Market

Pfizer to demolish part of Groton facility
New York based pharmaceutical company, Pfizer Corp., continues its plan to demolish over 750,000 square feet of its R&D operations in Groton CT. The demolition of what is known as Building 18 will cost the Town of Groton over $2 m in tax revenues. Compounding the tax issue is Pfizer’s continued reduction of personal property in its remaining facilities. The good news? Pfizer continues to be Groton’s number one taxpayer with over $550 m in assessed property.
See attached Hartford Courant article: Pfizer to demolish plant

Warnaco to close Milford CT facility
According to the New Haven Register, The Warnaco Group, a New York based clothing maker, has announced plans to close its facility located at 470 Wheeler’s Farms Road in Milford CT. The closing of the Milford operations will affect 208 jobs. The plant shutdown is a part of a larger 1,000 employee layoff being executed by Warnaco’s parent company, PVH Corp.
See attached New Haven Register article: Warnaco to close

LEGO expands in Enfield CT
(4/2/13) LEGO Systems, Inc., has expanded its North American headquarters by 80,198 SF. The company now occupies 299,325 SF at 555 Taylor Road, Enfield CT – more than half of the 587,736 SF facility. LEGO’s renovations of the new space are expected to be ultra-modern and innovative.
See attached Hackman Capital news article for more information.

MassMutual moving jobs to Springfield MA
MassMutual has received a $3.75 million state tax credit from the State of Massachusetts to relocate jobs in Enfield CT to MassMutual’s headquarters in Springfield MA. The jobs relocation from Enfield comes as a part of MassMutual’s purchase of The Hartford’s Retirement Plans business.
See The Republican’s related article: MassMutual Gets Tax Incentive

CERC survey shows CRE rebound
(3/29/13) The most recent CERC, Connecticut Business & Industry Association and DataCore Partners LLC Connecticut real estate survey results shows the most optimistic outlook for commercial real estate in Connecticut since 2007. This optimism is throughout all real estate classes with the possible exception of the industrial sector. That said, over half of the people surveyed saw the 2013 economic outlook only as “fair”.
See full results of the survey: Conn. Real Estate Conditions Rebound To Three-Year High

USPS to close CT DC facilities early
According to the Hartford Courant, the United States Postal Service has announced it will close its Wallingford and Stamford distribution facilities in 2013, not 2014 as originally planned.
The decision to close the facilities will affect 1,200 jobs in the region.
See attached Hartford Courant Article: USPS to Close Stamford and Wallingford Facilities Early

Metro Center One sold to Fremont Group
(3/27/13) The Fremont Group, LLC, a private investment firm specializing in the acquisition of real estate, has purchased Metro Center One for $22.7M. The 296,000 SF office building at 350 Church Street, Hartford CT is currently 80% occupied. Major tenants include Lincoln Financial and CBIA.
See attached Hartford Courant article for more information.

44K SF for sale in Wallingford CT
(3/25/13) Sentry Commercial is pleased to offer 53 North Plains Industrial Road, Wallingford CT for sale. This 44,426 SF nice image industrial facility is located just off Routes 5 and 15, has 11,960 SF of office space, heavy power, 89 parking spaces, 3 drive-in doors and 2 docks.
See attached 53 North Plains Industrial Road, Wallingford CT for brochure, floor plan, site plan and slideshow.

Good Sports renews Manchester CT leases
(3/21/13) Connecticut based Good Sports, Inc., a wholesale distributor of motorcycle apparel and accessories, has renewed its leases at 227 and 349 Progress Drive, Manchester CT. The facilities, 9,900 SF and 30,000 SF respectively, house Good Sports headquarters and manufacturing/warehouse operations.
Sentry Commercial represented Good Sports in both lease renewals.

Carlas Pasta to expand in South Windsor CT
(3/15/13) Carla’s Pasta is planning a $26M expansion of its 57,000 SF facility at 50 Talbot Lane, South Windsor CT. The plant will be increased to 84,000 SF to accommodate new pasta makers and packaging equipment.
The CT Department of Economic and Community Development has offered a $4M forgivable loan if Carla’s retains its existing workforce and hires at least 98 new employees during the 10-year loan period.
See attached Hartford Business.com article for more information.

State purchases Hartford office buildings
(3/15/13) The State of Connecticut has purchased two office buildings in downtown Hartford to consolidate the operations of up to 3,300 employees in 20 locations. The 550,000 SF Connecticut River Plaza office complex (pictured above) at 450 Columbus Boulevard was purchased for $34.5M with an additional $48M allocated for renovations, furnishings and moving expenses. The 285,000 SF office tower at 55 Farmington Avenue was purchased for $18M with an additional $19.5M planned for expenses. The relocations are expected to take place over the next two years and save the state $200M over the next ten years.
See attached Hartford Business.com article for more information.

Polamer receives financing for New Britain CT
(3/10/13) Newington CT based aerospace manufacturer, Polamer Precision, Inc, has recently received nearly $9 million of loans, including approximately $8.7 million through Connecticut Innovations and Bank of America, for the construction of their 150,000 square foot facility in New Britain CT. Polamer, who presently occupies approximately 33,000 square feet in Newington CT, is under construction with their new facility and expects to occupy the plant sometime in Q3/Q4 2013.
See attached Hartford Courant article: Polamer Precision

MetLife sending jobs south
(3/10/13) New York based MetLife has recently announced it will be relocating approximately 2,600 jobs from throughout the country to Charlotte and Carey North Carolina. Although not confirmed, a source has told the Hartford Courant the consolidation will cost Bloomfield about 650 jobs (see attached article – MetLife to cut 650 jobs in Bloomfield). That is roughly one third of the Bloomfield workforce.

The Hartford to sell Simsbury CT facility
(2/28/13) The Hartford, a leading insurance and investment company, plans to sell 200 Hopmeadow Street, Simsbury CT and consolidate operations to its CT facilities in Hartford and Windsor. The 524,454 SF office building is home to 1,500 employees. The relocation and sale process is expected to take up to 2 years.
See attached Simsbury Patch article for more information.

Simoniz USA buys land in Rocky Hill CT
(2/24/13) Rocky Hill CT based Simoniz USA has recently purchased a 3.91 acre site on Evans Road, Rocky Hill CT. The office park zoned site will reportedly be used for future expansion. The purchase also included a two family home. Purchase price was $475,000.
Sentry Commercial represented Simoniz and the seller, Bussmann Associates, Inc., in the sale of the property.

Severn Peanut expands in Springfield MA
(2/21/13) Severn Peanut Company has purchased 180 Avocado Street, Springfield MA from Sullivan Paper Company for $3M. The 125,320 SF industrial facility was built in 1969.
See attached CoStar article for more information.

New to South Windsor CT market
(2/19/13) Sentry Commercial is pleased to offer 81 Commerce Way, South Windsor CT for sale. This 5,820 SF industrial facility has clear span warehouse space, 1 dock door, 1 drive in door, 2,900 SF of attractive finished office space and is 100% air conditioned.
See attached 81 Commerce Way, South Windsor for brochure, floor plan, site plan and slideshow.

Onyx Spirits relocates to East Hartford CT
(2/15/13) Onyx Spirits Company LLC, the only licensed moonshine makers in New England, have relocated from 1,300 SF in Manchester CT to 11,000 SF at 64D Oakland Avenue, East Hartford CT. In addition to its own $165,000 investment, the Department of Economic and Community Development granted the company $100,000 for moving expenses, new equipment and employees.
See attached HartfordBusiness.com article for more information.

Investor buys East Windsor CT property
(2/15/13) DeMattia Cos. purchased 8 Craftsman Road, East Windsor CT from Genuine Parts, Inc. for $1M. The 75,000 SF industrial building is available for lease.
See attached CoStar article for more information.

JB Hunt expands in Windsor CT
(2/15/13) Logistics management and integrated transportation company JB Hunt Transport, Inc., has leased 24,000 SF at 75 International Drive, Windsor CT. The 117,000 SF industrial building is located in the New England Tradeport, a 600-acre master planned business community.
See attached Hartford Courant article for more information.