Penny Parker
Broker, Lyman Real Estate Brokerage and Development
Industry experience: 30 years

Weekending in Essex introduced Penny Parker to the scenic attractions of the Connecticut River Valley region. After a career as an international flight service manager for TWA based in New York, Parker made the move to Essex in 1989 to begin her career as a real estate agent. The Illinois native founded Westbrook-based Lyman Real Estate Brokerage’s residential division but now specializes in commercial transactions, including representation of developers seeking sites for multifamily projects and residential subdivisions.

Q: How would you rate the overall health of the commercial real estate market in the area and what sectors are generating the most interest from tenants and investors?
A: It’s improved from past years, definitely – even in retail. I think some towns are more progressive than others, for sure, and I know most of the towns around some are very eager for new commercial development, and there are others that I’ve heard companies say they won’t do business with. It really depends on the people in town hall, who encourages or discourages that. I recently contacted the economic development director in Groton and he immediately responded. They want to show you their Opportunity Zones, and the same in Stonington and in New London. It’s the smaller towns that are, sort of, I don’t want to say narrow-minded but they want to protect what’s there and not jeopardize the business of the mom-and-pop stores. They are very anti-big box, especially in Old Saybrook. Years ago, Walmart wanted to go in there and I remember Katharine Hepburn marching against it.

Q: What brought you to Connecticut?
A: I lived in Manhattan for 25 years and I was a weekend person in Essex where I still live, and I’ve always been interested in real estate and commercial real estate in particular. I like the business aspects. The problem with commercial real estate is many times it takes so long to come to the end of the deal.

Q: What was the catalyst for you joining Lyman Commercial Real Estate?
A: In 1990, I met Ron [Lyman]. I was working for a commercial broker in New London for about a year and Ron’s from the eastern part of the state. Ron came to the Westbrook area and developed a shopping center in Old Saybrook. At the time he was assembling his lots for the shopping center, I had commercial property [listed] across the road. He had contacted me about putting a CVS there and we got to know each other.

One of the things I like about Ron is he’s a developer and that’s fascinating to me. After you talk with developers, you get to know what will work for them. There’re always the issues of if it will conform to zoning and environmental conditions and all of that. So, a lot goes into the final end of development, and I find that fascinating. I recently did an apartment project with a developer from Fairfield County in eastern Connecticut. It ended up being a beautiful 52-unit project next to the Essex Steam Train and it took two years.

Q: What percentage of your business is multifamily projects?
A: About two-thirds. The area certainly supports apartments, and that’s the direction of the developers I work with right now. It’s very much in demand. Finding the sites is challenging sometimes. A lot of developers won’t get into an area where there aren’t sewers, and the shoreline, in particular, doesn’t have sewers. I’m working with two separate developers, and you meet with economic development directors and planners in Groton and Stonington and New London because that area is growing because of Electric Boat’s expansion. Developers recognize that. One of them was developing single-family luxury homes before 2008. Condominiums seem to be coming back.

Q: How healthy is the retail sector in your territory?
A: You see a lot of empty retail space. It’s people shopping online, I guess. That’s not my thing. Some people buy their food online. I just don’t get that. You see empty retail in small towns and many times I believe it’s the landlord’s fault for not wanting to do a deal. You have to make a deal and let people get going. When you see empty spaces that haven’t been filled for a year, it’s the fault of the landlord. I live in Essex and it’s not an easy place to do business. You need to give incentives to people who want to do business, or you’re going to have vacant spaces.

Q: Is there steady demand for restaurant space?
A: It’s very healthy. I have four restaurants listed for sale, and they’re all different. The Brushmill by the Waterfall in Chester is quite large, but you won’t find another one like it. It’s got multiple dining rooms, and it sits on a brook with a waterfall. It’s just gorgeous. The owners want to retire to Greece, and I’ve had it for sale for a while. It’s something that somebody really ought to look at. They don’t even do lunch and they do quite well.

Parker’s Five Favorite Places:

• Venice
• Paris
• The Berkshires
• Nantucket
• Essex