Market
East Granby Industrial Building Sold for $1.3M
According to the Hartford Business Journal, an East Granby industrial property, located at 6 Kripes Rd., recently sold for $1.3 million. The 16,772-square-foot building on 4.6 acres was sold to Humdinger Development.
To read the full story, click here: East Granby manufacturing building sells for $1.3M
Commercial Property in Hamden Sold for $1.7M
According to the Hartford Business Journal, a multi-tenant commercial property in Hamden has recently sold for $1.7M, despite vacancies within the building. Eighty One Eldridge Associates Inc. sold the 35,355-square-foot property at 1890-1916 Dixwell Ave. to 1890 Dixwell LLC. Per the article, the property features “…multiple retail units on the ground floor with office spaces above and on-site parking.”
Click Here: Hamden commercial property with vacancies sells for $1.7M; new investment planned for more information.
Cheshire Industrial Building Sells for $1.3M
According to the Hartford Business Journal, a 12,118-square-foot industrial building in Cheshire recently sold for $1.3 million. The 21-year old building sits on 2.3 acres at 30 Diana Court, and was sold to a Cheshire-based manufacturing company.
Click Here: Local e-commerce entrepreneur sells Cheshire industrial building for $1.3M to read the full story.
Cheshire Industrial Building Sells for $1.6M
According to the Hartford Business Journal, KAD Cheshire Realty LLC recently purchased a 25,320 square-foot office and industrial building at 1187 Highland Ave., in Cheshire. The property sits on 2.3 acres in the Route 10 industrial corridor and was sold for $1.6 million.
Read the full article here: DATTCO buys industrial site in Cheshire
20 Acres Back on the Market in Waterbury Following Interest from Amazon & Walmart
According to the Hartford Business Journal, about a year after a Massachusetts-based real estate investor-developer acquired approximately 20 acres of vacant commercial land near Waterbury’s border with Cheshire for $5 million, the property is back on the market with an asking price of $7 million. Situated in a highly commercial area near major retailers such as Kohl’s and Costco, the site benefits from convenient access to Interstate 84, making it an attractive location for development. Initially slated for a Walmart supercenter and later approved for an Amazon distribution center, the property’s development plans have evolved due to changing market dynamics, including rising interest rates and construction costs.
Click Here: 20-acre Waterbury site eyed for Walmart store, Amazon warehouse back up for sale for more information.
$50M Healthcare Redevelopment Breaks Ground in Norwalk
According to the New England Real Estate Journal, a new $50 million healthcare hub is being constructed at 32 Knight St. in Norwalk, CT. The project involves the adaptive reuse of a one-story commercial building to create a 47,000 square-foot medical office building. The facility will feature modern exteriors, a rotunda, front and rear entrances, patient drop-off areas, sidewalks, green spaces, and additional parking spaces on a 4.16-acre property. Hartford HealthCare will use this location to expand its services in Fairfield County, further supporting its recent expansion in the area. The entire project is expected to be completed in the second quarter of 2024.
Click Here: Seligson Properties breaks ground on $50m healthcare redevelopment to read the full story.
Former Norwalk Power Plant Sold for Repurposing
According to the Hartford Business Journal, Norwalk Power, a subsidiary of NRG Energy, has sold its former Norwalk Harbor Generating Station to a New York City-based real estate investment and development firm. The specific terms of the sale and the redevelopment plans remain undisclosed. The site, spanning 134 acres in South Norwalk, includes a retired power plant and is expected to be reimagined by the developer. Local and state officials anticipate preserving the natural beauty of the area while considering clean energy and waterfront access for storm resiliency.
Click Here: Former Norwalk power plant sold to NYC developer; redevelopment eyed for more information.
115,000SF Industrial Building Sells in North Haven
According to the Hartford Business Journal, an industrial building in North Haven was recently sold by Mettler Realty LLC to Durham-based Source One Realty Holdings LLC for $2.5M. The property sits on 13 acres at 400 Sackett Point Rd. and features a 115,000SF industrial building with 50,000SF of office.
Click Here: North Haven industrial building sells for $2.5M for more information
A Look Ahead: Four Influential Factors Shaping the Logistics Real Estate Cycle
According to Prologis, the logistics real estate industry is experiencing several key trends. Increasing demand is being fueled by economic shifts and the expanding e-commerce sector. Supply growth is steady due to institutionalized developers and regulatory barriers, ensuring supply discipline. The retail sector is focusing on enhancing services and growing its e-commerce presence. Additionally, supply chain resilience and decreased new building deliveries in 2024 are expected to drive positive demand and reduce vacancies, with elevated replacement costs affecting the market’s dynamics.
Click Here: WHAT’S NEXT: FOUR FORCES SHAPING THE LOGISTICS REAL ESTATE CYCLE to read the full article.
Developer Seeks Additional Year for Due Diligence on Proposed 3 Million-Square-Foot Amazon Facility in Waterbury and Naugatuck
According to the Hartford Business Journal, A developer aiming to establish a large Amazon distribution facility on a 157.1-acre site in Waterbury and Naugatuck has requested an additional year for due diligence and permitting, though they remain confident in the project. Bluewater Property Group had originally secured an 18-month due diligence period under a $2.5M purchase agreement with the two towns, set to expire in November. The Naugatuck Board of Mayor and Burgesses unanimously approved the extension, while Waterbury’s Board of Aldermen is scheduled to discuss it at a special meeting on October 30. The project involves a massive, multi-level robotic-sort facility of up to 3 million square feet affiliated with Amazon.
Click Here: Developer proposing up to 3M-sq.-ft. Amazon facility in Waterbury/Naugatuck seeks extra year for due diligence for more information.
City of Waterbury to Acquire Two Deteriorating Commercial Buildings
According to the Hartford Business Journal, Waterbury’s Board of Aldermen approved plans to acquire a deteriorating factory complex and two commercial buildings in the downtown area. A local businessman will pay the city $1M to take control of the 310,000 SF factory complex, which is in a state of disrepair. The city intends to apply for a $2M grant from the U.S. Environmental Protection Agency to begin cleaning the site and seeks state and federal funding to revitalize the blighted area. The acquisition of the commercial buildings at 21 West Main St. and 24-30 Bank St. is also part of the city’s efforts to rescue and repurpose challenged sites.
Click Here: Waterbury to acquire a massive brownfield, two deteriorating downtown commercial buildings for more information.
Office Market in Greater Hartford Sees Slight Uptick in Q3
According to the Hartford Business Journal, despite some shifts, leasing activity in the Greater Hartford market has seen a slight rise. In the third quarter alone, tenants signed 217,000 square feet of leases.
Click here: Greater Hartford office market sees slight uptick in 3Q space availability; here are some major leases to read the full article.
Indoor Baseball Training Facility Opened in Old Saybrook by Former MLB Player
According to the Hartford Business Journal, a former Major League Baseball player’s business, Lumber 2 Leather, has launched an 8,000 SF indoor training facility in Old Saybrook. The facility, located at 119 Spencer Plains Road, includes seven 60-foot batting and pitching tunnels, a designated strength and conditioning area, and a pro shop. Notably, the tunnel system has the capability to retract, creating an open turf infield. Lumber 2 Leather commenced operations in August and is now offering memberships. The facility is conveniently situated near Interstate 95 at Exit 66. The building was recently acquired for $1M.
Click Here: Former MLB player opens indoor baseball training facility in Old Saybrook for more information.
City of Hartford Purchases 80,000SF Industrial Building
According to the Hartford Business Journal, the city of Hartford has recently purchased a century-old manufacturing property in the city’s Parkville neighborhood. The property, located at 81 Bartholomew Ave., is roughly 80,000SF and was purchased for $2.1M. Per the article, the city has approved a one-year lease of the property to seller Champlin-Packrite while they explore the various potential uses for the property.
Click Here: Hartford pays $2.1M for 80,000-sq.-ft. industrial building for more information
Enfield Warehouse Project Moves Forward
According to the Hartford Business Journal, Massachusetts-based developer, Winstanley Enterprises, is set to commence construction on an 819,000-square-foot warehouse in Enfield in early 2024, following the resolution of a court challenge. The project, located at 35 Bacon Rd., in Newington is being undertaken on spec, as there is no signed tenant for the project at this time. The settlement with local residents concerned about the project’s impact on two adjacent lakes has cleared the way for construction to begin in the first quarter of 2024. The settlement maintains the previously approved development plans, with half of the site left undisturbed, and construction expected to be completed within 15 months of its commencement. Per the article, the project is anticipated to generate over $1 million in annual tax revenue for the town and create more than 400 construction jobs.
Click Here: Winstanley targets early 2024 launch of $135M Enfield warehouse project for more information.
Office Condominium Available in Glastonbury CT
Sentry Commercial is pleased to present 447 Naubuc Avenue, Unit 110, Glastonbury CT for sale or lease. This 1,420 SF second floor office condominium features four private offices, two lavatories, a kitchenette and plenty of natural light.
Click here: 447 Naubuc Avenue, Glastonbury CT for more information.
Office Sale in Bloomfield CT
Sentry Commercial is pleased to announce that Sanctum Properties LLC has purchased 1 Bestor Lane, Bloomfield CT from Chivine Resources, Inc. The two-story, 4,766 SF office building sold for $500,000.
Sentry Commercial represented the buyer and Century 21 AllPoints Realty represented the seller in this transaction.
Corporate Office Park in Shelton Sells for $7.2M
According to the Hartford Business Journal, a multi-building corporate park located at 30, 50 and 70-90 Ivy Brook Rd., in Shelton has sold for $7.2M. Per the article, the sale included “…more than 113,000 square feet over three buildings…” with approx. 73% of that space leased.
Click Here: Shelton corporate office park sells for $7.2M for more information.
Torrington Medical Office Buildings Sold for $8.15M
According to the Hartford Business Journal, two medical office buildings located at 245 Alvord Park Rd., in Torrington have sold for $8.15M. The 5.4-acre property features two medical office buildings, one totaling 22,261 SF and the second totaling 15,470 SF. Per the article, both buildings are fully leased.
Click Here: Joint venture buys Torrington medical buildings as part of $300M Northeast investment push for more information.
133.6-Acre Enfield Property Sells for $4.6M, Logistics Facilities Planned
According to the Hartford Business Journal, Massachusetts-based Winstanley Enterprises recently purchased 133.6-acres of land located just of Interstate 91 at 1697 King St., in Enfield. The developers have received land use approvals that will allow for “…a 500,225-square-foot distribution facility as well as a 100,125-square-foot “flex” building. The latter would be predominantly warehousing space, with some office…” per the article.
Click Here: Winstanley acquires 133.6-acre Enfield site for $4.6M, plans more than 600,000 sq. ft. of logistics space for more information.