landlord, Dreadnaught Properties CT, LLC.
Broker to Leeder Hill
HAMDEN — Fairfield Investment Corp. has leased 2,560 square feet at 105 Leeder Hill Drive. Joel Nesson of Press/Cuozzo Commercial Services was sole broker in the deal. The landlord is Stengel & Tomasoco Realty LLC.
Rt. 10 Talbots Going Nowhere
HAMDEN — Talbots has renewed its long-term lease for more than 9,000 square feet at 3490 Whitney Avenue. No brokers were involved. The clothing store dealt directly with the landlord, Westwoods Corner Partners, LLC. Talbots has occupied the space since 1989.
YNHH Leases in Madison
MADISON — Yale-New Haven Hospital has signed a long-term lease for 4,124 square feet at 1291 Boston Post Road for an expanded urological center. Rich Guralnick of Pearce Commercial represented landlord, 1291 Boston Post Road, LLC. Cushman & Wakefield represented YNNH.
The Doctor Is In
MERIDEN — A physician has subleased a 1,347-square-foot office suite at 321 Research Parkway from Green Beacon Solutions, LLC. Jennifer Gosselin of CBRE represented the doctor, Paul Horton. Frank Hird of OR&L Commercial represented Green Beacon Solutions. The sublease term is four years.
Car Talk Yields Deal
MIDDLETOWN — Umut Yucel has leased 9,904 square feet at the former Schaller Subaru at 1138 Newfield Street for a used-car dealership. Jonathan Cohn of Goman & York represented the tenant. Carol Karney and Steve Foote of OR&L Commercial represented the landlord, European Motorcars.
Indust. Condo Leased
MILFORD — KeeClean Management Inc. has leased an 800-square-foot industrial condo at 185 Research Drive. Kristin Geenty of the Geenty Group represented the tenant. Bill Clark The Geenty Group also represented the landlord, D'Amato Investments LLC.
Wood Broker Leases
MILFORD — CNC Cutting & Design, LLC, has leased an 800-square-foot industrial condo at 282 Woodmont Road for a custom wood products business. Bill Clark of the Geenty Group was the sole broker. The landlord is D’Amato Investments, LLC.
Construction Firm Leases
NEW HAVEN — Bond Construction has inked a five-year deal for 5,800 square feet at 370 James Street. David Hansen of CBRE was the sole broker. The landlord is the Acorn Group.
Taken for Granite
NEW HAVEN — D’Elia Gillooly DePalma, LLC has leased 4,680 square feet the in the Granite Square building at 700 State Street. David Hansen of CBRE was the sole broker. The landlord is the Acorn Group.
Sullivan Tire to No. Haven
NORTH HAVEN — Sullivan Tire of Connecticut Inc. has leased 10,500 square feet at 130 Universal Drive. Kyle Roberts of CBRE represented the tenant. Kevin Geenty and Kristin Geenty of the Geenty Group represented the landlord, Universal Drive LLC.
Eatery to Brass City
WATERBURY — Jimmy’s II Family Restaurant has leased 3,100 square feet at 579 Watertown Avenue. John Famiglietti of Drubner Commercial Real Estate Services represented the tenant. Ralph Calabrese and Tony Valenti of the R. Calabrese Agency represented the landlord , Watertown Associates. John Famiglietti of Drubner Commercial Real Estate Services represented the tenant.
NEW HAVEN — Yale-New Haven Hospital has signed a 5.5-year lease for a blood-draw center at Whalley Commons, 1467 Whalley Avenue. The Proto Group represented the landlord, ACL/Smartyale.
Fitness Club Relocates
WATERBURY — Spark Fitness has inked a four-year lease for 3,000 square feet at Steelebrook Plaza, 1630 Watertown Avenue. Brian Godin of Matthews Commercial Properties represented the tenant. The Proto Group represented the landlord, Steele Brook Development LLC.