ENFIELD exterior JUNE2014
After $38 million in improvements just three years ago Mass Mutual is leaving its Enfield location and consolidating operations across the border in Springfield.

SPRINGFIELD: MassMutual Insurance is consolidating its operations in Springfield and a new $2500 million facility on Boston’s seaport. The company says the consolidation will result in a total investment in Massachusetts its home corporate location, of $300 million.

The Springfield corporate office will see 1,500 over the next four years to reach more than 4500 jobs there, and 500 at the Boston location.

stanleybuildingNEW BRITAIN:  - The former Stanley Black & Decker building at 480 Myrtle Street is for sale.

According to Frank Amodio, owner of Amodio & Co. Real Estate who is representing the seller.

The five story 138,986 square foot building is outfitted with offices, a cafeteria, three elevators, a “modern atrium lobby”, and sits on a 5 acre parcel.

concrete truckWETHERSFIELD: Connecticut Ready Mixed Concrete Association’s [CRMCA] Build with Strength Committee, announced that the CRMCA will be marketing a comprehensive “Build With Strength” campaign to the Connecticut construction market. The campaign will be targeted to the Connecticut architecture, design and engineering communities to promote the versatile uses of concrete in construction.

house price decline1BOSTON: 2017 was an excellent year for single family home sales in Connecticut with the year over year sales reaching an eleven-year high. December on the other hand was not a Christmas celebration for many real estate agents and home sellers as the month was down 9.4% compared to last year, prices did inch up 2.2% for the month.

Warren Group, publisher of The Commercial Record reported a total of 2,472 single-family homes were sold in Connecticut during the month of December, compared with 2,705 sold in December 2016. Meanwhile, the median price of a single-family home rose 2.2% in December to $245,000, compared with $240,000 a year ago.

100oak920x920TRUMBULL: An empty 78,692 square foot office building on 10.78 acres at 100 Oakview Drive will be demolished to make way for a new $30 million rental community of 202 units in six buildings offering the “latest luxury amenities and modern conveniences.”

Tim McMahon and Rich Lee of O,R&L Commercial represented the seller, Canon USA [former headquarters] and procured the buyer, Trumbull Developers, LLC [145 HUDSON STREET, NY, NY] The purchase price was $4,500,000. Canon USA headquarters is now in Huntington, NY.

Screen Shot 2018 01 23 at 10.22.28 PMPLAINFIELD:, CT Truckload carrier Western Express has purchased a 12.85-acre facility at 1293 Norwich Road for $1.75 million. Ron Lyman, CCIM, CEO of Lyman Real Estate, brokered both sides of the deal.

The property is two adjacent parcels and a 30,740 square foot building. This will be the ninth location for Western Express, which is based in Nashville, TN, and operates facilities across the country. The company has grown to become a large tier industry truckload carrier, running approximately 2,500 power units and more than 6,500 trailers, and reporting 2014 annual revenue in excess of $550 million.

The seller was P. Camp, LLC, of Jewett City, with procuring manager Ricky McDonald handling the transaction for Western Express.

45railroadaveWEST HAVEN: A 24,317 SF light Industrial / Flex building on 1.25 acres located across from the Metro-North West Haven train station at 45 Railroad Avenue. Richard S. Guralnick, CCIM of O,R&L Commercial in Branford represented the seller, L & A Realty. The buyer, Pinpoint Promotions & Printing, LLC, currently in Stratford was represented by Steve Gentile of Keller Williams Realty. Pinpoint will move their full service, marketing and production agency to this new location.    

The property sold for $830,000 and was was formerly occupied by Manufacturers Associates, Inc.

 

redfinFAIRFIELD: Connecticut has a new real estate company that is hoping that their expertise in software and digital marketing will allow them to disrupt the traditional real estate sales model.

Redfin [NASDAQ: RDFN] is a Seattle, WA based pubic company with $2.6 billion market cap they call themselves “the next-generation real estate brokerage”. The company says it “pairs personal service from Redfin agents with technology to create a better home-buying and selling experience that costs less.”

katsmanHAMDEN: Elina Katsman has joined the Press/Cuozzo Realtors “commercial services team.”.

Katsman was born in the USSR, and grew up in Tel-Aviv, Israel, where she worked as a marketing professional, leading accounts of the largest national and international companies. In 2013 she moved to the US and settled in Hamden, speaks Russian, Hebrew, and English.

Katsman holds a B.A in communications & business from the Israeli College of Management and has 10 years of experience in marketing communication. Her professional career started with a public relations firm specializing in real estate, then continued to include small start-ups, B2B customers, and large multinationals.

turtle creek aptsEAST HARTFORD: The 120-unit apartment Turtle Creek Apartments complex was sold for $8 million, $66,666 per unit.

Steve Pappas of the Hartford office of investment broker Chozick Realty Inc. represented both the seller, Turtle Creek Realty and purchaser, Up Realty LLC, a New York based investment group.

The complex was constructed in 1968 the property and according to Chozick received new amenities in the late 1980s, including an indoor swimming pool, jacuzzi, steam room and sauna, a full commercial kitchen and dining room for resident functions, an indoor running track, miniature golf course, fitness rooms, a billiards room, media room and library.

ritz grande apartments hartford ct building photoHARTORD: The Ritz Grande Apartments was sold for $3.7 million, to Aria Legacy Group (ALG), its the company’s 16th multifamily investment in the city.

The 58-unit complex located at 29 Annawan Street is a mix of fully remodeled one to four-bedroom apartments. Amenities at the complex include on-site laundry, a playground, basketball courts and off-street parking. The property is located near neighborhood shopping outlets and Dillon Stadium.

“This acquisition excites us because Connecticut, and especially Hartford, has been one of our best success stories to date,” said Joe Novoseller, managing principal of ALG.

calabroNEW HAVEN: The Connecticut Chapter of the American Institute of Architects has appointed Gina Calabro to Executive Director. AIA Connecticut serves as a resource to architects and the public. Its membership of over 1,300 is comprised of architects, professionals working towards licensure, architectural students, and professionals in affiliated fields.

Calabro's has more than 25 years of executive planning, administration, communications, and marketing experience in both the private and non-profit sectors. Calabro was the CEO at the Home Builders and Remodelers Association of Fairfield County and prior to that was the Director of Membership and Marketing for the Connecticut Conference of Municipalities.

south side view district rendering previewBy Mitchell Young

NEW HAVEN: In December 2014, digital media entrepreneurs David Salinas and Peter Sena founders of Digital Surgeons a New Haven digital marketing firm with 45 employees were seeking a new location.

Like many other growing New Haven companies they needed a lot of space and parking. DS was growing at 1175 State Street, the Robby Len [Swimsuit factory] Building, first constructed to house Trolleys in the early part of the last century, but they weren’t happy with the status and condition of the building and wanted to own and control their own space.

The pair criss-crossed Greater New Haven looking for a new nest for the fast growing company, but nothing was coming that met their specs.

yalecityNEW HAVEN: Yale University is extending The Yale Homebuyer Program, for another two years, through Dec. 31, 2019.

The program that gives permanent Yale University employees working 20 or hours or more a week a substantial income benefit if they purchase a home to own and occupy in designated areas in the city.

The program was first established in 1994, provides up to a $30,000 total benefit to participants: a $5,000 first-year bonus and an annual $2,500 grant for up to 10 years to university faculty and staff as long as they continue to own and live in the home and remain employed by Yale.

According to the University, 1,221 Yale faculty and staff have benefited from the program since its inception. They have purchased homes with a total market value at time of purchase of more than $237 million and have benefited from $31 million provided by Yale since 1994.

ulgadeTORRINGTON: Greg Ugalde, a builder and developer with more than 25 years of experience in the Connecticut home building industry, was elected as the 2018 first vice chairman of the National Association of Home Builders [NAHB[. The election was made during the association’s International Builders’ Show in Orlando, Fla.

Ugalde is president and chief legal officer of Torrington-based T&M Building Co., Inc., one of the largest home builders in the state. Since its founding in 1962, T&M has built more than 3,500 new homes in more than 40 Connecticut communities. He is also the founder and owner of GFU Investments LLC, a builder/developer minority-owned business that focuses on urban development.

Piquet 9 10.FormulaE josemariodias 02065 previewSTAMFORD: Tesla is not the only electric vehicle making news in the Nutmeg State.

RPM Raceway, which calls itself “America’s ultimate all-electric indoor karting and entertainment destination,” is bringing its “authentic racing experience" to Connecticut, at 600 West Avenue, scheduled to open during the first half of 2018.

In addition to competitive racing, the facility will feature dining and sports bar operations along with alternative experiential entertainment activities including RPM Lanes, a 14-lane bowling facility, racing simulators, a multiplayer virtual reality experience and a state-of-the-art arcade. Owned and operated by husband and wife team, Eyal Farage and Karen Davis-Farage, the new two-level, 90,000 square foot facility with two quarter-mile racing tracks will be RPM Raceway’s first location in Connecticut and its sixth throughout the Northeast. The facility is expected to hire 100 employees.

riverNEW HAVEN: Patriot Marine, LLC, a dredging and maritime construction company based in Winthrop, MA, has purchased 90 River Street, New Haven, an 82,261 total square foot vacant industrial complex along the Quinnipiac River, for $930,000.

The seller was MLF River LLC, the buyer, Patriot Marine, LLC, Peter S. Shiue, CCIM, Senior Broker of Colliers International's New Haven office and Nicholas R. Morizio, CRE, SIOR, President of Colliers International's Hartford and New Haven offices, were the sole brokers involved in this transaction. According to Colliers the buyers intend to make significant improvements to the existing buildings and invest approximately $1 million to install a steel bulkhead along the riverfront.

aetna
travelrs
thehartford

HARTFORD: Good news finally for employees of Hartford based insurance companies. First off some ready money as both The Hartford [NYSE: HIG] and Travelers [NYSE:TRV] are giving their employees bonuses of $1,000 each if they earn $75,000 or less annually. The companies have cited the passing of the new US tax reform package as the motivation for their bonus plan.

The best news however came from the CEO of CVS, Larry Merlo that his company which was acquiring Aetna, saw Hartford as the “center of excellence for insurance,” he suggested that future growth was possible in Hartford for the company, rather than a relocation of headquarters personnel to New York City. In $500 Million for Bertolini But Aetna May Not Make Big Apple Move soon after the merger announcement this space predicted that the frugal Merlo would dispense with the NYC move.

By Mitchell Young

matrix danburySTAMFORD, NEW HAVEN: Colliers International [NASDAQ:CIGI] released their annual and quarterly office leasing activity reports for Fairfield County.

The County’s leasing activity for 2017 reached the second highest total leasing on record at 4.1 million square feet, just 8.4% less than the highest total registered by the firm in 2015. Space availability dropped for the fourth consecutive quarter, settling at 23.3%.

“While steady improvement has been made, the availability rate this year is still 100 basis points higher than in 2016 as the market struggled to absorb the space given back by Starwood and others early in the year,” said Sean Cullen, Director of Research for Colliers’ Stamford office. “Asking lease rates remained steady during 2017, rising just 1.1% to $36.09 per square foot year-over-year.”

avalonSHELTON: Located at 100 Avalon Drive, the 99-unit Avalon Huntington apartment complex built in 2008 has sold for $33 million. The property is situated near Route 8 and provides access to Huntington Road and I-95, New Haven and Norwalk are approximately 15 miles away.

The buyer, Inland Real Estate Acquisitions LLC, will rebrand the property as Huntington Townhomes. The seller is AvalonBay Communities Inc.[NYSE: AVB] a Real Estate Investment Trust [REIT], Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction.

The complex is made up of seven three- and four-story buildings, including 86 townhome-style homes, 13 garden apartments and 194 parking spaces. The community provides 68 two-bedroom and 31 three-bedroom apartments.

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NEW HAVEN: New Haven rents declined significantly in December [.05%] according to apartmentlist.com  but are still up significantly by 4.5% in comparison to the same time last year.

The demand for apartments does not translate into happy renters however, who gave the Elm City the second lowest level of satisfaction among renters nationwide, earning the city an F overall.

Renters are not too thrilled with the city’s economy either, with just 13% of renters saying that New Haven's economy is on the right track, earning it an F overall.

"New Haven renters are extremely unsatisfied overall with a particularly low level of confidence in the economy," says Andrew Tam, Vice President of Data Science at Apartment List. "The US renter population is at its highest level in 20 years, and the weakness of New Haven's economy makes it less attractive to members of this large demographic."

Baldwin 1876BlackRockFAIRFIELD: the sale of 1876 Black Rock Tpke. was sold for $3.1 million, Baldwin Pearson & Co., Inc., handled the transaction.

George Shawah Jr., represented the seller, Miro 1876 Associates, LLC, while Barry Jacobson of Joseph P. Day Realty, represented the buyer who was not disclosed yet.

The 7,000 square feet retail building was formerly occupied by Citibank. The new owner has lease commitments from Granola Bar (a local restaurant) and The Pet Pantry. The
Granola Bar has locations in Stamford, Westport, Greenwich, Rye and Armonk, as well as a food truck and a catering business. Pet Pantry has locations in Wilton, New Canaan, and Riverside.Fai

bowmanCHESHIRE: Sally Bowman Real Estate has been acquired by Berkshire Hathaway HomeServices New England Properties bringing its agent count to more than 1,800 and its office count to 55.

“We are extremely pleased to welcome Sally Bowman and her team to Berkshire Hathaway HomeServices New England Properties,” says Candace Adams, CEO of Berkshire Hathaway HomeServices New England, New York and Westchester Properties.

“Sally Bowman Real Estate has been opening doors to new homes, one house at a time, since 2009,” says Sally Bowman, owner of Sally Bowman Real Estate. “My family has been living and working in Cheshire for the last 100 years and I’m raising my own family here. We are eager to continue serving our community, now in partnership Berkshire Hathaway HomeServices New England Properties.”

motgomerymillWINDSOR LOCKS: The consumer impact of the new Springfield to New Haven rail service is being felt on a long dormant and decaying Montgomery Mill factory building.

Construction is about to begin on the $62.5 million rehabilitation of the 223,058 square foot historic J.R. Montgomery factory complex into a mixed-income development of 160 apartments.

The construction expected to take 18 months and will turn the long-vacant 1800s mill complex into modern apartments across the street from the towns future commuter rail station.

chestervillageCHESTER: Chester Village West set on 55 acres with 105 cottages and apartments was purchased by Masonicare, based in Wallingford, the state’s largest not-for-profit provider of senior healthcare and retirement living from LifeCare Services of Des Moines, Iowa.

“The addition of Chester Village to our organization is a win-win for all,” said Jon-Paul Venoit, President/CEO of Masonicare. “We have extensive experience in the retirement living arena and our cultures are very similar. We are retaining nearly all of their employees, and we expect to invest in some capital improvements on the campus as well.”

Sales terms were not disclosed.

sealORANGE: The 50,666-square foot industrial building on approximately 6.5 acres of land at 70 Robinson Boulevard, has been sold for $2.1 million

The building is being purchased by Robin Equity, LLC of Orange, [John Pritchard, Argyle Road]. The property will be repurposed for American Seal & Engineering Corporation to serve as its new Global Corporate Headquarters and the main manufacturing facility for Engineered Products, Advanced Manufacturing Technology and Product Testing and Development.

Dobbins Maureen Shadowbox 141x212HAMDEN: Maureen J. Dobbins, Director, Business Development, has been named Vice President and an officer of Hoffman Architecs. Dobbins hash more than 25 years of experience in marketing and business development for architectural services, and earned a bachelor’s degree in management information systems from Western Connecticut State University and a master of business administration (MBA) degree in marketing management and information systems from Pace University in New York.

An owner of the firm, she will celebrate her 10th anniversary with Hoffmann Architects in 2018. Dobbins is a member of the Building Owners and Managers Association (BOMA) Southern Connecticut, Eastern Region of APPA Leadership in Educational Facilities (ERAPPA), CoreNet Global, the Construction Institute, International Facility Management Association (IFMA), New England Healthcare Engineers’ Society (NEHES), and Professional Women in Construction (PWC). A long-term board member and officer for BOMA Southern Connecticut, Dobbins takes the helm as President of the organization in January 2018. She lives in Redding, Connecticut.

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Hartford's Mark Twain Apartments Fetch $2.6 Million In Sale

HARTFORD: It was a good year end for Steve Pappas of the Hartford office of investment broker Chozick Realty Inc. who managed the sales of Mark Twain, Candlewood and Cardinal Hill Apartments bringing a combined price of $6.75 million.

Mark Twain Apartments, located at 367-381 Farmington Avenue, has 65 apartment units and is adjacent to the historic Mark Twain House, and only blocks from Aetna Insurance and the St. Francis Hospital complex. The unit mix of is 6 studios, 43 one-bedroom and 15 two-bedroom and 1 three-bedroom units. Mark Twain Apartments sold for $2.6 million.

Mark Twain Apartments,

Candlewood Apartments, located at 123-131 Clinic Avenue New Britain, has 40 apartment units on a 1.66-acre site, and are all two-bedroom units. Significant upgrades have occurred over the past few years including many remodeled kitchens, baths and new roofs. The complex sold for $2.65 million.

Hunton TeachersCornerHARTFORD: Hunton & Williams LLP and interntional law firm based in Richmond VA.,as advised RBH Group of Newark NJ., in its $20 million acquisition and planned redevelopment of 370 Asylum Street.

According to H&W “the transaction will transform and repurpose a long-vacant commercial building in downtown into a mixed-use space. The project, known as Teachers Corner Hartford, will be comprised of luxury market-rate and affordable residential units, pre-marketed to local education professionals, and will feature a suite of amenities.”

Hunton & Williams’ legal team was led by New York real estate partner Laurie Grasso and associate Douglas Hoffmann.

Trahan Aaron CenterbrookCENTERBROOK: Aaron Trahan, AIA, of Centerbrook Architects & Planners

The award, sponsored by the has earned the 2017 Emerging Architect Award from AIA Connecticut Emerging Architects and Design committees.

According ot AIC CT the committees, “recognizes and supports emerging graduate architects who have made significant contributions to the profession or have rendered distinguished public service.”

The honor was bestowed to Trahan at the AIA Connecticut 2017 Awards on Dec. 4. He is Centerbrook’s first recipient of the award, now in its fourth year.

“Aaron is an extraordinary designer, a respected leader among his colleagues, and a kind and generous advocate for the architectural profession,” said Centerbrook Principal Todd Andrews,AIA who nominated Trahan for the award.

Overlook WillowCreekHARTFORD: The Housing Authority of the City of Hartford [HACH] and Overlook Village ReDevelopment Associates broke ground for the redevelopment of Chester A. Bowles Park in the Blue Hills neighborhood.

The public housing complex constructed in the 1950s is being demolished to make way for a mixed-income residential community called Willow Creek. The two-phase development project is being financed by a mix of private and public funds, including grants from the Connecticut Department of Economic and Community Development and the Capital Region Development Authority, as well as with low income housing tax credits issued by the Connecticut Housing Finance Authority.

The development consists of sixty-two mixed-income rentals, approximately 25 single-family units, and a community room for residents will be built during the first phase of construction. During the second phase, 43 units will be added for low-income, middle income and market-rate renters. Five of those units will be offered as supportive housing for the homeless.

Puzycki Allison CESMIDDLETON: Allison Puzycki has joined Consulting Engineering Services (CES). Puzycki is a graduate of Johnson & Wales University and has a bachelor’s degree in Marketing Communications and more than ten years of marketing experience. Most recently, she served as director of marketing for Svigals + Partners, an architecture and art firm in New Haven. 

Puzycki enters the role of director of marketing ready to advance the consulting engineering services brand, cultivate the firm’s next phase of growth and expand their existing network of relationships.

“We are thrilled to have Allison join our team at a pivotal time for the firm,” said Michael Walsh, CES president.

SLAM SacredHeartFAIRFIELD: The S/L/A/M Collaborative (SLAM) “programmed and designed” the new 120,000 square foot $65 million Center for Healthcare Education at Sacred Heart University, shared between the College of Health Professions and College of Nursing. 

The exterior of the building is designed as three distinct forms that represent the three major programmatic functions of the building. “This helped with the scale of the building,” said Rick Herzer, AIA, design principal at SLAM. “We thought of it as three elegant parallel forms and not just one enormous building with a door.”

A main upper plaza receives arriving users and orients them to the main entrance and central atrium. An adjacent lower plaza features a reflecting pool and a sculpture by David Harber. This more sheltered, contemplative space is flanked by an amphitheater of tiered stone seating encourages formal or informal gatherings.  The sound of falling water is provided by a spillway that connects upper and lower plazas.

The brands TB2WILTON: Federici Brands is relocating its headquarters into 10,451to 15 River Road.

Federici Brand is the creators of the “Time Bomb” age defying skin care products and “Color Wow” winner of Allure’s best of Beauty and Women’s Wear Daily Product of the Year.

Chris O’Hara, senior vice president of Coldwell Banker Commercial NRT Inc., represented Tenet Partners on the long-term sublease to FB

Tenant Partners is consolidating several locations and relocating to a new corporate headquarters in Norwalk to better service its clients.

Tenet Partners is a brand and marketing consultant group that “grows businesses and revenues with newer principles focusing on the center of business strategy. “

The property is owned and managed by Kimco Realty.

QA TownHall

Newington, CT After nearly 10 years of public debate, the town approved a $28.8 million bond for a new town hall with voters favoring the project by a more than 2-1 margin, giving the town the votes needed to move ahead with its plans to build.

As a result, QA+M Architecture will develop its design of the proposed 75,000 s/f town hall and community center to be built in the upper town hall parking lot. The new building allows for improved resident access to town services, an open floor plan, and a reduction of 28,000 s/f from the town’s existing deteriorating and leaky town hall. The community center space includes two full-sized basketball courts. The plan provides more storage spaces and a discrete entrance for human services and board of education offices with an open floor plan, town council chambers, community television and the Transition Academy.

CCIM newofficers

 

New Officers For CCI, Sworn In

On November 30th, the CCIM Connecticut Chapter held its annual installation of officers’ dinner in conjunction with the annual CCIM Dealmakers Awards at New Haven Country Club.

HAMDEN: The event began by viewing a video honoring the memory of Wayne D’Amico, CCIM and past president of the CCIM Institute, as well as CCIM Connecticut chapter, serving both organizations for decades. He was both loved and well respected by all CCIMs in Conn., and in countries where there are CCIM chapters. Through the CCIM Foundation, a scholarship fund has been set up to accept donations for his two children. He will be missed!

This year the CCIM Connecticut chapter applications doubled with 12 CCIM CT Chapter members congratulated upon receiving the CCIM Connecticut Dealmaker Award.