Real Estate - October 2012

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SALES

Westville Apartment Complex Sells for $42M

NEW HAVEN ­–– UOB Eagle Rock Multifamily Property Fund LP has bought Wintergreen of Westville, a 294-unit Class A multifamily property at 400 Blake Street for $41,650,000.  Steve Witten and Victor Nolletti of Institutional Property Advisors represented the buyer and seller, SA Wintergreen LLC.

Built in 2008, Wintergreen is operated as a luxury rental property, with five four-story buildings housing one-, two- and three-bedroom apartments, 586 parking spaces and amenities such as a 24-hour fitness “club-caliber” center, club room with a big-screen TV, gourmet kitchen and high-tech business center.

“We believe the new ownership has the opportunity to increase cash flow and occupancy through operational and managerial enhancements in one of the country’s best performing apartment markets,” Nolletti said in a statement.

Medical Building Sold

ANSONIA –– An investment group headed by John Aversa, MD has purchased a 6,285-square-foot medical building at 111 Wakelee Avenue for $410,000. Stephen Press of Press/Cuozzo Realtors represented the buyer, GHMA LLC. Alan M. Fischer of Fischer Real Estate represented the seller, 111 Wakelee Avenue Assoc., LLC.

 

B. Falls Lures Manufacturer

BEACON FALLS ­­–– Kolga Land, LLC has acquired a 20,000-square-foot industrial building on more than five acres at 65 Lancaster Drive, for $1,125,000. Ralph L. Calabrese of the R. Calabrese Agency was sole broker in the transaction. The seller was 65 Lancaster, LLC. Kolga manufactures shields for the nuclear medicine, X-ray and nuclear power industries.

 

Med Building Fetches $6M

HAMDEN ­­–– Westport Investment, LLC has purchased 9 Washington Avenue, a three-story medical building, for $6.03 million, or $167.50 per square foot. Harden Crawford IV of HLC Realty represented the buyer. Mike Barr of MNBarr Commercial Real Estate represented the owner, Drazen 1993 LP.

 

Silver City Saab Story

MERIDEN — A former Saab dealership facility at 171 South Broad Street has attracted a new owner. Stephen Press of Press/Cuozzo Commercial Services represented both the buyer, 171 South Broad, LLC — which paid $640,000 for the 5,500-square-foot building with showroom and service area sited on 2.8 acres — and the seller, Swedish Automotive Group, LLC.

 

$7.7M Rental-Unit Sale

MERIDEN –– An apartment building at 234 Sherman Avenue has changed hands. The buyer, 234 Sherman LLC, paid $7.7 million for the property, which has 58 units — 34 one-bedroom, 20 two-bedroom and four three-bedroom apartments, along with 29 two-bedroom townhouses and one three-bedroom townhouse. Originally built as a school in 1924, the structure was converted to apartments in 1988. Taymil Britannia, LLC was the seller. Steve Witten, Victor Nolletti and Eric Pentore of Marcus & Millichap Real Estate Investment Services were sole brokers in the transaction.

 

Milford Office Bldg. Sold

MILFORD –– A 6,000-square-foot office building at 200 Rowe Avenue has been bought by 200 Rowe Avenue, LLC for $400,000. Lambert Paving was the seller. John Bergin of Pearce/George J. Smith was sole broker in the deal.

 

$1.8M Naugy Apt. Sale

NAUGATUCK –– Trowbridge KRC, LLC has purchased a 33-unit apartment building 38 Highland Avenue for $1,840,000. The seller was Limerick Properties, LLC. Steve Pappas and Tom Boyle of Chozick Realty were sole brokers in the transaction.

 

Firm Buys on Court Street

NEW HAVEN –– Performance Environmental Services has purchased a 2,300-square-foot building at 107 Court Street for $375,000. The seller was Ahern Properties. Frank D’Ostilio of Real Living Wareck D’Ostilio was the deal’s sole broker.

 

Two to Tango

NEW HAVEN –– Two buildings at 402 Crown Street and 45 Howe Street have been bought by 402 Crown, LLC for $720,000. The seller was Alex Rivera. Frank D’Ostilio of Real Living Wareck D’Ostilio was the sole broker.

 

Hilton Eyes Southington

SOUTHINGTON –– Briad Lodging Group, LLC has acquired a 5.75-acre property at 1096 West Street for $1.2 million for development as an upscale Homewood Suites Hotel by Hilton.  The seller was Westcorp LLC. The R. Calabrese Agency, LLC was the sole broker.

 

Stratford Industrial Sale

STRATFORD ­­–– Penmar Industries has purchased a 14,220-square-foot building at 35 Ontario Street for $850,000. The seller was Mondary Real Estate, LLC. Jon Angel of Angel Commercial was sole broker in the deal.

 

New Life for Old Hotel

WATERBURY –– VBF Capital, LLC has purchased 49 apartments and six retail stores at 380 West Main Street for $1.48 million. The seller was Rational Real Estate IV, LLC. Rick Chozick and Steve Pappas Chozick Realty were sole brokers in the transaction.

Built in 1910 as the Waterbury Hotel, the property was redeveloped into an apartment building in the 1980s with 17 studio apartments, 28 one-bedroom and four two-bedroom units. The structure also houses 13,000 square feet of retail space.

 

$2M for W.H. Apartments

WEST HAVEN ­­–– A 35-unit apartment building at 771-773 Savin Avenue has been acquired by 771 Savin Navcapman for $2.025 million. Brian Dornan of Pyramid Realy and Steve Pappas of Chozick Realty were co-brokers. F&L Virzi LLC was the seller.

 

LEASES

By the Grace of God

BRANFORD –– Grace Church has extended its lease for 4,000 square feet at 965 West Main Street. Barry Stratton of the Geenty Group, Realtors, represented the tenant. Frank Hird of OR&L Commercial represented the landlord, 965 West Main, LLC. The property includes 190,000 square feet of industrial, office and flex space.

 

Easter Seals Inks Lease

BRANFORD –– Easter Seals/Goodwill Industries has leased 11,400 square feet at 249 West Main Street for a thrift store and donation center scheduled to open this autumn. OR&L Commercial’s Toby Brimberg represented the tenant. OR&L Commercial’s Richard Gold and Phil Marshall represented the landlord, Lakeview Center Associates, LLC.

 

Biz Park Lures Tenant

MERIDEN –– National Default Servicing has signed a seven-year lease for 25,000 square feet at 500 South Broad Street. Sean O'Neil of Jones Lang LaSalle represented National. Frank Hird and Steve Foote OR&L Commercial represented the landlord, Meriden Business Park LLC.

 

Chipotle Chooses Chapel St.

NEW HAVEN –– Chipotle Mexican Grill has signed a ten-year lease for 2,300 square feet at 900 Chapel Street, formerly occupied by Caffé Bottega. Mike Shanahan of Fairfield Retail Partners represented Chipotle. Dan Johnson of MJB Real Estate Services Corp. represented the landlord, PMC Property Group. “They came to us in February or March [2012], and it took months [to close the deal],” Johnson said. “I think it’s going to be a tremendous use for that corner. We had a lot of interest, but we were just waiting for the right tenant. We wanted a national tenant and that’s what we got.”

 

Washington Ave. Yogurt Shop

NORTH HAVEN –– Cheri Swirl has leased 1,235 square feet at 323 Washington Avenue. Press/Cuozzo’s Albert Scafati was sole broker in the transaction, representing the yogurt shop and the landlord, TFJA, LLC.

 

Direct-Mail Lease

WALLINGFORD –– Connecticut Direct Mail Corp has leased a 4,940-square-foot unit at 65 South Turnpike Road. The landlord is 65 South Turnpike, LLC. Bill Clarkof the Geenty Group, Realtors in Branford, was sole broker in the deal.

 

From Oxford to Waterbury

WATERBURY –– Eemax Inc. has signed a five-year lease with a five-year renewal option for 36,000 square feet at 400 Captain Neville Drive. Ed Godin Jr. and Gerry Matthews of Matthews Commercial Properties represented the landlord, Cornerstone Realty. Frank Micali of Capitalize 360 Group represented the tenant, which manufactures electric tankless water heaters and is relocating from Oxford to a larger space.

 

W. Haven Retail Lease

WEST HAVEN ––Tile Liquidators, doing business as Tiles of Distinction, has leased 1,280 square feet in the Twelve Oaks Business Park, 375 Morgan Lane. Bill Clark of the Geenty Group, Realtors, represented both the tenant and landlord, John C. D’Amato Jr. and the LAD Trust.

 
Should Connecticut Give Special Incentives to Individual Companies?
 

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