Farmington Hills Apartments, New Britain
Steve Witten and Victor Nolletti of Marcus & Millichap Investment Real Estate Services of New Haven recently brokered the $13.35 million sale of the Farmington Hills Apartments, 300 residential units located at 1230 Stanley St. in New Britain.
Farmington Hills Apartments consists of 300 one-, two- and three-bedroom apartments in 75 2-story masonry and frame buildings (four units per building) situated on a 20.35-acre parcel. Apartments feature wall-to-wall carpeting, private front and rear entrances, fully applianced kitchens, tiled bathrooms, mini-blinds and intercom/remote entry systems. The property includes abundant off-street parking, tenant storage facilities, 24-hour maintenance, laundry facilities, a playground and garden- or townhouse-style units. Heat is provided by individual gas furnaces for each unit. The roofs were replaced approximately four years ago. Hot water is provided by individual gas-fired heaters.
The New Britain apartment market is currently experiencing a rise in rents as tenants are looking at New Britain as offering “rent relief” over some of the higher-priced rents in the surrounding communities.
The seller of Farmington Hills was Farmington Hills Assoc., which was represented in the transaction by Denise Day of Philadelphia-based Klehr, Harrison, Harvey, Branzburg & Ellers, and the buyer was Tic, Tac, Toe LLC, which was represented by Mark Pagani of Pagani, Kearns & Karlson in Wethersfield.
Park Portfolio Sold
Jeffrey Dunne and Patrick Bisceglia of CB Richard Ellis’ New York Tri-State Investment Team collaborated with John McCormick, Patrick Mulready and Robert Botters of CBRE’s Hartford office to represent Crown Griffin LLC, an entity controlled by Crown Properties, in the sale of the Griffin Office Park Portfolio for $30.25 million. The team also was responsible for procuring the buyer, Vision Equities.
The Griffin Office Park Portfolio, located in Windsor, is comprised of five Class A office buildings prominently situated at the heart of the Griffin Office Center, a 600-acre, award-winning, master-planned business park with over 1.5 million square feet of commercial development. The five properties – 4, 6, and 8 Griffin Road North, and 1 and 2 Waterside Crossing – comprise a total of 374,848 square feet and occupy a combined land area of about 39 acres in a lakeside setting. The portfolio’s location approximately eight miles north of downtown Hartford offers regional access to Bradley International Airport, the second-largest and second-busiest airport in New England, located two miles to the north; and Interstate 91, New England’s major north-south arterial highway, located three miles to the east.
At the time of the sale, the portfolio was 85.3 percent leased to 18 tenants including the U.S. Postal Service, ABB Inc., Hartford Fire Insurance Co., Great American Insurance Co. and Infinity Insurance Co.
“Vision Equities has acquired a portfolio of prime buildings that are located within the finest business park in the North Hartford office market with a roster of institutional quality credit tenants that account for over 56 percent of the current occupancy,” Dunne said.
The CB Richard Ellis New York Tri-State Investment Team specializes in the sale of investment properties in the suburban markets surrounding New York City and in select regional markets throughout the country. The team closed sales in excess of $1.3 billion in 2004 and $2.5 billion in 2005. Recent sales include the Eagle Road Shopping Center in Danbury ($59.3 million); Mount Kemble Corporate Center in Morristown, N.J. ($56.7 million); River Hill Tower in Yonkers, N.Y. ($52.3 million); and 9 Entin Road in Parsippany, N.J. ($26.8 million).
