Queen Bee Plaza, Southington
Tremont Realty Capital recently structured financing for the acquisition of Queen Bee Plaza, a 65,752-square-foot multi-tenant retail property in Southington. Major tenants include Ocean State Job Lot and a local health club. Stephen Henderson, a senior director with Tremont’s Hartford office, arranged the $3.75 million loan, which was funded through a regional bank. The three-year, non-recourse loan provided for roughly 78 percent loan-to-value with a floating interest rate. The property was 81 percent occupied at the time of closing.
“The borrower looked to Tremont to structure a loan that would both maximize proceeds and maintain flexibility, which was important given the vacancy on the property,” Henderson said.
Tremont Realty Capital is a national direct lender and real estate investment-banking firm headquartered in Boston, with offices in Hartford, New York, Chicago, Maryland, Virginia and Arizona. Through its principal and advisory operations, the firm engages in debt and equity placement, direct investment and institutional advisory services.
DPM Hartford Hires Patton
Diversified Project Management, a New England owners representative firm providing programming, project management, construction administration and move-planning services, has hired Robert J. Patton at the firm’s Hartford office as senior project manager.
In his new role, Patton will manage a variety of the firm’s project management and move management projects. He will also oversee ongoing facilities operations and space-planning initiatives for the firm’s clients.
“Bob’s mechanical expertise and his strong construction background make him a great fit for our firm,” said Chuck Pinckney, president of Diversified Project Management’s Hartford office. “We’re happy to have him on our project management team.”
Patton brings more than 18 years of mechanical installation and construction project management experience to Diversified. Prior to joining the firm, Patton worked at Firesafe Systems Firestopping, a contracting company that installs firestop systems exclusively in the building construction industry, one of only 13 in the nation to be granted Factory Mutual approval. He was also president of his own mechanical installation company, R.J. Patton Co., which grew from a start-up to a $7 million company under his leadership.
Patton holds a bachelor’s degree in mechanical contracting technology from Kean University in Union, N.J.
Geenty Brokers Gando Sale
The Geenty Group, Realtors, recently brokered the sale of 100 Gando Drive in New Haven to Olive & Water Street Assoc., an affiliate of The Star Supply Co., for approximately $5.6 million. Arthur J. Randolph of Fairfield, director of The Geenty Group, represented both the buyer and the seller, Normot LLC, in the transaction.
The property on New Haven’s northern gateway is the largest facility in the city-developed Middletown Avenue Industrial Park, located directly on Interstate 91 between Exit 8 and the North Haven town line. Originally built for G & O Industries in 1980, the 160,000-square-foot light industrial facility sits on 11 acres.
Maretz Handles Milford Deal
Levey Miller Maretz was the sole real estate agency involved in the sale of a 54,000-square-foot commercial building at 1770 Boston Post Road in Milford, which recently sold for $2.7 million.
Fred Maretz represented the seller, 1770 Boston Post Road Assoc., and William Silverman represented the buyers, Corner Properties 3 and Devonshire Assoc.
