688 East Main St., Branford
North Haven-based H. Pearce Commercial Real Estate has been appointed as exclusive leasing agent for 688 East Main St. in Branford.
Listing agents Joel Galvin and Richard Guralnick are marketing between 3,750 square feet and 10,000 square feet to be available upon the completion of phase one. Phase two has begun and will comprise two additional buildings of 36,000 square feet and 32,000 square feet.
The buildings are designed for use by professional service, office and research-and-development users. The landlord, Todd’s Hill Development Corp. is now entertaining leases for both phases of the project.
H. Pearce Commercial Real Estate specializes in Connecticut’s central, south-central, and Shoreline markets, and operates offices in North Haven and Rocky Hill.
$22M Loan Arranged
CBRE/Melody, the real estate investment banking division of CB Richard Ellis, has arranged a $22 million fixed-rate loan for a five-year term with two years of interest only, then a 30-year amortization schedule, on behalf of Talcott III Thousand Oaks Limited Partnership.
The team of Tom Melody and Steve Shumake from CBRE/Melody’s Houston office, Mike Riccio from the company’s Hartford office and Jim Beaty from its office in Memphis, Tenn., were exclusively retained to secure the loan for Thousand Oaks Business Center in Memphis.
“Talcott III Thousand Oaks Limited Partnership purchased the property from Glenborough Properties,” Riccio said. “AEGON USA Realty Advisors provided an aggressive and flexible loan structure that allows for more proceeds as leasing occurs. This was the first deal completed between Talcott and Aegon, and all parties felt that this transaction was efficiently executed.”
Thousand Oaks Business Center is an office park located in East Memphis and is comprised of three 4-story buildings that currently 61 percent occupied. Constructed in 1986, 1989 and 1990, the park totals 420,116 square feet and is located in the heart of the Memphis metropolitan area. Situated near the corner of Perkins Avenue and American Way, Thousand Oaks Business Center is conveniently located just minutes from downtown Memphis, the Memphis International Airport, the Poplar Corridor and the emerging Route 385 Corridor.
CBRE/Melody originates a broad range of debt and equity capital. In 2005, the firm generated $17.8 billion in real estate financing transactions. It currently maintains a servicing portfolio of more than 8,000 loans totaling approximately $65 billion through its affiliate, GEMSA Loan Services. The firm operates offices in 35 major metropolitan markets in North America.
Rhatigan Joins CBC-Scalzo
Richard Rhatigan has Coldwell Banker Commercial-Scalzo Group’s Bethel office as an account executive.
A Stratford resident, Rhatigan is a former contractor who has been investing in value-added properties for a number of years. He said that experience has given him valuable insights into the workings of commercial real estate.
“Scalzo Group is a very ethical and professional organization with strong ties to the community. They represent business excellence, and I am excited to be affiliated with them,” said Rhatigan.
Rhatigan received a grand diploma from the French Culinary Institute and served in the U.S. Marines for four years. He is a member of the CCIM (Certified Commercial Investment Member) Connecticut chapter and is active in a number of civic and charitable organizations.
