CONNCECTICUT: Rents in cities across Connecticut saw a monthly dip in rent, running counter to a year long trend. New Haven county rents have posted the steepest annual increases, with New Haven and Meriden seeing annual increases of 5% and 7% respectively. Connecticut’s overall annual rent increase for 2016 is only 1.3%.
October showed a different direction with rents making modest declines in Hartford, New Haven and Stamford as well as other cities across the state Only Danbury registered an increase in rents for October [1.35%].
Currently, median rents in New Haven stand at $1,080 for a one-bedroom apartment and $1,320 for a two-bedroom. Hartford is more affordable with only $820 and $1030 respectively.
Stamford remains the most expensive to rent among Connecticut cities with $1500 for a single bedroom and $1890 for a two bedroom.
New Haven and several of the cities have seen several months of modest declines but most of Connecticut have seen increases for the year. Danbury and Norwalk have both seen modest declines however.
HARTFORD: Single-family home sales in Connecticut jumped 2.98 percent in September compared to September 2016, according to the latest report from The Warren Group, publisher of The Commercial Record.
The number of homes sold increased slightly but the median price fell. A total of 2,899 single-family homes were sold in Connecticut during the month of September, compared with 2,815 sold in September 2016. Meanwhile, the median price of a single-family home fell 4 percent in September to $240,000, compared with $250,000 a year ago.
Washington: The "tax reform" proposal by Republican's in the US House of Representatives will limit deductions for state and local taxes and mortgage interest. The impact on higher cost of living and higher tax states like Connecticut will be greater than many other states with lower taxes and housing costs.
Attached is a national list of median property values and related property taxes. In additiion to real property, automobiles are taxed in Connecticut and the average tax is $555. The current proposal being debatedseeks to cap the property tax deductioin at $10,000 and the deduction of mortgage interest at $500,000. Additionally the plan's promoters assert that the overall rates for taxpayers will be lower and that the standard deductions will increase.
According to the Website wallethub.com which compiled the information, the average American household spends $2,149 on property taxes for their homes each year, according to the U.S. Census Bureau. Residents of the 27 states with vehicle property taxes shell out another $402.
The costs are considerably more in Connecticut, where the Median Priced Home is $297,000 iand is taxed at $5637, the third highest rate of property txation in the country. SEE TABLE BELOW [Median value, half of all Connecticut home are valued at less than $297,000 and half are higher].
WINDSOR: Visions of a transit oriented development following the new Springfield to New Haven Rail have come to fruition in Windsor.
On October 20, Windsor mayor Don Trinks, Department of Economic and Community Development deputy commissioner Tim Sullivan, Associated Construction Company president Joseph Jankowski, members of the Windsor town council and other state and local officials joined Martin Kenny of Lexington Partners, to celebrate the official grand opening of Windsor Station Downtown Apartments, a $23 million, transit-oriented, 130-unit luxury multifamily rental community. The developers say the property is 93% leased since opening its doors in March.
HARTFORD: The Hartford chapter of the Real Estate Finance Association of Connecticut (REFA-CT) has named Paul LaMonica, president.
LaMonica, senior vice president of Farmington Bank has more than 35 years banking experience, primarily as a commercial real estate lender in the Tri-State and New England region. Over the last 20 years, he has provided more than $1 billion in financing to the regions investors and developers. LaMonica is a past senior CRE lender for numerous institutions including Farmers & Mechanics Bank, Citizens Bank, Liberty Bank and First Horizon Corporation.
HARTFORD: Construction has begun with a groundbreaking in late October on the new Willow Creek apartments in the Blue Hills section of the city.
The multi-year, multi-phase project is considered a lynchpin to revitalize the Blue Hills neighborhood. When it’s done, it will include more than 60 mixed-income rental apartments and 25 single family homes for sale. The project is expected to be completed late next year.
"Hartford Mayor Luke Bronin said of the project, “this is just one piece of the puzzle."
The $40 million, project has been helped along with nearly $14 million in state and federal support.
Governor Dannel Malloy said at the groundbreaking, “"I just had to veto a budget that would have done away with the very housing department that just created 22,000 units of housing," Malloy said. "It doesn’t make sense. People need to understand that our great urban environments need replacement housing."
Village Redevelopment Associates LLC [Todd McClutchy] of Stamford is the site developer.
AIA Connecticut announced 17 recipients in its annual, comprehensive, 2017 Design Award program that recognizes design excellence in projects in Connecticut or by Connecticut architects. Jurors Deborah Gans, FAIA, GANS Studio, Brooklyn, New York; Michael Lykoudis, AIA, Dean, School of Architecture, University of Notre Dame, South Bend, Indiana; and Robert Miklos, FAIA, DesignLab Architects, Boston, Massachusetts selected 11 projects for Honor awards and six projects for Honorable Mention from a pool of over 135 submissions.
Award presentations will be made at the gala cocktail reception on December 4 at the Theater Works, Hartford, Connecticut.
Is New Haven remaking its “model cities” 1960s vision or is it the Next Wave “Greatest Small City in America,” that is the question.
New painted bikeway paths, good. Attacking UBER, bad.
Start-up culture”, good. Supporting a gambling hall down the road, bad.
Life can be quite good, in the Elm City, if you’re a New York based developer, student, single, don’t have kids, and most especially NOT if you are homeowner or worse yet - a small investor improving your property, trying to find tenants.
New Haven appears to be booming, people crowd downtown, restaurants are hopping, even small retailers are doing some business. Yale’s property division, celebrates retail announcements and openings nearly weekly.
HAMDEN: Town Hall Center LLC [Chris Nicotra, Olympia Properties] sold a two building mixed use portfolio located at 2340-2348 Whitney Avenue for $3.150 Million. Totaling 23,320 square feet, the properties were 100% occupied with a mix of retail and office tenants.
Stephen Press of Press/Cuozzo Realtors, with offices at 2751 Dixwell Avenue, Hamden, CT, has been serving the greater New Haven area since 1990. Press/Cuozzo Realtors is known throughout New Haven County as an innovative and aggressive force successfully marketing all types of properties. Press/Cuozzo Realtors provides Residential Brokerage, Relocation Services, Senior Real Estate Services and the services of a Commercial/Industrial Division.
BRANFORD: The Geenty Group Realtors, reports the sale of 85 School Ground Road in Branford a 2,325 square foot office building on 1.7 acres of industrial land. The building is located in both Branford and North Branford. The sale price was $215,000.
Bill Clark, senior vice president at The Geenty Group, was the agent for the seller, 85 School Ground Road, LLC. [Bernadette A Libero, member].
Mary Burns of Sunset Creek Realty in Guilford, was the agent/buyer. Tony Dechello. was the attorney for the seller and Mark Gersz. was the attorney for the buyer.
New Brunnshwick School retrofitted with LED Lighting from Tri-State, a division of Revolution Lighting Technologies.
Industry-leading LED solutions provider has completed more than 2,000 projects across multiple industries throughout the U.S. since its founding in 2010
GREENWICH: Tri-State LED, a division of Revolution Lighting Technologies, announced that it has surpassed $50M in total cumulative sales since its founding in 2010.
The Company has now completed more than 2,000 LED projects across industries including commercial, industrial, education, municipal, medical, and religious facilities.
Acquired by Revolution Lighting Technologies in 2013, Tri-State LED says it has grown to become “one of the largest LED solution providers within New York, Connecticut, and New Jersey, as well as expanding to complete projects throughout other regions of the United States.” Adding, ‘the growth can be attributed to Tri-State LED's unique experience offering comprehensive solutions to manage all phases of an LED retrofit project including scope, material selection, project management and pursuit of project incentives, making the Company the optimal LED partner.”
Tri-state’s release say’s it has experienced a compounded annual growth rate of nearly 50% from 2011 through 2016.
The Company has completed numerous LED projects including the Connecticut Convention Center and the Battleship New Jersey Museum and Memorial. In addition, Tri State has retrofitted more than 300 public school structures throughout New England, including Stamford City Schools in Connecticut, Ridgewood, Parsippany-Troy Hills and Old Bridge in New Jersey.
"We are very proud to have surpassed the $50M milestone in sales, and to continue our growth as a trusted partner and provider of industry-leading LED solutions. It's a tremendous accomplishment and speaks to the commitment of every member of our team to provide the best service possible to our customers," said Ron Young, President, Tri-State LED.
Tri-State LED is also a program contractor within Connecticut's Small Business Energy Advantage Program. For additional information, please visit www.tristateled.com.
ORANGE: Michael Richetelli, president of Colonial Properties, Inc., has announced that Gary Bellard, CCIM, has joined Colonial Properties as a commercial real estate broker. Bellard is a real estate professional with over 40 years of experience. He received the designation of Certified Commercial Investment Member (CCIM) in 1979 at the age of 25.
During his real estate career, Bellard has been involved with industrial, office and retail sales, leasing and management, and multiple property tax deferred exchanges.
WESTPORT: The sale of 2 Riverside Avenue a 1,470 square foot “high visibility” retail building sold for $895,000 or $609 per square foot, it is located on 0.1 acre zoned, it is zoned Restricted Office and Retail District 1 (RORD1).
246 Post Road East, Westport
The last tenant occupying the property was the Westport Aquarium. The seller was Paul Carpenter and the buyer is Westport resident, Mary Ciara Webster.
Westport Clinical Associates, LLC leased 4,637 square feet of office space at 246 Post Road East. The previous tenant in the space was Newman’s Own, Inc. who moved out after they purchased a building at 1 Morningside Drive North.
Eyeglasses.com renewed their 2,000 square foot retail lease at 147 Post Road East in Westport. They have been at this downtown location for five years and have another location at Blue Back Square Shopping Center in West Hartford.
NORWALK: Land at 198-200 East Avenue was sold for development. The 0.532 acre land had three residential units in place and the capacity to add 10 to 11 additional units. The sale price was $940,000. The seller was 198-200 East Avenue Development LLC and the buyer was Dimitrios Dimitroglou. The property is zoned NB - Neighborhood Business.
STAMFORD: Avison Young principal and managing director of the firm’s Fairfield/Westchester office, Sean Cahill, has announced the appointment of Christopher Grundy as a senior associate, specializing in landlord and tenant representation within the office sector.
In addition to traditional local brokerage he will serve as a member of the company’s Enterprise Solutions Affinity Group, focusing on servicing the needs of corporate occupier clients in the U.S. and Europe regarding occupancy strategies, including transaction and project management, lease administration and other ancillary service lines. He will also serve as the Avison Young “Young Guns Leader” for the Fairfield/Westchester office.
Grundy joins Avison Young from Pyramid Real Estate Group in Stamford, where he focused on office leasing. Before his career in commercial real estate, Grundy was a professional helicopter pilot and instructor.
NEW HAVEN: Pokelicious, Inc. is leasing a 731 square foot retail location at 37 Church Street, with a lease for 5 years. The owner is 35-39 Church Street, LLC [David Goldblum, Managing Member, 155 East Street, New Haven. The owner was represented by John Wareck of RLWD Commercial. Pokelicious, Inc. was represented by Young Lee of RLWD Commercial. Pokelicious has one other location in Long Island City, Queens.
is New Haven’s first Poke (pronounced “Poe- Keh”) Bowl restaurant and is considered the "newest food trend sweeping the nation."
HAMDEN: An 18,500 square foot industrial building located at 1050 Sherman Avenue on 1.66 acres was sold for $780,000. The building has 2,400 square feet of office space, one dock and one overhead door. Tri-Lift, Inc. will be using the site for an additional location.
Press represented the sellers, Olde Ways, LLC. Steven Inglesse, SIOR of the New Haven Group represented the buyer Murgo Empire, LLC.
EAST LYME: Jay Morris of O,R&L Commercial, LLC brokered the sale of a 60,000 square foot Class “A” Regional Shopping Center anchored by CVS, Tri-Town Foods Supermarket, McDonald’s and Citizens Bank for $15.5 million.
Flanders Plaza, located at 9-19 Chesterfield Road in East Lyme is a multi-building mixed use Retail /Office /Medical Plaza on 7.27 acres. The location of this center is on Route 1 just off the intersection of I-95 and I-395. At the time of sale the Center was 100% leased with many national / credit tenants.
West Haven: A 1,846 square foot commercial building on .13 acre at 10 Admiral Street was sold for $300,000. Fred Messore of Colonial Properties was the sole broker on the property.
The parcel will be demolished and assembled to make way for “Park Place” in the Allingtown section, which will house 16,000 square foot of retail with 50 residential units. Messore brokered the acquisition of several parcels in Allingtown in 2015 on behalf of Acorn Group Properties for the construction of the Atwood mixed-use development.
The seller was Zante, LLC, represented by Attorney Rocco Torozzi of West Haven. The buyer was Park Commons, LLC, an affiliate of Acorn, represented by Attorney Mark Sklarz of Green & Sklarz in New Haven.
WILLIMANTIC: An 84-unit apartment building located at 560 Main Street was sold for $5.5 million ($65,476 per unit). The property known as 560 on Main was once the historic Willimantic Thread Mill before being restored into 84 loft apartments in 2011.
Rich and Kurt Cawley of , United Multi Family (UMF) brokered the sale with financing provided by Freddie Mac through CBRE.
Overlooking the Willimantic Falls, the property consists of 10 two-bedrooms, 10 one-bedrooms with a den,19 one-bedrooms and 45 studios. The units range in size from 700 to 1,360 square foot. Amenities include a fitness center, community room with pool tables, wifi and flat screen televisions, on-site laundry and parking. The CAP rate at the time of sale was 7.74% with the property having a gross annual income of $789,960.
For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.
FAIRFIELD: The former Stratfield Market building at 1280 Stratfield Road, has a new owner, a private investment group 1280 Realty, LLC [MG Morin Realty 527 Toilsome Hill Road, Fairfield] has purchased the property for $1.2 million from Urstadt-Biddle of Greenwich, who acquired the property just a few months ago.
The retail property is a 9,612 square foot two-story commercial building on a 0.9 acre in the Stratfield section.
NEW HAVEN: The Novella, at 1245 Chapel mixed-use luxury asset featuring 136 residential units on five floors above retail and parking in New Haven. The property sold for $39,625,000 and the sale was brokered by Marcus & Millichap (NYSE: MMI) today announced its Institutional Property Advisors (IPA).
“The Novella is one of the very few luxury assets located in the core Yale district and is walkable to the Old Yale campus, Yale Hospital, the central business district and core commercial district,” said Victor Nolletti, senior managing director leading the Northeast for IPA’s Northeast and Florida team.
The project developer Randy Salvatore CEO of Stamford’s RMS Companies in 2015, is currently involved in a major redevelopment project in the Hill neighborhood in the city.
EAST GRANBY: Sentry Commercial has brokered the $3.9 million sale of a multi-tenant industrial complex located at 25-27 and 29 Kripes Road. Torrington, based Gen IV LLC a company related to O&G Industries, acquired the property from Airport Business Center III LP.
The property is less than 2 miles from Bradley and was reported to have more than $326,000 net operating income from eight tenants in the complex.
Situated on 8.3 acres, the 65,691-square-foot property is a portion of Airport Business Center, a five-building industrial park developed by the seller in 1984. Sentry Commercial was the sole broker in the transaction.
NEW BRITAIN: The site of the former New Britain Police Department will soon be a $58 million mixed-use development.
Developers and government officials broke ground on October 17 on Columbus Commons at 125 Columbus Boulevard. The project will include 160 housing units in two six story buildings and also include office and retail space.
The project will be built in steps with the second building going up after the successful completion and rental of the first.
The project is a public-private partnership with Xenolith Partners of Bedford, New York and Dakota Partners of Waltham, Mass.
The police station was closed in 2012 and demolished with $2.7 million in state brownfields reclamation grants.
New Britain Mayor, Erin Stewart cited the project’s location next to the New Britain CTfastrak station, saying, “what we’re going to see from here on out, we’re hoping, is that other developments spur because of this, and an influx of millennials and people moving into downtown,” said Stewart. “This project is the start of an exciting new era for downtown New Britain.”
HARTFORD: Capewell Lofts, a $26.8 million mixed-use redevelopment project, has been awarded LEED Gold Certification from the U.S. GreenBuilding Council. CIL of Hartford a nonprofit real estate developer, completed the Capewell Lofts a $27 million project with 72 apartments in the city’s Sheldon-Charter Oak neighborhood, in November 2016.
Crosskey Architects served as the architect, interior designer, and LEED consultant for the project.
Capewell Lofts features the redevelopment of the historic Capewell Horse Nail Factory which was vacant for more than two decades as residential apartments and commercial office space. According to Crossey the Leed effort “exceeded its original goal to achieve LEED Silver.” The apartments includes both market rate and affordable apartments for residents with low or moderate income.
According to a report in the Hartford Courant financing the project was difficult reporting, “CIL struggled for two years to pull together a financing package, with three banks walking away from deals for an $8 million first mortgage. But in 2015, InsurBanc, a division of Westport-based Connecticut Community Bank, committed as the lead lender. Guilford Savings Bank provided $3 million of the first mortgage.”
STAMFORD: The BOMA Southern Connecticut chapter will be hosting “Autonomous Vehicles and the Future of Transportation” on November 7 at the Crowne Plaza from 11:30 a.m. to 1:30 p.m.
According to the group’s announcement, “over the next decade, accelerating autonomous driving technology, including advances in artificial intelligence, sensors, cameras, radar and data analytics, are set to transform not only how we drive (or, indeed, are driven), but the notion of car ownership itself.”
Stephen Zoepf, executive director of the Center for Automotive Research at Stanford will address the group. Zoepf has fifteen years of experience in the automotive field, including eight years in engineering and product management roles at BMW and Ford. He recently served as a Post-Doctoral research at MIT and on the technical staff of the U.S. Department of Transportation.
Zoepf will discuss the economics, the environmental, the social and the land-use aspects of sustainable transportation: driverless cars, Uber, Lyft, as well as the regulatory impact this will have. Register at www.soctboma.org.
SHELTON:, Tangoe Inc., a leading global provider of telecom expense management (TEM) solutions, has leased 34,200 square feet of office space at One Waterview Drive. The move will consolidate operations currently at 35 Executive Blvd, Orange, and 12 Turnberry Lane, Sandy Hook.
The 95,000 square feet class A building is owned and managed by Mountain Development Corp. (MDC) of Woodland Park, N.J.
Joseph Coci III, partner of MDC, arranged the lease on behalf of the landlord, One Waterview LLC. Dan Spero, Craig Eisenhardt and Paul Tortora of Jones Lang LaSalle (JLL) represented the tenant.
Marlin Equity Partners (“Marlin”), a global investment firm, acquired the then public company in June and combined it with Asentinel, LLC an existing portfolio company, to “create a global leader of technology lifecycle management (“TLM”) solutions.” The combined company operates under the Tangoe brand and is headquartered in Parsippany, New Jersey.
Robert Irwin, was appointed CEO of the combined company, succeeding Jim Foy who stepped in from the board to guide Tangoe through the last year. Irwin brings more than 30 years of global experience in operations, sales, consulting and senior management in the technology sector, including serving as CEO of EMS Software, TDCI and Sterling Commerce.
The company has research and development centers, sales and service offices, and customer service and delivery hubs located around the globe to support its more than 1,300 customers.
“We are excited to bring our Connecticut employees together at One Waterview Drive for even better collaboration and innovation,” said Tom Flynn, Tangoe’s chief administrative officer.
Tangoe’s new space at One Waterview Drive was designed by Perkins Eastman in 2010 for children’s clothing brand Carter’s, which relocated its Connecticut operations to Atlanta, Georgia. The move-in ready offices are fully furnished.
Apartment List.com has released data on tenant evictions across the US, including Connecticut.
The site’s research shows “nearly one in five renters were unable to pay their rent in full for at least one of the past three months,” 3.7 million American renters have experienced an eviction.
In New Haven 4.1% of renters faced evictions, 3.4% in Hartford and only 2.2% in the New York Metro area.
According to research director, Chris Salviati “evictions disproportionately impact the most vulnerable members of our society. Renters without a college education are more than twice as likely to face eviction as those with a four-year degree.”
EAST LYME: Guilford Savings Bank recently completed financing for the 60,000 square foot Flanders Plaza Shopping Center adjacent to I-95 in East Lyme, CT. The plaza holds CVS, IGA Tri-Town Foods, and other retailers and offices.
Manhattan-based Developers Consolidated Realty, LLC continued their acquisition of CT-based real estate with this most recent transaction. Developers Consolidated Chief Dan Richman said, “Flanders Plaza fits perfectly into our acquisition criteria as an ‘Internet proof’ plaza in an affluent community. The retailers in this plaza serve the community with daily needs, such as groceries and personal care products.”
“Equally important to the acquisition was having Guilford Savings Bank (GSB) involved in the transaction; they acted quickly and understood our needs,” continued Richman. “This marks our second deal with Brett Eagleson of GSB this year, as they continue to perform on a high level and think like an owner/operator. They’re invaluable.”
GSB acted as the lead bank on the $10,850,000 commercial loan, with participation from Dime Bank of Norwich, CT.
STAMFORD: Charter Communications [Nasdaq:CHTR] has announced today [October, 3 2017] plans to build a new 15-story headquarters in Connecticut and add another 1,100 jobs there, with the help of up to $20 million in loans and tax credits from the state.
The new building at the Gateway Harbor Point development, abuts Long Island Sound and is projected to be 500,000 square feet, occupancy will begin in 2019.
“Since relocating Charter’s headquarter operations to Stamford in 2012, the company has undergone a transformation to become the second largest cable provider in the U.S.,” said chairman and CEO Tom Rutledge in a press release. “This new, state-of-the-art facility in downtown Stamford will provide Charter the necessary resources to facilitate its continued growth. ”
The city which took a hit in the financial crisis continues to add jobs. The job search website Indeed announced in July that it will add, add 500 positions to its current workforce of 700 and would make a$26.5 million in its offices.
Charter announced its plans Charter first moved its headquarters to Stamford in 2012 from Town and Country, Mo.,
The company and has agreed to $100 million in capital spending in the state over the next several years.
Governor Dannel Malloy the former mayor of Stamford said the state will provide a 10-year, $10 million low-interest loan and up to $10 million in tax credits. Malloy called it “a great day for Connecticut,” adding that Charter’s plan to create 1,100 jobs at the new site “shows that our strategic investments are continuing to spur economic growth and create good paying jobs in the state.”
New Haven: The Connecticut Green Building Council (CTGBC) is now receiving entry submissions for the 2017 CT Green Building Awards. Each year, CTGBC organizes a panel of industry experts to judge project submissions on sustainability, overall design, building performance, and other metrics. Projects are delineated into categories for residential, commercial, and public/institutional buildings, as well as student projects.
For the first time, the 2017 Awards will include an “Out of State Project” category for Connecticut residents or firms that have done outstanding work on projects outside the state. The CTGBC also annually honors an outstanding environmental advocate with the Judy Swann Green Advocate Award, named after longtime CTGBC executive director Judy Swann.
The 2017 CT Green Building Awards will be presented on November 2nd at Alexion Pharmaceuticals, which recently earned LEED Platinum certification. All project submissions and green advocate nominations must be received by September 19th.
SHELTON: Leggette, Brashears and Graham, Inc. [LBG], an environmental engineering services firm headquartered in town and with 17 regional offices across the US and with 150 employees has been acquired by Montreal, Canada based WSP Global Inc. [TSX: WSP].
WSP is a full services engineering and design firm and has more than 37,000 employees in 500 offices in 40 countries around the world.
LBG specializes in hydrogeology, groundwater and surface water modeling, dewatering and depressurization, environmental investigation and remediation.
WPG's press release said the acquisition “will bolster WSP's Water and Environment practice by increasing its groundwater geology capabilities, strengthening its environmental services expertise and expanding its national footprint.”
Suffield: Every community has assets to market from an economic development perspective, and Suffield is no different. We have existing buildings for lease or acquisition, land for development, redevelopment sites and tourism attractions. We would like to introduce you to opportunities in our town in North Central Connecticut which includes a portion of Bradley International Airport, New England’s second largest airport.
On September 27th the Suffield Economic Development Commission will be hosting its annual familiarization tour and golf outing at the Suffield Country Club.
SHELTON: 710 Bridgeport Avenue LLC, controlled by RNY Property Trust, was sold for $26.25 million, to Sun Equity Partners, LLC. , Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties represented RNY
710 Bridgeport Avenue is a 452,414 square foot flex [industrial office] building located on the eastern border of Fairfield County sits on 36 acres and includes a heliport. Currently 72% leased, tenants include PerkinElmer Health Sciences, Inc. [130,035 square feet], and Panolam Industries International, Inc. [79,000 square feet] which anchor the property.
Located off Exit 12 of Rte. 8, the major connector between I-84 and I-95 allows direct access to Manhattan, Hartford and Boston.
Dunne said, “710 Bridgeport Ave. is a high-quality flex asset and offers stable income and upside from nearly 128,000 square feet of vacancy.”
STAMFORD: Stamford Towers two adjacent class A office building have sold for $97 million. The buildings were last sold in1998 for $61.3 million to the seller Manhattan based commercial real estate firm SL Green Realty Corp. The sellers were represented by brokers Jeffrey Dunne and David Gavin with support from analyst Travis Langer of CBRE’s Institutional Properties, the buyer is CBRE Global Investors based in Los Angeles, CA.
The property is located in the city’s CBD, and one block from the Stamford Transportation Center, providing service to Grand Central Terminal in 50 minutes, as well as Amtrak service to destinations throughout the Northeast. The property is also close to the 722,000 Square foot Stamford Town Center Mall, as well as restaurants and retails options.