Market
Marketing Company Purchases West Hartford Mixed-Use Property
According to the Hartford Business Journal, a mixed-use building located at 67 North Main St. in West Hartford has been purchased by SLM Properties CT LLC for $567,500. The property, previously owned by Kokomo LLC, features 1,846-square-feet of commercial office space and a 700-square-foot apartment, all situated on 0.28 acres with a 1,300-square-foot asphalt parking area. The new owner plans to renovate the outdated structure to foster a collaborative and creative environment for their marketing firm, aiming to relocate by July 1.
Click Here: West Hartford marketing company acquires new HQ building on North Main for more information.
Industrial Property in Hamden Sells for $1.9M
According to the Hartford Business Journal, an industrial building located at 925 Sherman Ave. in Hamden has been purchased by MM Paterson LLC for $1.9 million. The property encompasses 4 acres and offers 32,000-square-feet of industrial warehouse space, complemented by 12,000-square-feet designated for office use. It features multiple tenant spaces, currently housing businesses such as Ilumiyo LLC, BMP Custom Prints LLC, Corvin Inc., and MGM Instruments. Previously sold for $950,000 in June 2019, the building’s appraised value stood at $1 million as of 2023.
To read the full story, click here: Hamden industrial property trades hands for nearly $2M
Southington Car Wash Sells for $1.1M
According to the Hartford Business Journal, a car wash property located at 254 Queen Street in Southington has been acquired by Paol Realty Co. for $1.1 million. Spanning over 4.5 acres, this site is situated opposite the Walmart supercenter plaza on a bustling commercial corridor. Constructed in 1988, the facility features an older design with multiple self-wash bays and a drive-thru automatic wash, reflecting the increasing demand for modern car wash establishments across the state.
Click Here: Amid hot demand, Southington car wash property sold for $1.1M for more information.
Mixed-Use Property in Bridgeport Sells for $3.35M
According to the Hartford Business Journal, a mixed-use property located at 2258 Fairfield Ave in Bridgeport has been sold for $3.35 million. The property, known as The Fairfield, encompasses 22,900 square feet across four stories and features four retail suites on the main floor along with 24 two-bedroom apartments, half of which are subsidized housing. The property was sold by Palladian Bridgeport LLC and was fully occupied at the time of sale.
Click Here: Bridgeport mixed-use building fetches more than $3M in sale for more information.
28.04 Acres New to Bloomfield CT Industrial Market
Sentry Commercial is pleased to offer 62 West Dudley Town Road, Bloomfield CT for sale. This 28.04 acre I-2 zoned parcel is ideal for a wide range of industrial uses.
Click here: 62 West Dudley Town Road, Bloomfield CT for more information.
14,640 SF New to Torrington CT Industrial Market
Sentry Commercial is pleased to offer 588 Winsted Road, Torrington CT for sale. This 14,640 SF industrial facility features five drive-in doors, heavy power and ample parking. With a zoning classification of LB, the property presents a versatile opportunity for various industrial and manufacturing uses.
Click here: 588 Winsted Road, Torrington CT for more information.
Milford Industrial Property Sells for $1.575M
According to the New England Real Estate Journal, Team Woody LLC recently purchased an industrial property located at 435 Woodmont Rd in Milford for $1.575 million. The building consists of 20,120 square-feet with 3,000 square-feet of office space, a loading dock, and overhead access. The New York-based buyer intends to use the property for their own business operations.
To read the full article, click here: Angel Commercial closes $1.575m sale of 20,120 s/f industrial property
Commercial Driver Training School Plans New Campus in Bristol
According to the Hartford Business Journal, the Seymour-based Allstate Commercial Driver Training School aims to acquire land in a Bristol industrial park for a new training facility. The school seeks to purchase and develop lots 10 and 11 on Business Park Drive within the Southeast Bristol Business Park. These wooded lots, totaling 3.23 acres, are situated behind ESPN’s North Campus and adjacent to CMI Specialty Products Inc. The proposed facility would include a 12,000-square-foot building with 18 parking spaces, housing classrooms and offices. Additionally, an outdoor “training field” would simulate driving maneuvers for students. The school currently operates in Seymour and plans to establish this Bristol location as a “new campus.”
Click Here: Truck driver training school seeking to buy land in Bristol to read more.
Pitney Bowes Appoints New Interim CEO
According to the Hartford Business Journal, Pitney Bowes Inc., a shipping-services company based in Stamford, has made significant changes in its leadership. The company is pursuing up to $100 million in annual cost savings and aims to reduce its high-cost debt. Interim CEO Jason Dies has retired, and the board has appointed a new interim CEO, Lance Rosenzweig, who previously led Support.com Inc., a software company. Pitney Bowes reported an 8% decline in revenue to $3.3 billion in 2023, and its debt load of $1.8 billion has been described as “disturbingly high.” The company is working to transform into a more streamlined enterprise, focusing on profitable segments and improving liquidity forecasting.
Click here to read the full article: Financially challenged Pitney Bowes appoints new interim CEO amid major cost-cutting plan
Law Firm Relocates to West Hartford
According to the Hartford Business Journal, RisCassi & Davis, a personal injury law firm based in Hartford, is relocating its main office. The firm has acquired an office building at 91 South Main St. in West Hartford for $1.06 million. The new location will serve as the primary office, while some staff members will also be moved to a newly leased office in Glastonbury. The current main office at 131 Oak St. in Hartford, where the firm has been located for 42 years, is up for sale. The West Hartford office is less than half the size of the Hartford location, with 4,158 square feet on a 0.44-acre lot.
Click Here: Personal injury law firm RisCassi & Davis moving out of Hartford for more information.
Expansion Started at Baker Hollow Logistics Center
According to the New England Real Estate Journal, Condyne Capital Partners, LLC is undertaking an expansion of the Baker Hollow Logistics Center located at 205 Baker Hollow Rd. in Windsor. The expansion will result in a 185,600-square-foot modern high-bay industrial building, featuring 32’ clear heights, 36 dock doors, and 45 trailer parking spaces. The facility, designed for multi-tenant use with the potential for a single tenant, will include 12 EV charging stations and a solar-ready roof. Construction has commenced with completion expected in fall 2024.
Click Here: Condyne Capital begins expansion of 185,600 s/f logistics center for more information.
Solar Energy Projects Completed in Cheshire & Newington
According to the Hartford Business Journal, QCells and Hanwha Aerospace USA have completed solar and energy-storage projects in Cheshire and Newington. These projects are part of the state’s Energy Storage Solutions program, which encourages the use of energy storage for grid and customer benefits. The installations at HAU’s headquarters and its Newington facility will generate 1.7 MW of solar power and store 1.2 MWh of energy, expected to save over $2 million in energy costs and reduce CO2 emissions significantly. Additionally, these projects are supported by the federal Inflation Reduction Act, offering a 30% tax credit for such installations.
Click Here: QCells completes solar and energy-storage projects in Cheshire, Newington for more information.
Insurer Leases 19,000SF in West Hartford
According to the Hartford Business Journal, Beazley PLC has relocated its Connecticut office to a new 19,000-square-foot space in West Hartford’s Blue Back Square, at 65 Memorial Road. The move from Farmington to this vibrant urban-suburban location is part of the company’s strategy to create an environment that encourages employees to return to the office, featuring open work areas and various amenities.
Click Here: Insurer Beazley’s new, modern West Hartford digs aim to lure workers back to the office for more information.
Pharmaceuticals Company Purchases Downtown New Haven Property
According to the Hartford Business Journal, Biohaven Pharmaceuticals Inc. has expanded its presence in downtown New Haven by acquiring the property at 209 Church St. for $2.35 million from Church 209 LLC. The newly purchased building offers 8,900 square-feet of space. This purchase is adjacent to Biohaven’s main headquarters at 215 Church St. and follows their earlier acquisition of the 42,000-square-foot former Quinnipiack Club.
Click Here: Biohaven Pharmaceuticals pays $2.35M for another downtown New Haven property to read more.
Law Firm Moves to West Hartford
According to the Hartford Business Journal, the Hartford-based personal injury law firm RisCassi & Davis is relocating its main office to West Hartford, having acquired an office building at 91 South Main St. for $1.06 million. The firm is also moving some staff to a newly leased office in Glastonbury and has listed its former main office at 131 Oak St. for sale. The West Hartford office, a 4,158 square foot property, is situated on 0.44 acres. Additionally, the firm maintains offices in Avon and Middletown and has recently leased space in an 18,000-square-foot office building in Glastonbury.
Click Here: Personal injury law firm RisCassi & Davis moving out of Hartford or more information.
Development for Enfield Square Mall Planned
According to the Hartford Business Journal, Nebraska-based Woodsonia Real Estate Group Inc., plans to transform the Enfield Square mall into a mixed-use development named Enfield Marketplace, featuring retail, housing, and recreation. The project is contingent upon approval and involves a $200 million investment to renovate 570,000 square feet of space, including 450 residential units and two hotels. The Enfield Town Council has authorized the town to apply for funding from the Community Investment Fund and approved a local property tax break for the development. The current property owner, Namdar Realty Group, purchased the mall in 2019 for $11.39 million, but the sale price for Woodsonia’s acquisition has not been disclosed.
Click Here: Developer plans $200M project to convert Enfield Square mall into a mixed-use site for more information.
CT Dept. of Public Health Leases 127,529SF in East Hartford
According to the Hartford Business Journal, the Connecticut Department of Public Health has leased over 127,000 square-feet at the First Brands Building in East Hartford for storing emergency supplies, including a stockpile of personal protective equipment (PPE). The property, located at 88 Long Hill St., is owned by East Hartford Business Park LLC. The lease, signed in 2023 with a monthly rent of $66,421.35, is set to continue through December 2026.
Click Here: CT Dept. of Public Health inks major East Hartford lease to store PPE, other emergency supplies for more information.
Downtown Middletown Portfolio Listed at $6.75M
According to the Hartford Business Journal, a collection of mixed-use buildings located on Middletown’s Main Street is available for purchase, priced at $6.75 million. The portfolio encompasses five buildings, offering 59 residential units and eight commercial spaces across approximately 54,900 square-feet. The commercial spaces are fully leased to long-term tenants, and most residential units are currently occupied. The sale is unique as it involves a single owner selling a group of properties along a key commercial area, aiming to attract investors seeking a significant number of units and established retail tenants under one management for enhanced cash flow.
To read the full article, click here: Large portfolio of downtown Middletown properties listed for sale
Cannabis Growing Facility Planned for East Hartford
According to the Hartford Business Journal, C3 Industries Inc., a multi-state cannabis company, has secured a $16 million investment from NewLake Capital Partners for a new cultivation facility in East Hartford. The investment will fund the acquisition of a 58,500 square-foot industrial property and a $12 million construction build-out. The facility, located at 241 Park Ave. and an adjacent portion at 217-221 Park Ave., is part of a “long-term triple net lease” agreement between C3 and NewLake. This marks the second collaboration between the two companies, following a previous partnership on a cannabis cultivation facility in Missouri.
Click Here: Cannabis cultivator gets $16M investment for planned East Hartford grow facility for more information.
Medical Building in Trumbull Sells for $5.2M
According to the Hartford Business Journal, a medical building located at 999 Silver Lane in Trumbull, mostly occupied by Yale New Haven Health, has been sold to Fairfield-based 999 Silverlane LLC for $5.2 million. The transaction for the three-floor, 20,900-square-foot property, which sits on 2 acres near key highways and a commercial area, was recorded on April 4. The building, fully leased with tenants like Quest Diagnostics, Children’s Dentistry, and New England Retina, has been occupied by YNHH tenants since 2002, who have recently renewed their lease for seven years. Silver Medical LLC had previously purchased the property for $4.5 million in 2015.
Click Here: Trumbull medical building sold for $5.2M for more information.