141 South St., West Hartford
The West Hartford Commerce Center was sold last week to Block and Kahan Properties for $4.5 million. The buyer is a New Haven-based development and investment firm.
The 113,500-square-foot industrial/flex property, which is located at 141 South St. in West Hartford, was sold by an entity owned by the Geometry Group, a New York-based investment fund. Geometry had owned the property since 1998. At the time of sale, the property was 95 percent leased.
Built in 1989, the building has been called one of the premier flex properties in West Hartford and has a strong tenant roster leased to such organizations as The Hartford Courant, Pittsburgh Plate Glass and the state of Connecticut, among other regional and national tenants. The multi-tenant building is leased predominantly to service-sector companies operating throughout the region with a need for office and warehouse uses.
Steven Inglese, principal of the New Haven Group, represented the buyer in the transaction. Don McLauglin, president of Windsor Management, represented the seller. Windsor Management was also the property manager on behalf of Geometry Group.
The deal is the second asset disposition that Inglese and McLauglin have collaborated on with Geometry Group. In 2004, Inglese represented Geometry Group in the sale of a 120,000-square-foot office building in downtown New Haven and McLauglin’s company was also the property manager for that asset.
CBIA Lauds Legislators
The Connecticut Business & Industry Association says state legislators delivered on their promise to focus this year’s legislative session on creating jobs in the state by passing several pro-growth bills that will help improve the state’s economy.
The bills include the phase-out of a property tax on manufacturing machinery and equipment, the elimination of a 15 percent corporate tax surcharge in 2007, a $2.3 billion plan to improve the state’s transportation system, and several initiatives to improve education and workforce training programs.
“The session began with the governor and all four legislative caucuses identifying economic growth and job creation as their top priorities. We applaud them for working together in a bipartisan manner to pass legislation that will encourage economic growth and job creation in Connecticut,” said John R. Rathgeber, CBIA president and chief executive officer. “The challenge going forward is to build on this year’s success and to keep our economic competitiveness a top priority.”
CBIA officials said the business community especially appreciates that Gov. M. Jodi Rell and legislative leadership tackled one of the biggest issues facing Connecticut manufacturers: the property tax on manufacturing machinery and equipment.
“Senate President Pro Tem Don Williams was instrumental in securing passage of this bill, which phases out a significant deterrent for manufacturers to locate or expand their operations in Connecticut, and increases prospects for job growth in the state,” said Joseph F. Brennan, CBIA senior vice president of public policy.
“While Connecticut is still a high-cost state, phasing out the property tax on manufacturing machinery and equipment puts Connecticut on a more level playing field with our neighboring states,” added Rathgeber.
Another action taken by lawmakers this year to help spur job growth is the elimination of the 15 percent corporate tax surcharge for 2007. Proposed by the governor, passage of the surcharge elimination was helped by the support of Senate Republican Leader Lou DeLuca and House Republican Leader Bob Ward.
“The support shown by the governor and the Republican leaders on the surcharge issue will help improve business confidence and the state’s economy,” said Rathgeber.
