Bushnell on the Park Condominiums in Downtown Hartford Sell for $14,325,000

HPI Bushnell LLC has sold 129 investor-owned residential condominium units at Bushnell on the Park in downtown Hartford to Gideon Asset Management LLC for $14,325,000. Included in the sale is an additional 28,000 SF of ground level office space and 196 parking spaces. The sale price equates to $111,047 per residential unit. The property was originally constructed in 1979 and designed by I.M Pei. An article regarding this transaction can be found at the New England Real Estate Journal.

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Albany Road Real Estate Partners Acquires 1690 New Britain Avenue in Farmington for $20.5 Million

AFI, Inc. of Fairfield has sold the property at 1690 New Britain Avenue in Farmington to Albany Road Real Estate Partners for $20,500,000. The building was originally constructed in 1961 and contains approximately 165,000 SF. The sale price equates to $124 PSF. The building was originally constructed for industrial manufacturing use and was converted to office space in 2007. The building was expanded by 16,000 SF in 2011 to accomodate Allied World Assurance.  The property was 100% occupied at the time of sale with tenants including Allied World Assurance, Moore Medical and AIG. Articles regarding this sale can be found at the The Commercial Record, CoStar and the Hartford Business Journal.

 

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Albany Road Real Estate Partners Acquires Meriden Executive Park for $16.3 Million

TC Meriden (Trammell Crow Company) has sold Meriden Executive Park at 530 and 538 Preston Avenue in Meriden to Albany Road Real Estate Partners for $16,300,000. The two buildings were constructed in 1986 and contain approximately 155,000 square feet. The sale price equates to $105 PSF. The buildings were approximately 92% occupied with major tenants including USI and The Institute of Professional Practice. TC Meriden originally acquired the property in 2008 for $13,200,000, or $85 PSF. Articles regarding this sale can be found at the The Commercial Record and the Hartford Business Journal.

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Moody’s/RCA CPPI September 2014 Report

According to the Moody’s/RCA CPPI September 2014 report entitled “Moody’s/RCA CPPI: Double-Digit Annualized Appreciation Realized in More than 20 Percent of Post-2000 Holding Periods”, the national all-property composite index increased 0.1% in July and now stands 64.9% above its January 2010 trough and 2.0% below its November 2007 peak. Moody’s reports that over the past 12 months, core commercial prices have gained 13.1%, while apartments have gained 16.3%. Apartment prices have surpassed their pre-financial peak by 15.9%, while core commercial property property prices are 8.1% below peak. The full report can be obtained at Moody’s website upon registration. Additional information regarding the Moody’s/RCA CPPI can be found at Real Capital Analytics, Inc.

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Nyala Farms in Westport Sells for $130,000,000

According to a recent article in the New England Real Estate Journal, Nyala Farms in Westport has been acquired by Building and Land Technology of Stamford for $130,000,000, or $349 PSF. This sale represents the largest real estate transaction in Connecticut in 2014, while others have reported that it is also the largest real estate transaction ever in Westport. Tenants at the 372,207 SF office park include Bridgewater, Morgan Stanley and RBC. The New England Real Estate Journal article can be found here.

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Moody’s/RCA CPPI April 2014 Report

According to the Moody’s/RCA CPPI April 2014 report entitled “Robust Liquidity Helps Drive Prices Closer to Pre-Crisis Peak Levels”, the national all-property composite index increased 0.9% in February and now stands 57.8% above its January 2010 trough and 6.1% below its November 2007 peak. Moody’s reports that over the past 12 months, core commercial prices have gained 18.5%, while apartments have gained 12.5%. Apartment prices have surpassed their pre-financial peak by 7.5%, while core commercial property property prices are 10.7% below peak. Major market apartment prices have demonstrated the strongest recovery, with prices approximately 20% above their pre-crisis peak, while suburban office in non-major markets lags with prices more than 30% below their pre-crisis peak. The full report can be obtained at Moody’s website upon registration. Additional information regarding the Moody’s/RCA CPPI can be found at Real Capital Analytics, Inc.

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One State Street in Hartford to Sell to The Hartford Steam Boiler Inspection and Insurance Co. (HSB)

According to CoStar and The Hartford Courant, The Hartford Steam Boiler Inspection and Insurance Co. (HSB) has entered into an agreement to purchase One State Street in Hartford from Hines, the property’s original developer. The building has represented the corporate headquarters of HSB since it was constructed in 1983. According to The Hartford Courant, HSB occupies 168,000 SF of the 470,000 SF building, or 36% of the property. The price has not been disclosed but the transaction is expected to close shortly. Recent articles regarding the pending transaction can be found at CoStar and The Hartford Courant.

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Winstanley Enterprises Sells Norwichtown Commons and Elmwood Plaza

According to a recent CoStar article, Winstanley Enterprises recently sold the renovated Norwichtown Commons to THF Realty for $39,310,000. The sale price equates to $246 PSF. Norwichtown Commons contains approximately 160,000 SF and is anchored by Super Stop & Shop, with other tenants including Big Lots, Planet Fitness and Dollar Tree. Winstanley purchased Norwichtown Commons in 2011 for $15,750,000 and completed a renovation that entailed demolishing the former interior mall and converting the property to an open-air shopping center. Articles regarding the acquisition can be found at CoStar and The Day.

Winstanley Enterprises has also sold Elmwood Plaza in West Hartford to The Inland Real Estate Group of Companies, Inc. for $14,250,000, or $179 PSF. The 79,790 SF shopping center was constructed in 2010 and is anchored by Super Stop & Shop, with other tenants including Crazy Bruce’s Liquors, Sliders, Dollar Tree and Farmington Bank. An article regarding the transaction can be found at The Commercial Record. Additional property informaton is available at Inland’s website.

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Enfield’s Stop & Shop Plaza Sells

Phillips Edison-ARC Shopping  Center REIT Inc. recently announced the December acquistion of an 11-property shopping center portfolio which included Stop & Shop Plaza at 54 Hazard Avenue in Enfield. The aggregrate price paid for the portfolio was $156,000,000. In addition to Stop & Shop Plaza, the press release indicates that the acquisition included shopping centers located in Michigan, Indiana, Iowa, California and Arizona. The price allocated to the Enfield property was not disclosed. A copy of the press release can be found at Phillips Edison-ARC Shopping  Center REIT Inc. website.

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Hartford Office Market Vacancy Declines

From the January 13, 2014 Hartford Courant article Office Vacancies In Downtown Hartford Hit Decade Low, the office vacancy in the City of Harford for Class A CBD space declined from 27.0% as of year-end 2012 to 17.6% as of year-end 2013. This is the lowest vacancy rate in the Hartford CBD since 2002. According to the article, the State of Connecticut’s acquisition of the 575,000 SF Connecticut River Plaza complex, as well as several new leases signed by tenants relocating from the suburbs to downtown contributed to the decline. The article from The Hartford Courant can be found here.

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