Market
Stratford autobody shop sold for $1.85M
According to the Hartford Business Journal, Samrat’s Real Estate LLC has purchased a 11,640-square-foot autobody shop at 1860 Stratford Ave., Stratford for $1.85 million. The property, built in 1968 on 0.68 acres, was previously owned by Atlantic Productions LLC, which acquired it for $675,000 in 2018
Click Here: Autobody shop property in Stratford exchanges hands for $1.85M for more information.
Organogenesis secures full-building lease for Smithfield biomanufacturing site
According to the Providence Business News, Organogenesis Holdings Inc. has signed a full-building lease for a 123,000-square-foot biomanufacturing facility at 100 Technology Way, Smithfield. The property, owned by Div Technology Way LLC, was acquired by The Davis Cos. in 2022 for $18.5 million and spans 19.27 acres. The regenerative medicine company plans to expand its operations and enhance production capabilities at the site, which is undergoing upgrades to comply with federal manufacturing regulations.
Click Here: Organogenesis signs full-building lease for biomanufacturing facility in Smithfield for more information.
MassMutual’s 65.5-acre Enfield office campus sold for nearly $4M
According to the Hartford Business Journal, MB Financial Group has acquired the 65.5-acre MassMutual office campus at 100 Bright Meadow Blvd., Enfield for $3.99 million. The property includes a 472,536-square-foot office building, a 452,298-square-foot parking garage, a 6,375-square-foot daycare center, and a helipad. MassMutual originally purchased the site for $74 million in 2004 and completed a $38 million renovation in 2014.
Click Here: 65.5-acre MassMutual office campus in Enfield sells for just under $4M for more information.
City approves plan to transform Danbury hotel into 198-unit apartment complex
According to the Hartford Business Journal, Danbury’s Planning Commission has approved a proposal to convert the 10-story, 240-room Crowne Plaza Hotel at 18 Old Ridgebury Road into a 198-unit apartment complex. The redevelopment, led by Bright Ravens IS Danbury LLC, will include 24,451 square feet of interior space, 121,739 square feet of open space, and 383 parking spaces. The project will also feature a 20,000-square-foot makerspace, a 6,000-square-foot restaurant, and additional amenities such as an arcade coffee shop, art gallery, gymnasium, and outdoor sports courts. The development, covering 7.24 acres, is expected to be completed in three phases over six to nine months.
Click Here: Danbury approves plan to convert 10-story hotel into 198 apartments for more information.
R.I. DHS opens new regional office in Providence’s Shepard Building
According to the Providence Business News, the R.I. Department of Human Services will open a new regional office inside the Shepard Building at 259 Westminster St. in Providence next month. The agency is transitioning scheduled appointments from its Reservoir Avenue location to the new site, which previously housed a department store. The move is part of a broader effort to improve accessibility and streamline services for Rhode Island residents.
Click Here: R.I. DHS to open new regional office inside Shepard Building in Providence for more information.
Guilford office building welcomes two new tenants after renovation
According to the Hartford Business Journal, Bennett Realty LLC has secured two new tenants for its 22,686-square-foot office building at 1445 Boston Post Road, Guilford, following renovations. ProHealth Physicians Inc. has leased 7,170 square feet of medical office space on the first floor, while JAJ Financial Planning has taken 1,278 square feet on the third floor.
Click Here: Following renovation, Guilford office building adds 2 tenants for more information.
Developer Avner Krohn sells Enfield retail strip for $2M
According to the Hartford Business Journal, Jasko Development has sold a 7,742-square-foot retail strip at 841 Enfield St., Enfield for $2 million to Cobalt Wellness LLC, a medical spa that was already a tenant in the building. The property, built in 1940 on 1.3 acres, was purchased by Jasko Development for $390,000 in 2015 and underwent extensive renovations.
Click Here: Unloading smaller properties, developer Avner Krohn sells Enfield retail strip for $2M for more information.
According to the Hartford Business Journal, a developer has purchased a 2.57-acre vacant lot at 382 Ferry Blvd., Stratford for $3.15 million to construct a four-story, 119-unit apartment complex with 1,254 square feet of ground-floor retail space. The site, previously appraised at $2.58 million and assessed at $1.81 million, will undergo demolition of an old commercial building before construction begins.
Click Here: Developer buys vacant Stratford lot for $3.15M to build 119-unit apartment complex for more information.
English insurance firm establishes first U.S. office in Greenwich
According to the Hartford Business Journal, Lancashire Group, a Bermuda-based insurance company operating in London, is opening its first U.S. office in Greenwich. The company has signed a long-term lease for 6,468 square feet of space on the second floor of a Class A office building at 145 Mason St., owned by Win Properties.
Click Here: English insurance company opens first U.S. office in Greenwich for more information.
$4.95M transaction: Windsor Locks motel property sold
According to the Hartford Business Journal, Jai Mataji CT LLC has purchased a 99-room Motel 6 property at 3 National Drive in Windsor Locks for $4.95 million. The 27,120-square-foot motel, built 36 years ago on 2.3 acres, was previously owned by Shivaan Inc., which acquired it for $2.85 million in 2018.
Click Here: 99-room Windsor Locks motel sells for $4.95M for more information.
Milford’s 19th-century industrial building acquired in $1.68M sale
According to the Hartford Business Journal, a one-story industrial building at 674 Naugatuck Ave. in Milford, built in 1890, has been sold for $1.68 million. The 26,400-square-foot property, situated on a 2.5-acre parcel with 17,000 square feet of asphalt coverage, was purchased by 0674 Naugatuck Ave LLC from 674 Naugatuck Ave LLC.
Click Here: One-story, 19th-century industrial property sells for $1.68M in Milford for more information.
$2.9M sale: Case Brothers paper mill site in Manchester set for redevelopment
According to the Hartford Business Journal, a Greenwich-based investor has purchased a 12.89-acre industrial complex at 5 Glen Road in Manchester for $2.9 million. The site, formerly home to the Case Brothers paper mill, includes a 60,551-square-foot brick mill building dating back to 1900, along with five additional structures ranging from an 800-square-foot warehouse to a 12,750-square-foot metal-sided facility.
Click Here: Former Case Brothers paper mill complex in Manchester sells for $2.9M; redevelopment eyed for more information.
Utility’s return on equity hits record low
According to the Hartford Business Journal, United Illuminating Co. reported a first-quarter return on equity of 3.49%, significantly below its allowed 8.63% set by the Public Utilities Regulatory Authority. The company attributes this decline to financial challenges stemming from PURA’s 2023 rate decision, warning that higher debt costs could lead to increased customer rates. UI has reduced its capital investments by $70 million and may defer long-term projects, including rebuilding a substation serving 18,000 customers in Trumbull and Bridgeport. The utility urges PURA to approve sufficient revenue based on its investment plan to prevent further financial strain.
Click Here: Utility’s return on equity drops to lowest level ever for more information.
Joint venture acquires Cowesett Corners shopping center in Warwick
According to the Providence Business News, Dallas-based Encore Enterprises Inc. has acquired Cowesett Corners shopping center in Warwick in a recapitalization deal with AmCap Management Holdings LLC. City real estate records list the purchase price at $27.75 million, reflecting continued investment in grocery-anchored retail properties.
Click Here: Joint venture acquires Cowesett Corners shopping center in Warwick for more information.
Rocky Hill shopping centers change hands in $2.65M transaction
According to the Hartford Business Journal, Lin Investment Group LLC has purchased two neighboring retail buildings at 2162 and 2172 Silas Deane Highway in Rocky Hill for $2.65 million. The properties, totaling 1.46 acres, include an 8,798-square-foot multi-tenant retail building completed in 2000 and a 5,050-square-foot retail building built in 1978.
Click Here: Two neighboring Rocky Hill retail buildings sell for $2.65M for more information.
Vacant Windsor Locks research facility slated for 53-apartment conversion
According to the Hartford Business Journal, Hexagon Group has acquired a 52,416-square-foot office and research building at 2 Elm St. in Windsor Locks for $650,000. The property, spanning 5.8 acres, was purchased from Ahlstrom, a manufacturer, and is currently vacant. Hexagon has submitted a special use permit request to convert the building into 53 apartments, with a 2,360-square-foot commercial space and a 1,578-square-foot tenant storage area on the ground floor.
Click Here: Windsor Locks manufacturing research building targeted for conversion into 53 apartments for more information.
Electric Boat buys two commercial properties near shipyard for $3.6M
According to the Hartford Business Journal, Electric Boat has purchased two commercial properties near its Groton shipyard for $3.6 million. The acquisitions include a 34,700-square-foot warehouse built in 2002 at 415 Thames St. and a 12,737-square-foot vacant restaurant property at 359 Thames St. The seller, Deaderick SSB LLC, is registered in Miami Beach, Florida. Electric Boat plans to use the sites for employee parking but has not announced long-term development plans.
Click Here: Electric Boat pays $3.6M for two commercial properties near its Groton shipyard for more information.
Westport attorney acquires office building for $1.38M
According to the Hartford Business Journal, Riverside Avenue Properties LLC has purchased a two-story office building at 222 Riverside Ave. in Westport for $1.38 million. The property, built in 2006 on a 6,534-square-foot parcel, was previously owned by 222 Riverside Avenue LLC.
Click Here: Westport attorney buys two-story office building for $1.38M for more information
Mini Dunkin’ in Torrington sold for $2.35M
According to the Hartford Business Journal, Zepka Properties LLC has acquired a 694-square-foot Dunkin’ location at 305 East Main St., Torrington, for $2.35 million. The fast-food restaurant, built roughly seven years ago on four-tenths of an acre, was previously owned by JLG Realty LLC, which purchased it for $1.68 million in 2020.
Click Here: Mini Dunkin’ location in Torrington sells for $2.35M for more information
West Hartford developer acquires Windsor Locks property in $650K deal, eyes apartments and retail
According to the Hartford Business Journal, Hexagon Elm Street LLC has purchased a 52,416-square-foot office and research building at 2 Elm St., Windsor Locks, for $650,000. The property, built on 5.8 acres, was previously owned by Ahlstrom Nowovens LLC, a specialty manufacturer of fabrics and materials. The new owner, affiliated with West Hartford-based Hexagon Group, plans to convert the vacant building into a mix of apartments and retail, though no formal application has been submitted to the town.
Click Here: West Hartford apartment developer eyes conversion of Windsor Locks office building following $650K purchase for more information