Northeast Real Estate Business

NOV-DEC 2015

Northeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Northeast United States.

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Page 26 of 64

26 • November/December 2015 • Northeast Real Estate Business C O N N E C T I C U T & R H O D E I S L A N D SENTRY COMMERCIAL ARRANGES 33,000 SF INDUSTRIAL LEASE BRISTOL, CONN. — Sentry Commer- cial has arranged the lease of 33,000 square feet of industrial space at 360 Minor St. in Bristol. Benjamin Interna- tional, a wholesale import, manufac- turing and design company, is relocat- ing from its 16,000-square-foot facility at 125 N. Benson Road in Middlebury, Conn. The relocation and expansion of the tenant to the 208,000-square- foot industrial complex is expected to bring more than 30 new jobs to the area. ALLIED PROPERTY GROUP ARRANGES $8.4 MILLION OFFICE BUILDING SALE GREENWICH, CONN. — Allied Prop- erty Group has brokered the sale of an offce building located at 88 Field Point Road in Greenwich. Field Post Associ- ates LLC acquired the 11,300-square- foot property for $8.4 million from Fairstone Properties LLC. Thomas Torelli of Allied Property Group repre- sented both parties in the transaction. BRADY SULLIVAN AND ANAGNOST TO CONVERT FORMER OSRAM SYLVANIA PLANT TO RETAIL USE MANCHESTER, N.H. — Brady Sullivan Properties and Anagnost Cos. have purchased the former Osram Sylvania Plant on South Willow Street in Man- chester. The two Manchester-based companies will redevelop the location from an industrial building to Class A retail space. This multi-retailer space will total approximately 300,000 square feet, with an anchor space of 50,000 square feet, and will include ample parking. This project will bring both jobs and approxi- mately $1.5 million in tax revenue to the city after its completion in late 2016. NAI NORWOOD GROUP BROKERS $1.5 MILLION SALE OF FORMER CHESTER COLLEGE IN NEW HAMPSHIRE CHESTER, N.H. — NAI Norwood Group has arranged the sale of the former Chester College of New England in Chester. Busch International acquired the asset for $1.5 million. The property consists of four buildings, totaling 50,000 square feet, of dining, classroom, library and dorm room space. The buyer plans to seek accreditation from the State of New Hampshire and reopen the school, which closed in May 2012, as a private school. Slated to open in May 2016, the property will house and serve approximately 200 students in grades 7-12. Karl Norwood, Chris Norwood and John Hoben of NAI Norwood represented the undisclosed seller in the transaction. NEDDE REAL ESTATE BROKERS 9,025 SF OFFICE LEASE WILLISTON, VT. — Nedde Real Estate has brokered an offce lease in the Hill- side East subdivision of Williston. Cognizant Technology Solutions has inked a deal to occupy 9,025 square feet of offce space at the property. Grant Butterfeld of Nedde Real Estate represented Cognizant in the transaction. Cognizant is an American multinational corporation that provides custom information technol- ogy, consulting and business process outsourcing services. Terms of the lease and the name of the landlord were not released. CBRE/THE BOULOS COMPANY ARRANGES TWO TRANSACTIONS IN MAINE PORTLAND AND AUBURN, MAINE — CBRE|The Boulos Company has ar- ranged two transactions in Maine. In the frst transaction, Wayne Enterprises LLC has acquired a retail and offce investment property at 622-624 Congress St. in Portland. The 21,112-square-foot property is currently occupied by United States Postal Service and Mercy Hospital. The seller was Stone Coast Properties LLC. Joe Porta of CBRE|The Boulos Company arranged the transaction. In the second transaction, CEVA Logistics signed a lease for 47,000 square feet of in- dustrial space at 55 Logistics Dr. in Auburn from Gendron & Gendron Inc. Craig Young and Chris Paszyc of CBRE|The Boulos Company arranged the transac- tion. The terms of the transactions were not released. CBRE/NE COMPLETES SALE OF 310,000 SF FORMER MILL BUILDING IN NEW HAMPSHIRE NASHUA, N.H. — CBRE/New England has brokered the sale of a former mill building located at 34 Franklin St. in Nashua. Lofts 34 LLC, a Brady Sullivan company, purchased the 310,000-square-foot property for an undisclosed price. The former paper mill is located within Nashua's Riverfront West develop- ment project, which is being redeveloped into a pedestrian-oriented, mixed-use neighborhood. Mike Tamposi of CBRE/NE represented the undisclosed seller in the transaction. The buyer has not announced what it plans to do with the property yet. N O R T H E R N N E W E N G L A N D CBRE ARRANGES $51.4 MILLION IN FINANCING FOR 250-UNIT MULTIFAMILY DEVELOPMENT IN CONNECTICUT GLASTONBURY, CONN. — CBRE Capital Markets' Debt & Structured Fi- nance team has arranged $51.4 million in debt and equity for the development of Flanagan's Landing, a 250-unit mul- tifamily complex located in Glaston- bury. The $36.5 million construction loan, which was provided by Wells Fargo Bank, carries a three-year term plus a mini-perm at a market spread over LIBOR. A private institutional investor contributed equity in excess of $14 million. The developers will convert a historic mill into a 250-unit apartment community featuring ga- rages, an electric car charging station, carport parking, ftness center, billiards cyber-lounge, a heated in-ground salt water pool, picnic and sundeck areas. In- unit amenities include washers and dryers and top-of-the-line fnishes. Addi- tionally, Flanagan's Landing will include 6,150 square feet of commercial space. Mike Riccio, Susan Larkin, Anna Pfau and Kyle Juszczyszyn of CBRE placed the debt and equity on behalf of a joint venture between Lexington Partners and a private equity frm. ALLIED PROPERTY GROUP BROKERS $13.5 MILLION SALE OF MIXED-USE BUILDING IN CONNECTICUT GREENWICH, CONN. — Allied Property Group has arranged the sale of a mixed-use building located at 125 Greenwich Ave. in Greenwich. JENN Realty sold the property to an undisclosed buyer for $13.5 million. The three-story building features 16,000 rentable square feet. Thomas Torelli of Allied Property Group represented the seller, while Goldschmidt Associates represented the buyer in the transaction. Flanagan's Landing will feature 250 apartment units, a ftness center and a heated salt-water pool, among other amenities.

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