Shelton Pointe, Shelton
L.J. Melody & Co., the real estate investment banking arm of CB Richard Ellis, has arranged permanent financing in the amount of $15.8 million for Shelton Pointe in Shelton. The borrower, 2 Trap Falls LLC, purchased the property in June 2004 and opted to refinance in order to lock in today’s low interest rates.
Shelton Pointe is a 5-story, 158,462-square-foot Class A property with a 2-story parking garage. The property occupies 8.8 acres and features a contemporary design with a tan brick exterior and tinted windows. Amenities include an onsite cafe and fitness center.
Tim Harwood and Ron Roth, assisted by Bill Catanzaro of L.J. Melody’s Stamford office, secured funding for the transaction with Citigroup Global Markets Realty Corp.
“This is a well-located Class A office property with over 90 percent occupancy and currently undergoing extensive capital improvements to the lobby, common areas, fitness center and cafeteria,” Harwood said. “Refinancing at a lower interest rate was the main motivation of the owner. Citigroup provided a very competitive loan.”
L.J. Melody & Co. offers a broad range of financing services and funding options through its relationships with numerous lending sources. In 2004, the firm generated $13.3 billion in real estate financing transactions, and currently maintains a servicing portfolio of more than 8,000 loans totaling approximately $60 billion through its affiliate, GEMSA Loan Services. The firm operates offices in 37 major metropolitan markets in North America.
Scalzo Group Brokers Sand Hill,br>
Hal Kurfehs of Coldwell Banker Commercial Scalzo Group of Bethel recently represented TP Properties in its purchase of 12.11 acres located at 266-276 South Main St. in Newtown for $1.35 million. Located adjacent to the 160,000-square-foot Sand Hill Shopping Plaza, the location will become home to Plaza South, which will feature 68,000 square feet of retail space. Expected to open by next summer, Plaza South will include a 4,000-square-foot bank pad, 330 parking spaces and is expected to strengthen the retail hub located along the Route 25 corridor. Phil Sampieri of Coldwell Banker Residential in Trumbull represented the sellers, Mary Sampieri and Shirley Close.
New Haven Building Leased
Branford-based The Geenty Group, Realtors, recently leased 1,000 square feet at 91 Shelton Ave. in New Haven. Arthur J. Randolph, director at The Geenty Group, represented Life Science & Technology Research, a horticulture/plant research company. It is one of many burgeoning biotechnology companies in Science Park and one of the first biotech firms to locate in the newly renovated New Haven Business Center at Science Park. The landlord, The New Haven Business Center, was represented by Glen Greenberg of Levey Miller Maretz.
Ashford Hills Deal Complete
Rick Chozick and Tom Boyle of West Hartford-based Chozick Realty recently completed the sale of the Ashford Hills Apartments in Ashford. The selling price for the 52-unit building located at 95 Varga Road was $3.1 million, or $59,615 per unit. Built in 1969, the 3-story brick elevatored building has been updated within the past five years with remodeled units, replacement windows and a new roof. The unit mix consists of 30 one-bedroom units, 18 two-bedroom units and four three-bedroom apartments on an 11.6-acre site. Located within seven miles of the University of Connecticut’s main campus in Storrs, the property has a significant student population.
