Market
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.
Farmington Medical Office Building Sells for $1.7M
According to the Hartford Business Journal, a medical office building located at 613 New Britain Ave., Farmington, was sold for $1.7 million. The property, consisting of 34,611 square feet which was vacant at the time of sale, was previously the headquarters of a major homecare provider and was purchased by MKC Properties LLC. The new owners plan to move an executive leadership training company into the building and rent out the remaining space. The property saw significant demand at auction, with the final sale price going 18% above asking.
Click Here: Former Companions and Homemakers HQ in Farmington sells for $1.7M; buyer plans to move business there for more information.
Window Manufacturer Moves to Windsor
According to the Hartford Business Journal, window-and-door manufacturer Marvin is set to move from Enfield to a new 185,600-square-foot logistics center at 205 Baker Hollow Road, Windsor. The relocation is driven by the need for more space to meet the growing demand and will also consolidate delivery to Marvin’s partners from its manufacturing facilities across the country. The logistics center, part of a larger campus developed by Condyne Capital Partners LLC, boasts 32-foot wall heights, 36 dock doors, and 45 trailer parking spaces.
Click Here: Window manufacturer Marvin’s relocation to Windsor satisfies need for ‘significantly more space’ for more information.
Hartford Industrial Property Sells for $1.6M
According to the Hartford Business Journal, a New York-based sheetrock supply company, Mac-Lad Corp., has acquired a 22,788-square-foot industrial building located at 235 Newfield Ave., Hartford for $1.6 million. The property, previously occupied by Supply New England for nearly three decades, offers 28,000 square feet of potential outdoor storage or parking areas.
Click Here: Building supply company buys Hartford industrial building for more information.
A Look at the Greater Hartford Office Market
According to the Hartford Business Journal, the office building at 95 Glastonbury Blvd., Glastonbury, experienced new leases in the first quarter of 2024. Greater Hartford’s office vacancy rates are high, with about 26.5% of office space vacant, including over 36% in the Capital City’s central business district. The report, covering 25.2 million square feet of office space, indicates a slight improvement from the previous quarter but an increase from the 25.4% rate in the first quarter of 2023. Another report lists the vacancy rates at 23.7% overall and 22.6% for the central business district, encompassing 320 buildings and 30.4 million square feet of office space.
Click Here: Here are some major recent Greater Hartford office market leases for more information.
Bristol Manufacturing Facility Faces Foreclosure
According to the Hartford Business Journal, Emmett Group LLC is facing a foreclosure auction for a manufacturing facility in Bristol due to missed mortgage payments. The property, located at 50 Emmett St., spans 205,128 square-feet and sits on 9.1 acres. The property was purchased for $7.1 million.
Click Here: New owners of Bristol manufacturing facility facing foreclosure for more information.
Bridgeport Industrial Facility Sells for $1.6M
According to the New England Real Estate Journal, a 23,652 sq ft industrial warehouse was recently sold for $1.6 million. The property, located at 1859 Commerce Dr., in Bridgeport was previously home to the family-owned food distribution company Henry Bresky & Sons since 1955. The facility boasts features such as drive-in doors, loading docks, and a sizable cooler and freezer.
For more information, click here: Angel Commercial, LLC brokers industrial warehouse sale for $1.6 million
Torrington Construction Firm Purchases Avon Office
According to the Hartford Business Journal, a construction services firm based in Torrington, O&G Industries, through its associated LLC, acquired an office building in Avon for $1.37 million. The property, located at 40 Darling Drive, encompasses 11,416 square feet and sits on 4 acres. It was sold by Chapdelaine Enterprises LLC.
Click Here: LLC tied to Torrington construction firm O&G Industries pays $1.37M for Avon office for more information.
Rocky Hill Owner Proposes Roof-Raising Project
According to the Hartford Business Journal, New York-based GTJ REIT Inc. is considering a roof-raising renovation for its property at 777 Brook St., Rocky Hill, which was formerly the CT Lottery headquarters. The project aims to increase the ceiling height from 18 to 30 feet over 91,600 square-feet to enhance the building’s warehousing capabilities. The structural work is estimated to cost between $13 to $18 per square foot, with the total renovation ranging from $35 to $55 per square foot. This innovative approach is part of a trend to adapt older industrial buildings to meet the rising demand for e-commerce distribution and logistics space.
To read the full article, click here: Owner of Rocky Hill office/manufacturing building looks to expand vertically as strong demand for high-ceiling warehouse space continues
185,600 SF in Windsor Leased to Window-and-Door Manufacturer
According to the Hartford Business Journal, Marvin, a window-and-door manufacturer, has agreed to lease a new logistics center located at 205 Baker Hollow Road, Windsor. The facility, under construction by Condyne Capital Partners LLC, spans 185,600 square feet and features 32-foot wall heights, 36 dock doors, and 45 trailer parking spaces. Set to complete this fall, the logistics center is strategically positioned near Interstate 91.
Click Here: Window-and-door maker Marvin to lease 185,600-sq.-ft. logistics building under construction in Windsor for more information.
Downtown Hartford Office Building Listed for Sale at $4.89M
According to the Hartford Business Journal, a New Haven landlord has listed his 35,277-square-foot property at 275 Asylum St. for $4.89 million. Previously a high school, the building owned by Ocean Management has been vacant for years, with approved plans for a 50-unit residential complex.
Click here to read the full article: Downtown Hartford office building targeted for redevelopment listed for sale
Rocky Hill Warehouse Sells for $1.8M
According to the Hartford Business Journal, a Massachusetts investor acquired a warehouse at 71 Hammer Mill Road, Rocky Hill for $1.8 million. The 19,540-square-foot property sits on 2.1 acres, and has been leased to New England Gypsum Floors. The building boasts 18-foot ceilings, three drive-in doors, and one loading dock.
Click Here: Mass. investors pay $1.8M for Rocky Hill warehouse for more information.
9K SF New to West Hartford CT Industrial Market
Sentry Commercial is pleased to offer 84 Custer Street, West Hartford CT for sale. This 9,128 SF industrial property is equipped with heavy power distributed throughout, both a drive-in door and loading dock platform, and is 100% air conditioned.
Click here: 84 Custer Street, West Hartford CT for more information.
Expansions Complete for two CT Manufacturers
According to the Hartford Business Journal, two Connecticut manufacturers have recently completed significant expansions. Barnes Aerospace expanded its maintenance, repair, and overhaul facility by 32,000 square feet, resulting in a total of over 84,000 square feet dedicated to complex aerospace repairs. Additionally, Danbury-based ARKA Group finished a 14,000-foot expansion at its headquarters, investing $85 million over two years to enhance its production of smallsat systems and optical coating capabilities. These expansions reflect the growing aerospace industry in the state and the increasing demand for advanced manufacturing solutions.
Click Here: Two CT manufacturers complete expansions for more information.
1,420 SF Lease in Glastonbury CT
Sentry Commercial is pleased to announce that 447 Naubuc Avenue 110, Glastonbury, CT, LLC has leased 1,420 SF of office space at 447 Naubuc Avenue, Glastonbury CT to Utah-based Security National Mortgage Company.
Sentry Commercial represented the landlord in this transaction.