100 South Turnpike Road, Wallingford
Arthur J. Randolph, director at The Geenty Group, Realtors, in Branford, represented the landlord in the recent long-term lease of 2,500 square feet of space at 100 South Turnpike Road in Wallingford, better known as the Oakdale Professional Park.
Randolph represented the landlord, Ichiban Properties, in the transaction. The tenant is The Quinnipiac Chamber of Commerce, which was represented by Albert Scafati of Press/Cuozzo Realtors. Robin Wilson, president of The Quinnipiac Chamber, noted that the organization is celebrating its 90th anniversary this year.
The Oakdale Professional Park, a 64,000-square-foot office park for business and professional offices, will serve the Quinnipiac Chamber well for years to come with its convenient location and ample parking, according to officials.
Industrial Site Purchased
An 80,000-square-foot, multi-tenant industrial/flex property located at 57 Dodge Ave. in North Haven was recently sold for nearly $3.8 million. Steven Inglese of the New Haven Group marketed and sold the property on behalf of the seller, The Hurley Group. Ted Schaffer of Press/Cuozzo Realtors represented the buyer, a New York-based investor. The buyer purchased the property as part of a 1031 tax exchange.
The multi-tenant facility on 5.1 acres is located in the Wharton Brook Industrial Park near the Wallingford/North Haven town line. The property was fully leased at the time of sale with the anchor tenant, North Fork Bank, occupying 60 percent of the facility on a long-term lease. Ulbrich Steel and Jet Process were the two other tenants in the building. Uses in the property include storage, light manufacturing and office space. The building was built in 1965 and includes 20,000 square feet of mezzanine space.
The New Haven Group is a commercial real estate service firm focused on the sale of income-producing property throughout Connecticut.
Parcel Sold in Mass.
Marcus & Millichap Real Estate Investment Brokerage Co., the nation’s largest real estate investment brokerage firm, recently brokered the sale of a 98-acre parcel in Lynnfield, Mass., for $12 million.
Victor Nolletti, Steve Witten and Edward Jordan of Marcus & Millichap’s New Haven office, along with Andrew Jordan and Demosthenes Mekras of the firm’s Miami office, represented the seller in the transaction. Nolletti, Witten and Edward Jordan secured the buyer.
The seller was a private trust and the buyer was the town of Lynnfield, Mass.
“A comprehensive marketing process generated numerous offers from both private and institutional developers looking to seek approvals for Â… condominium or multifamily development,” said Nolletti. “In the end, however, the town of Lynnfield was able to structure an as-is purchase of the property to preserve open space and/or control the eventual development of the site.”
The parcel comprises 44 acres of upland currently known as Lynnfield Center Golf Course and 54 acres of wetlands that form part of the adjacent flood plain district called Reedy Meadow.
Mortgage Placed on Retailer
Houlihan Parnes/iCap Realty Advisors recently placed an institutional first mortgage of $1.05 million on a 6,000-square-foot retail taxpayer located in the Strawberry Hill Shopping Center at the corner of Strawberry Hill Road and Route 1 in Norwalk. The building contains three retail tenants in a shopping center anchored by Marshalls, Blockbuster Video and Staples.
The loan closed at par with an interest rate of 5.91 percent fixed for a term of 10 years on a 30-year payout. The lender charged no fee and was represented by Brown-Raysman in Hartford. The lender did not require any escrows. Jerry Houlihan negotiated the transaction.
