Market
Woodbridge Medical Office Building Sells for $900,000
According to the Hartford Business Journal, a medical office building in Woodbridge was recently sold for $900,000. The 9,000-square-foot building sits on 1-acre at 19 Lunar Dr. and is currently leased to Yale New Haven Health. The property was sold by HK Capital LLC to Genvest LLC, a Milford-based company affiliated with an aerospace engineering firm.
Click Here: Woodbridge medical office building, leased to Yale New Haven Health, sold for $900,000 for more information.
Industrial/Flex Building Available in Windsor CT
Sentry Commercial is pleased to offer 97 Pierson Lane, Windsor CT for sale. This 7,795 SF multi-tenant industrial/flex building on 6.03 acres was completely renovated and remodeled in 2018. Due to a recent structure fire, half of the building is unusable in its current state.
- 7,795 SF industrial/flex facility
- Abundant opportunity for development
- Surplus land
- Variety of potential uses
Click here: 97 Pierson Lane, Windsor CT for more information.
Addition at Baker Hollow Logistics Center Receives Approvals
According to the Hartford Business Journal, Massachusetts-based Condyne Capital Partners recently received town approvals to construct a 300,000-square-foot and 120,000-square-foot industrial warehouses at 75-85 Baker Hollow Rd. in Windsor. The project is a part of a larger scale project known as the Baker Hollow Logistics Center.
Click Here: $70M addition approved for Baker Hollow Logistics Center in Windsor for more information.
Meriden Property Sold; Slated to Become Car Wash
According to the Hartford Business Journal, Colella LLC recently sold a longtime banquet facility located at 577 South Broad St., in Meriden to Tennessee-based Hutton Group. The property sits on 2.84-acres and was sold for $1.35 million. Per the article, the buyers plan to demolish the existing building and replace it with a car wash.
Click Here: Meriden-Wallingford banquet facility to be demolished, become car wash after $1.35M sale for more information.
Milford Property Sold to Aerospace Electrical Company for $900,000
According to the Hartford Business Journal, Watertown-based United Electric Controls recently purchased a 5,800-square-foot facility in Milford. The property is located at 330 Woodmont Rd., and was purchased for $900,000 from Airgas USA. The buyer also owns 340 Woodmont Rd., and per the article, purchased the new facility for future expansion.
Click Here: Precision Sensors aerospace electrical company buys neighboring Milford site for expansion for more information.
Former Raytheon Data Center Sold for $1.4M
According to the Hartford Business Journal, a Hartford-based real estate and investment company, has acquired two properties in Newington that formerly hosted a data center for Raytheon Technologies Corp. The deal involved a 61,428-square-foot industrial building on 2.5 acres at 25 Holly Drive, and an adjacent, vacant 1.57-acre property at 50 Holly Drive. The property was purchased for $1.4 million and is planned to be utilized for energy-intense uses like data centers or self-storage.
Click Here: Staypoint buys former Raytheon data center building in Newington for $1.4M for more information.
Stone Academy Properties in East Hartford Sold to Two Separate Buyers
According to the Hartford Business Journal, the former Stone Academy campus in East Hartford was recently sold to two separate buyers for a combined $1.25 million. A New-York based investment group purchased a 2.53-acre property at 745 Burnside Ave. with plans to convert a 12,768-square-foot classroom building and a 4,481-square-foot office building into housing or office space. The second buyer, SolomonMcLarney LLC, purchased the adjacent 1.4-acre property at 763 Burnside Ave. with plans to utilize the current 4,547-square-foot office building.
Click Here: Stone Academy properties in East Hartford sell for $1.25M; housing redevelopment eyed for more information.
Yankee Candle Co. Moves into New MA Distribution Center
According to an article published in REbusiness Online, The Yankee Candle Co. has opened a new warehouse and distribution center located at 142 Elm St. in Hatfield, MA. The company will occupy the entire 359,938-square-foot facility.
Click Here: Yankee Candle Co. Opens 360,000 SF Warehouse, Distribution Center in Hatfield, Massachusetts for more information.
City of Hartford Names New Economic Development Director
According to the Hartford Business Journal, the city of Hartford has appointed a new economic development director, Patrick Pentalow, who has experience in the private sector and local politics. Pentalow will work closely with the new mayor, Arunan Arulampalam, to promote downtown vibrancy and neighborhood revitalization. The city has also hired a new housing director, Matthew Straub, who has a background in nonprofit affordable housing development and planning. The new leadership team aims to make City Hall more accessible and responsive for businesses and residents.
To read the full article, click here: Former Wethersfield Town Council member Pentalow named Hartford’s economic development director
Industrial Real Estate Availability in 2024
According to a recent article from the Hartford Business Journal, the industrial real estate market in Connecticut is expected to remain strong in 2024, despite some challenges such as financing, land availability, and environmental regulations. The region had an overall industrial vacancy rate of 3.7% at midyear 2022, with companies adding 1.3 million square feet of space through the first six months of 2022. The low vacancy rate and high rents reflect the limited supply of modern industrial properties, especially in the Greater Hartford area.
To read the full article, click here: Industrial real estate availability to remain tight in 2024
West Hartford OKs wetlands permit for piece of former UConn Campus
According to the Hartford Business Journal, A West Hartford commission approved the wetlands permit for a part of the redevelopment of the former UConn campus on Asylum Avenue. The project, now called Heritage Park, will have a mix of residential and commercial uses on the 58-acre property. Developers have made changes to their plans to minimize the impact on the wetlands and preserve some of the large oak trees on the site. The wetlands permit for the other parcel of the property is expected to be resubmitted soon
Click Here: West Hartford OKs wetlands permit for piece of former UConn campus
National Real Estate Group Acquires Former Windsor Campus
According to the Hartford Business Journal, Ohio-based IRG Industrial Realty Group LLC recently purchased the former Stanadyne campus, located at 90-92 Deerfield Rd., in Windsor. IRG has plans to invest at least $5 million into building improvements and upgrades along with renovating, rebranding and marketing the three-building, 740,000-square-foot flex space.
Click Here: Stanadyne’s former Windsor campus sold; new owner eyes $5M in renovations, property rebrand for more information.
Redevelopment Planned for Former Factory in Hartford’s Parkville Neighborhood
According to the Hartford Business Journal, A family of investors plans to convert a derelict factory in Hartford’s Parkville neighborhood into 100 residential units and five commercial spaces. The factory, located at 169 Bartholomew Ave., covers 85,000 square feet and sits on a 2.9-acre site. It was purchased for $210,000 in a 2017 city tax auction. The project is estimated to cost $39 million, including cleanup and construction, and will require state and federal grants and financing.
Click Here: Redevelopment would bring 100 apartments, commercial space to Hartford’s Parkville neighborhood for more information.
State of the Market 2023/2024
Dive Deep into the Latest Trends! Our ‘State of the Market’ report is here. Uncover key insights and expert analysis on the current commercial real estate landscape. Perfect for investors, brokers, and industry enthusiasts. Don’t miss out on this valuable resource! 🏢💼 #ConnecticutRealEstateTrends #ConnecticutMarketInsights #ConnecticutCommercialRealEstate
Medical Office Building Sale in Bloomfield CT
Sentry Commercial is pleased to announce that Jolley 3, LLC has purchased 57 Jolley Drive, Bloomfield CT from Bell Medical Building, LLC. The 7,139 SF medical office building on 1 acre sold for $1,000,000.
Sentry Commercial represented the seller and was the sole broker in this transaction.
Ansonia Commercial Property Sold to Scientific Instrument Company
According to the Hartford Business Journal, A Norwalk-based scientific instrument company recently purchased a commercial building at 91 West Main St. and 1 Water St., in Ansonia, for $598,000 from NFR of Ansonia LLC. The 9,300-square-foot facility was formerly occupied by Valley Lighting and Home Decor center.
Click Here: Scientific instrument company buys Ansonia commercial site for new location for more information.
East Hartford Mixed-Use Office Building Sells for $750,000
According to the Hartford Business Journal, A downtown East Hartford commercial building known as “Governor’s Corner” was recently sold for $750,000 to Governors Building LLC, a family investment group. The 18,527-square-foot, three-story building, located at 991 Main St., includes a mix of office and retail spaces.
Click Here: Prominent downtown East Hartford mixed-use office building sells to realty investor active in neighboring Hartford for more information.
Hartford Industrial Property Sells for $1.1M
Per the Hartford Business Journal, a vacant industrial property located at 305 West Service Rd., in Hartford has recently sold for $1.1 million to the owner of a local auto glass repair company. The 7,000-square-foot industrial building sits on 2 acres in the North Meadows neighborhood of the city.
Click Here: Auto glass repair company buys vacant Hartford industrial property for new location for the full article.
New Warehouse Development Underway at Former Subway HQ
According to the Hartford Business Journal, A Shelton-based developer recently acquired three Milford properties for $10 million, including the former Subway headquarters, with plans to build a new 160,000-square-foot distribution center and renovate two existing buildings. The project, valued at $20 million, received town approval and involves demolishing the corporate headquarters, constructing the distribution center with 20 loading bays, and renovating a corporate office building and a production studio. The developer aims to lease the three-building campus to an e-commerce auto-parts distributor based in Milford, with demolition already underway and the new warehouse expected to be completed by the end of 2024.
Manufacturing Building in Vernon Sells for $1.7M
According to the Hartford Business Journal, a 37,000-square-foot manufacturing building at 129 Reservoir Rd., in Vernon was recently sold for $1.7 million. The property sits on 5.2 acres and had been the headquarters for an aerospace subcontracting manufacturer.
Click Here: Vernon manufacturing building sells to Illinois holding company for $1.7M for more information.