REAL ESTATE - 2011 a Mixed Bag, Say SIOR Realtors

In its latest survey, members of Connecticut and western Massachusetts chapter of the Society of Industrial & Office Realtors (SIOR) expressed some optimism about the region’s industrial and office marketplace.
Results of the semi-annual survey show most members believe market conditions either stabilized or improved during the last half of calendar 2010, and that 2010 as a whole was much better than 2008 and 2009.
More than 70 percent of respondents expect further improvement in 2011, while 30 percent anticipate no change in market conditions.
Expectations about vacancy rates also were mostly positive, with members indicating rates either would improve or remain stable.
Responses about the direction of sales prices during 2011, however, showed no expectation they would rise for office, industrial or investment properties.
Sixty-six percent said prices would remain stable for industrial properties, while 33 percent predicted a decline.
According to the survey, 27 percent of SIOR members believe there will be further deterioration in leasing rates for office and industrial space during 2011. The rest said they expected such rates to remain unchanged.
Fifty-two percent of members believe office rental rates will remain at current levels, and 48 percent expect further declines.
The survey also showed most members aren’t hopeful about new commercial development during 2011.
Thirty seven percent anticipate expansions in corporate growth but 15 percent expect further contraction.
SIOR members said their main concerns about conditions influencing the commercial market include the high rate of unemployment, difficult lending environment, weak consumer confidence and municipal, state and federal budget problems.

— Karen Singer


WALLINGFORD — Levey Miller Maretz has been retained to manage 319-341 North Colony Street, a property with 11 apartments and six commercial spaces on nearly an acre.
Levey’s Michael Gordon will handle day-to-day operations

Former Red Cross Sold
WALLINGFORD –– IRS Medic has purchased and upgraded a late 19th-century building at 144 South Main Street formerly occupied by the American Red Cross.
The company, a law firm specializing in tax resolution, paid $306,000 for the property, which more than doubles the company’s office space to at least 5,500 square feet.
Situated in the Wallingford Center Historic District, the Queen Anne-style house has roof gables and a wraparound porch.
IRS Medic principal Anthony Parent says the structure, known as the Charles D. Morris house, was built around 1890, and was occupied by the B.P.O. Elks Club Lodge 1365 before the Red Cross moved in.
Chris McLaughlin of McLaughlin Real Estate represented Parent and Diane Cahill of Coldwell Banker represented the seller, the American Red Cross.

Former GravyMaster Sold
BRANFORD –– Business Park, LLC has purchased 16 Business Park Drive, the former headquarters for GravyMaster Inc., for $1,165,000. Kevin Geenty and Bill Clark of the Geenty Group, Realtors represented the buyer (Commercial Building Associates).
Rich Guralnick of H. Pearce Commercial represented GMA, LLC,  seller of the 30,000-square-foot light industrial building on two acres. 

Habitat Buys City Parcel
NEW HAVEN –– Habitat for Humanity of Greater New Haven has purchased 0.21 acres at 34 Vernon Street for $75,000. The Proto Group represented the seller, Centerplan Davenport, LLC. Linda Lang-Bankowski of Quinnipiac Realty represented the buyer.

NewAlliance Sells Land
NEW HAVEN –– Continuum of Care has purchased 1.54 acres at 494 Quinnipiac Avenue for $330,000. Al Scafati of Press Cuozzo represented the buyer. The Proto Group represented the seller, NewAlliance Bank.

Major Rocky Hill Deal
ROCKY HILL –– Averna Developers has bought two buildings at 97-99 Hammer Mill Road for  $2.6 million. Steve Inglese of the New Haven Group represented the seller, the DeMaio family, and procured the buyer for the 54,000-square-foot property. Inglese co-represented the building with Mark Duclose of Century Commercial.


BB&BS Drop Site Leased
BRANFORD –– Big Brothers and Big Sisters of Southwestern Connecticut have signed a three-year lease for a 1,059-square-foot building at 151 West Main Street. Paul Roy of H Pearce Commercial represented the tenant, which will use the location as a donation drop site. Richard Gold of OR& L Commercial represented the landlord, Patrick Palmieri.

A Lot of Storage
NEW HAVEN –– Walsh Construction  has signed a four-year lease for 12,500 square feet at 105 Hamilton Street, the Tile America building, for storage space. Rich Guralnick and Chris Nolan of H. Pearce Commercial represented both Walsh, a Boston-based company that is building the new Q Bridge, and the landlord, Lubil Realty.

Forks in the Road
EAST HAVEN –– Forks & Fingers has leased 3,704 square feet at 670 Main Street. Brita McGee of Colonial Properties represented the tenant. The Proto Group represented the landlord, LFB Sharp LLC

YNH Leases at 1 Church
NEW HAVEN –– The Yale New Haven Health System has signed a five-year lease for 11,065 square feet at 1 Church Street. The Proto Group represented the landlord, One Church Street Associates. No other brokers were involved in the transaction.

Down by the River
NEW HAVEN ––  Second Wind Media Ltd., publisher of Business New Haven, has leased 2,000 square feet at 20 Grand Avenue.
H. Pearce Commercial Real Estate’s Rich Guralnick and Joel Galvin brokered the deal between the tenant and the landlord, Carol Cheney of Cheney & Company. SWM is occupying the entire first floor of the historic King’s Block building, which overlooks the Quinnipiac River.

Walgreens to Park Street
NEW HAVEN – Walgreen Eastern Co. has signed a 20-year lease for 2,952 square feet at 55 Park Street. The Proto Group represented the tenant and the landlord, Fusco Park LLC.

Sleepy’s Stays Put
WALLINGFORD –– Sleepy’s has signed a five-year lease renewal for 6,800 square feet at 1104 North Colony Road. The Proto Group represented both Sleepy’s and the landlord, Verna Developers.

Cheshire Office Condo
CHESHIRE –– The first of three office condominiums at Hitchcock Park, 1151 South Main Street, has been sold to Dana Bartone & Co., LLC for $346,000. Sally Bowman of Sally Bowman Real Estate represented the buyer, which will use the 18th-century house for a hair salon and wedding business. The seller, Cheshire Development Co., LLC, is planning to build two mixed-use condominiums. Each will have a 1,836-square-foot office on the ground floor and a 1,000- to 1,175-square-foot, one-bedroom residential unit on the second floor. Stephen Press of Press/Cuozzo Realtors and James Fazzone of Cheshire Real Estate Commercial are the marketing agents for the development

Eye of the Tiger
WALLINGFORD –– White Tiger Martial Arts, LLC has leased 2,375 square feet at 38 South Turnpike Road. Debbie Goldberg of Press/Cuozzo Realtors represented the tenant. Press/Cuozzo’s Albert Scafati represented the landlord, New Beginnings Realty, LLC.
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