Market
Massachusetts Firm Secures $47.5M Federal Grant for Construction of Electric Vehicle Battery Plant in Bridgeport
According to the Hartford Business Journal, a Massachusetts-based company plans to build a new facility in Bridgeport with the help of $47.5 million in funding from the U.S. Department of Energy. The company manufacturers electric vehicle batteries and is expected to bring 200 jobs at the new facility. Per the article, the company “…produces high-performing, low-cost batteries that decrease the cost of batteries by up to 27%, while implementing sustainable initiatives to conserve and reduce energy consumption…”
Click Here: Mass. company to construct EV battery plant in Bridgeport, with help of $47.5M federal grant for more information.
Stamford-based Developer Purchases Former Rensselaer Campus
According to the Hartford Business Journal, a Stamford-based developer recently paid $3.8 million for the former Rensselaer Polytechnic Institute campus north in downtown Hartford. The property, located at 275 Windsor St., also features 12.7-acres. Per the article, the developer “…submitted a special permit application to Hartford’s Planning and Zoning Commission seeking to build 473 apartments in two buildings, as well as a 507-space parking garage at the Rensselaer site.”
Click here: Developer Randy Salvatore buys former Rensselaer campus in Hartford for $3.8M for more information.
Bristol Manufacturing Building Sells for $7.1 Million
According to the Hartford Business Journal, a 205,128-square-foot manufacturing building, located at 50 Emmett St., was recently sold for $7.1 million. RGD Realty LLC sold the industrial property on 9.1-acres to Emmett Group LLC in a deal recorded in early November.
Click Here: for more information: Bristol’s RGD Technologies sells its manufacturing building for $7.1M
Cannabis Firm from Missouri Plans Retail Building Construction in East Hartford
Per the Hartford Business Journal, a Missouri-based cannabis company has submitted an application to build a retail store in East Hartford. While the size of the building has not yet been disclosed, the application lists approx. nine-tenths-of-an-acre at 32 Main St., as the potential site.
To read the full article, click here: Missouri-based cannabis company seeks to build retail building in East Hartford
KeyBank Vacates “Underutilized” New Haven Office Space
According to the Hartford Business Journal, amid hybrid and remote work models, KeyBank has made the decision to vacate their 3rd-floor office space at 195 Church St., in New Haven. Per the article, “at the end of the second quarter, the 3.3 million square feet of office space in New Haven’s central business district had a vacancy rate of 13.5%…”
Click Here for more information: KeyBank to vacate New Haven office space; former CT Market President Barger departs
Resilient Demand Persists for Medical Space Amid Challenges in the Office Sector
According to an article posted in the Hartford Business Journal, Connecticut’s medical office market is experiencing a notable upswing with increased investments, highlighted by a $300 million initiative targeting outpatient medical buildings in the region. Local acquisitions, including a 53,120-square-foot medical office building in Hamden and a $8.15 million purchase in Torrington, showcase a growing interest in the state’s medical office spaces. Despite challenges such as high interest rates and healthcare industry issues, Connecticut demonstrates robust demand, maintaining a 20% growth in medical office space over the past decade, coupled with a steady 94% occupancy rate and a shift towards higher rents due to limited new constructions.
To read the full article, follow this link: Despite office sector’s woes, demand for medical space remains robust
Cromwell Office Building Sells for $1.6M
According to the Hartford Business Journal, the Ukrainian National Home of Hartford recently acquired a Cromwell office building for $1.6 million. The 12,324-square-foot office space, situated on 1.4 acres at 5 Commerce Dr., will serve as the organization’s new cultural and events center. The office building was sold by IJAN 2 CT Realty LLC to UNHH LLC in a sale recorded Oct. 2.
Click Here: Ukrainian National Home of Hartford relocating, pays $1.6M for Cromwell office building for more information.
Self-Storage Proposed for Vacant Parcel on Berlin Turnpike
According to the Hartford Business Journal, A real estate and development firm recently acquired a plot of land along the Berlin Turnpike in Wethersfield with plans to construct an 84,920-square-foot self-storage facility. The 11.94-acre parcel, sold for $565,000, is located on the Wethersfield-Newington border and is currently under consideration by the Planning and Zoning Commission. The proposed development site, primarily vacant land in the Regional Commercial District, includes plans for a storage rental office, indoor and outdoor storage, parking areas, driveways, and landscaping.
Click Here: Berlin Turnpike property sold for self-storage development for more information.
Newington Warehouse Sold for $1.97M
According to the Hartford Business Journal, A Newington warehouse was recently sold for $1.97M. The 15,706-square-foot industrial building hosts a construction supply store and sits on 1.6 acres at 91 Holmes Rd.
Click Here: Building hosting construction supply store in Newington fetches $1.97M to read the full article.
AdvanceCT Launches Certified Sites Program
According to the Hartford Business Journal, Connecticut’s nonprofit economic development organization, AdvanceCT, has launched the Certified Sites Program, offering crucial information on greenfield industrial sites to potential corporate investors. This program categorizes sites as either “shovel ready” or “investment ready” following a rigorous pre-qualification process, including evaluations of ownership, infrastructure, and zoning. By eliminating uncertainties and providing comprehensive data, the initiative aims to expedite the site selection process for companies looking to establish operations in the state.
Click Here for more information: AdvanceCT launches program highlighting ‘shovel-ready’ industrial sites
Oshkosh Truck renews in East Granby CT
Wisconsin based Oshkosh Truck Corporation has recently signed a lease renewal at 35 Nicholson Road, East Granby CT. The commercial and military truck manufacturer has occupied this 21,200 SF free standing facility since 1998.
Sentry Commercial represented Oshkosh in the lease negotiations.
3,750 SF Lease in East Hartford CT
Sentry Commercial is pleased to announce that Scitico, LLC has leased 3,750 SF of industrial flex space at 111 Pitkin Street, East Hartford, CT to HER Studios, Inc.
Sentry Commercial represented the landlord and was the sole broker in this transaction.
For more Lease and Sale opportunities at this property, click here: Pitkin Street, East Hartford CT
29,200 SF New to South Windsor CT Industrial Market
Sentry Commercial is pleased to offer 29,200 SF for lease at 1640 John Fitch Boulevard, South Windsor CT. With eight interior dock doors and 40′ x 40′ column spacing, this space is ideal for most warehousing and manufacturing needs.
Click here for more information: 1640 John Fitch Boulevard, South Windsor CT
Manufacturer Leases 21,800SF in Guilford
According to the Hartford Business Journal, a Massachusetts-based manufacturer of sensor technology has signed a 10-year lease at 1 Shoreline Drive, in Guilford. The manufacturer leased 21,800 square-feet in the industrial building after moving its operation from their previous space in Clinton.
Click Here: Vehicle sensor manufacturer relocates to Guilford space for more information.
Former Car Dealership Next to Bradley Airport Sold for $4.1M
According to the Hartford Business Journal, owners of a Windsor Locks-based logistics company have acquired a former CARrite dealership and an adjacent vacant property for a total of $4.08 million. The nearly 6.6-acre dealership site includes a 4,960-square-foot office building, two detached garages, and a large shed. The owners also purchased a neighboring 6.59-acre vacant property, expanding their holdings near Bradley International Airport.
Click Here: Logistics company pays $4.1M for former car dealership next to Bradley Intl. Airport for more information.
Investment Sale in Bloomfield CT
Sentry Commercial is pleased to announce the investment sale of 97 West Dudley Town Road, Bloomfield CT. The 11,069 SF multi-tenant industrial facility on 2.29 acres sold for $750,000.
Sentry Commercial represented the seller and Colliers International represented the buyer in this transaction.
Half of 1.2M-sq.-ft Wayfair Building Being Offered for Sublease
According to the Hartford Business Journal, About half of a 1.2-million-square-foot warehouse under construction at East Hartford’s Rentschler Field is being offered for sublease by Wayfair. The development, initiated by Massachusetts-based National Development, originally had Wayfair and Lowe’s Home Improvement as major tenants. However, advertising began for up to 600,000 square feet of the Wayfair building for sublease in October. The two logistics buildings are nearing completion and are expected to receive occupancy permits in the first quarter of 2024.
Click Here: Wayfair trying to sublease half of 1.2M-sq.-ft. building under construction in East Hartford for more information.
148,083SF Facility for Sale in South Windsor
According to the Hartford Business Journal, The parent company of a recently acquired food production plant in South Windsor, previously owned by Carla’s Pasta, has put the 148,083-square-foot facility up for sale at an undisclosed price. Tribe 9 Foods, which purchased Carla’s Pasta through a bankruptcy auction in 2021 for $26.3 million, is listing the property with plans to sell it along with process-specific equipment. The sale includes six pasta production lines, two sauce lines, and additional facilities with expansion potential.
Click Here: Carla’s Pasta’s sprawling South Windsor food production plant for sale for more information.
Industrial Lease in Suffield CT
Sentry Commercial is pleased to announce that Northeast Sleep Distributors, LLC, a bedding products distributor, has leased 4,840 SF of office and warehouse space at 11 Kenny Roberts Memorial Drive, Suffield CT.
Sentry Commercial represented the landlord, 11 Kenny Roberts, LLC, and was the sole broker in this transaction.
Construction on 48,000SF Medical Building in North Branford Underway
According to the Hartford Business Journal, construction is underway for a new 48,000-square-foot medical building in North Branford. The Connecticut Health and Wellness Center will be located at 28 Branford Rd. and per the article, “…will feature two buildings, with the primary tenant to be BHcare, which will occupy 36,000 of the available 48,000 square feet.” The project is expected to be completed and ready for occupancy June 2024.
Click Here: Construction starts on medical building in North Branford for more information.