Market News

KVT Koenig leases in North Haven CT.

(7/29/2010) According to CoStar, Swiss based KVT-Koenig LLC has signed a long term lease for 17,608 square feet of industrial space at 73 Defco Park Road, North Haven CT. KVT-Koenig is a supplier of sealing plugs and flow control devices.

PC Richard and Son to open stores.

(7/29/2010) According to the Hartford Courant, PC Richard & Son, the Farmingdale NY based electronic retailer, will open its fifth and sixth Connecticut stores in Manchester (August 11) and Newington (August 18).

See attached Hartford Courant article: PC Richard

Windsor Sanitation wins final approvals.

(7/27/2010) According to the Hartford Courant, L&D Realty LLC has received approval from the Town of Bloomfield Planning and Zoning Commission to move forward on the construction of its trash hauling facility at 33 Mucko Road, Bloomfield CT. The final approval appears to clear the way for the company's purchase of the 32 acre site.

See attached Hartford Courant article: Windsor Sanitation

Lego to expand in Enfield CT.

(7/27/2010) According to the Hartford Business Journal, Danish toy maker, Lego Systems will expand its office presence in Enfield CT by 80,000 square feet. Lego will reportedly reoccupy previously vacated company owned space. Lego has confirmed the expansion does not include manufacturing operations.

See attached Hartford Business Journal article: Lego

CT River Plaza sells to NY partnership.

(7/26/2010) CT River Plaza, a 556,000 square foot office complex, has sold to an affiliate of FBE Limited and Cammeby's International. The new owner, who also owns State House Square in downtown Hartford, purchased the property for a reported $6.7 mill. The vacant office building was most recently occupied (then vacated) by United Healthcare. According to Jones Lang LaSalle, the selling agent for the property, FBE Limited and Cammeby's International plans to renovate then lease the building.

Unum Group to relocate in Worcester.

(7/26/2010) As rumored in late 2009, Unum Group has completed the execution of a long term lease to occupy 201,000 square feet of office space at the soon to be constructed CitySquare development in Worcester MA. Unum will relocate approximately 700 employees from its Chestnut Street location. CitySquare is a 2.2 million square foot, mixed-use development on over 20 acres located in downtown Worcester MA.

See attached New England Real Estate Journal article: Unum

Industrial market in recovery.

(7/22/2010) CoStar Group has recently released its State of the Commercial Real Estate Industry Mid-Year 2010 Industrial Review and Outlook report. The report shows the national industrial real estate markets in recovery. While much of the recovery won't be felt until 2011, CoStar reports a net positive absorption of industrial space of 13 million square feet. Additionally the overall vacancy rate reduced from 10.1% to 10%.

See attached summary of report: CoStar Group Report

Commercial real estate prices increase.

(7/20/2010) According to a recent Warren Group report, commercial real estate prices rose 3.6% nationally in May 2010.

See attached SmartBrief article: Warren Group report

EB closes on Pfizer, New London CT facility.

(7/20/2010) The Hartford Courant has reported Electric Boat has closed on the purchase of the former Pfizer, Inc. R&D facility at 50 Pequot Avenue, New London CT. The sale price was not disclosed, however it has been estimated to be in the $55m range.

See the attached Hartford Courant article: EB/Pfizer

Average conference center revenues fall by 43%.

(7/19/2010) According to a recent Colliers PKF Consulting LLC (Philadelphia PA) report, the average annual revenues for conference centers, nationally, has dropped by 43.5%. The average hotel revenues have dropped by 35.4%.

See attached GlobeSt.com article: Hotel and Conference revenues drop

National Waste to relocate to Glastonbury CT.

(7/19/2010) National Waste Associates LLC has reportedly purchased the 15,866 square foot, Class B, office building located at 755 Winding Brook Drive, Glastonbury CT. National Waste, presently located at 88 Long Hill Road, East Hartford, will reportedly relocate to the new location. Sale price was $2,325,000 ($146 psf).

Wyckoff CC under consideration for casino.

(7/19/2010) According to The Republican, Paper City Development is proposing to build a new casino on the Wyckoff Country Club land in Holyoke, MA. The 100 acre site is located just off Route 141 and has exposure to Interstate 91.

See attached The Republican article: Wyckoff CC

First Sonic restaurant to open today.

(7/14/2010) Oklahoma City based Sonic will open its first restaurant in Connecticut Wednesday morning at 10:30 am. Sonic will open its drive-in restaurant on Route 5 in Wallingford CT.

See attached Hartford Courant article: Sonic Drive-In

Office vacancy rate rises.

(7/13/2010) According to CB Richard-Ellis, the region's office vacancy rate has increased to 19.1% in Q2, 2010. This is a 1.6% increase over Q1, 2010. There was a total of 239,000 square feet of office space vacated by tenants in the last quarter.

See attached Hartford Courant article: Greater Hartford Office Vacancy

Pfizer to expand in Singapore.

(7/12/2010) According to The Day (New London CT), Pfizer, who recently announced the closing of its 734,000 square foot R&D facility in New London CT, will be expanding its Singapore operations. Pfizer reportedly plans on a $100m expansion of an existing plant.

See attached The Day article: Pfizer/Singapore

GZA leases in Glastonbury CT.

(7/9/2010) GZA Geoenvironmental, Inc., has reportedly signed a long term lease for approximately 11,820 square feet of Class A office space at 655 Winding Brook Drive, Glastonbury CT. GZA reportedly will relocate their Bloomfield offices to this new location.

Commerce Park, Milford properties sell.

(7/9/2010) Commerce Park, Milford CT, a two building, medical office complex, has sold to a New York investment firm for $13 m. The properties, located at 10-20 Commerce Park and 30 Commerce Park, consist of over 76,000 square feet of medical office space. Smith Craft Real Estate Corp. was the seller of this portfolio.

Coca Cola Bottling buys land in Waterford CT.

(7/9/2010) According to the New England Real Estate Journal, Coca Cola Bottling of Northern New England has purchased 33 acres at 150 Waterford Parkway, Waterford CT for $2.81 mill. The company reportedly plans on constructing an 80,000 square foot distribution center on the site. Herb Chambers of Waterford LLC was the seller.

Oakbridge Insurance relocates in Bloomfield CT.

(7/8/2010) Oakbridge Insurance Services, LLC has reportedly signed a lease for 11,330 square feet of office space at 330 West Newberry Road, Bloomfield CT. Oakbridge is presently located at 580 Cottage Grove Road, Bloomfield. 330 West Newberry Road is a Griffin Land owned property.

CREC signs lease in Windsor CT.

(7/8/2010) Capitol Region Education Council has reportedly signed a long term lease at 10 Targeting Centre, Windsor CT. 10 Targeting Center (the former Advo headquarters) is a multi-story, 51,778 square foot office building owned by The Hinman Company, Portage MI. It is not known what CREC intends to utilize the property for at the time of this release.

Wells Fargo to close CT offices.

(7/7/2010) According to the Hartford Courant, Wells Fargo will reportedly close five of its consumer finance offices located in Connecticut. Those offices are located in East Hartford, Cheshire, Danbury, Orange and Norwalk.

See attached Hartford Courant article: Wells Fargo.

Eppendorf and Enfield swap land.

(7/7/2010) According to the Journal Inquirer, the Town of Enfield CT and Eppendorf Manufacturing Corp. have exchanged acreage, reportedly designed to allow the company to expand operations in town. Enfield and Eppendorf exchanged 9.3 acres each on Freshwater Boulevard. Town documents show that Eppendorf is planning a 132,000 square foot addition to their existing facility.

See attached JI article: Eppendorf

Associated Pallets leases in Chicopee MA.

(7/7/2010) Springfield based pallet company Associated Pallets, Inc. has reportedly signed a lease for 60,000 square feet of warehouse space at 318 Griffith Road, Chicopee MA. It is unknown at this writing if Associated will relocate from its Tapley Road facility or add an additional operation.

CIGNA leases 122,000 sf office lease.

(7/3/2010) According to the CoStar Group, health services company CIGNA has signed a long term lease for 122,000 square feet of office space at 3 Waterside Crossing, Windsor CT. The landlord for the Class A office property is 3 Waterside Crossing Associates, LLC.

The EB effect.

(7/5/2010) While Electric Boat's decision to purchase Pfizer's research and development facility is great news for jobs in southestern Connecticut, it is also great news for the dormant Fort Trumbull project. Yes, you remember Fort Trumbull don't you. Kelo vs the City of New London!

Developer soon to announce plans to construct 80 townhouses on 6.5 acres.

See attached Hartford Courant article: Fort Trumbull

Sikorsky relocating NY facility.

(7/3/2010) According to the Hartford Courant, Stratford CT based Sikorsky Aircraft Corp., a division United Technologies Corp., is relocating its Schweizer Aircraft Corp. commercial helicopter plant in Elmira NY to an existing facility in Coatsville PA. The relocation will affect approximately 400 jobs.

See attached Hartford Courant article: Sikorsky Aircraft

Frito Lay leases 40,000 sf in Waterbury CT.

(7/1/2010) Dallas Texas based Frito Lay has reportedly leased approximately 40,000 square feet of office and warehouse space at 105 Progress Lane, Waterbury CT. The 200,000 square foot facility is owned by 105 Connecticut LLC.

State of MA breaks ground on data center.

(6/30/2010) The State of Massachusetts has broke ground on its new state of the art, $110 million data center in Springfield MA. The facility is being built on the former Technical High School site. The project is planned to take approximately 2 years for completion.

See attached Mass High Tech article: State Data Center

Oakleaf Waste moving to Windsor CT.

(6/30/2010) According to the Hartford Business Journal, East Hartford based Oakleaf Waste Management is relocating to approximately 45,000 square feet of office space at 415 Day Hill Road, Windsor CT. Oakleaf will reportedly relocate approximately 427 jobs from its current location on Connecticut Boulevard in East Hartford. The company is negotiating a $3.0 m grant from the State of CT.

See attached Hartford Business Journal article: Oakleaf Waste Management

eClinicalWorks buys 2 Technology Drive.

(6/30/2010) Electronic medical records software developer, eClinicalWorks,has purchased the 100,000 square foot, office/tech building located at 2 Technology Drive, Westborough MA. eClinicalWorks reportedly plans to renovate the property then consolidate its existing, multiple, leased properties. Purchase price for the New Boston Fund owned property was $4.6 m.

See attached WBJournal.com article: eClinicalWorks

Quaboag Transfer property auctioned.

(6/30/2010) The former Quaboag Transfer Company property in Palmer MA has reportedly been auctioned to Long Island lumber company, Sherwood Lumber. The 50,000 square foot, 66 acre property, located at 25 3rd Street, is under contract for $2.6 m.

See attached The Republican article: Sherwood Lumber

Green Garage Consultants signs lease.

(6/29/2010) Green Garage Consultants LLC, a company involved in the building and retrofitting of parking properties, has reportedly signed a long term lease for 8,000 square feet of Class C office space at 750 Main Street, Hartford CT. Green Garage will reportedly occupy the long vacant "mezzanine space" on the second floor of the downtown office building.

Guida expanding New Britain operations.

(6/25/2010) According to the Hartford Business Journal, Guida's Milk & Ice Cream Company is expanding its Park Street, New Britain CT operations. Guida will reportedly expand its plant at 433 Park Street by 25,000 square feet.

See attached HBJ article: Guida

Aliquant Corp. buys in Woodbridge CT.

(6/24/2010) Milford CT based Aliquant Corp. has purchased a 49,965 square foot office building at 1764 Litchfield Turnpike, Woodbridge CT. This three story office building is located in the Woodbridge Corporate Park. Reported purchase price was $5.07 mill.

Springfield Civic Center parking garage for sale.

(6/23/2010) According to The Republican, the Springfield Parking Authority has placed the Springfield Civic Center parking garage on the market for sale. The authority is accepting bids on the 1,232 space garage, built in 1971, beginning on August 17th.

See attached article: Springfield Parking Authority

MDC buys Bow Tie Cinema property.

(6/23/2010) According to The Hartford Courant, the Metropolitan District Commission has recently purchased the property located at 235 Brainard Road, Hartford CT. Purchase price for the 16,000 square foot, 4.28 acre, retail property was $2.0 m. Bow Tie Cinemas plans on relocating to New Park Avenue, Hartford.

Port Authority takes over Worcester Regional

(6/23/2010) According to the Associated Press, the Massachusetts Port Authority has signed an agreement to take over the operations of the Worcester Regional Airport, beginning July 1, 2010. Mass Port Authority, which also runs Logan International Airport, reportedly paid $17 m.

Blu Homes opens in East Longmeadow MA.

(6/23/2010) Blue Homes, a Waltham MA based manufacturer of "green", modular homes, has opened its doors and plans on producing its first three modular homes by next week. As previously reported by Sentry Commercial, Blu Homes signed a lease for approximately 80,000 square feet at 330 Chestnut Street. According to The Republican, Blu Homes employs 15 people at its East Longmeadow facility.

See attached The Republican article: Blue Homes

ReStore buys former Steigers warehouse.

(6/23/2010) ReStore Home Improvement Center has purchased the former Steigers warehouse property at 83-95 Warwick Street, Springfield MA. Springfield MA based ReStore, which sells reused materials for home improvements, purchased the 57,000 square foot, 1.59 acre, multi story warehouse for $580,000. ReStore reportedly plans on relocating from its Albany Street facility.

See attached The Republican article: ReStore Home

New England Sheets leases 162,000 sf.

(6/23/2010) New England Sheets, a consortium of independent box manufacturers, has recently signed a lease for 162,000 square feet of high bay warehouse space in the Devens Industrial Park at 36 Saratoga Boulevard, Devens MA.

See attached GlobeSt.com article: New England Sheets

EB to buy Pfizer facility.

(6/22/2010) According to the Associated Press, General Dynamics Groton CT based Electric Boat will purchase the Pfizer, Inc. research and development facility at 50 Pequot Avenue, New London CT. The submarine manufacturer will reportedly place its own research and development operations in the 734,000 square foot facility. EB plans on hiring 700 additional employees. The State DECD has reportedly committed to giving EB $15 m for this expansion.

Prometheus Research leases in New Haven CT.

(6/19/2010) New Haven based web based data managment company, Prometheus Research, has signed a long term lease for 11,720 square feet of office space at 55 Church Street, New Haven CT. 55 Church Street is an eight story, 93,000 square foot office building located New Haven's CBD.

State of CT gives $3.0m grant to Frito-Lay.

(6/17/2010) The State of CT has awarded Frito-Lay a $3.0 m grant for its Killingly CT operations. The grant is part of $66 million project that includes a 100,000 square foot expansion of Frito-Lay's Killingly facility, expansion if its waste water treatment facility and retention of at least 500 jobs.

See attached Hartford Courant article: Frito-Lay

Worcester Outlet Mall ready for demolition.

(6/17/2010) According to a recent article in GlobeSt.com, Berkeley Investments has divested half of its investment in the Worcester Outlet Mall downtown redevelopment project to Hanove r for $5.0m. The divestment reportedly positions the property for the demolition of the mall.

See attached GlobeSt.com article: Worcester Outlet Mall

WMG to add buildings in Suffield CT.

(6/15/2010) Suffield CT based producer of in-store signage and marketing communications programs, Windsor Marketing Group, is reportedly prepared to begin developing its property on Route 75 in Suffield CT. WMG plans to build four colonial style office buildings on its 35 acre property.

See attached Hartford Courant article: Windsor Marketing Group

Armed Forces breaks ground on Reserve Center.

(6/11/2010) According to a WFSB press release, the National Guard and Army Reserves has broke ground on its 164,000 square foot Reserve Center, being constructed on 42 acres at Cucia Park in Middletown CT. The new $51.5 m facility (being built by KBE Ventures of Farmington CT) will include a 35,000 square foot organizational maintenance shop and an additional 3,900 square foot separate storage building.

See attached WFSB press release: WFSB/National Guard

Gerber Scientific space might be tough to lease.

(6/10/2010) See attached Hartford Courant article on the challenges Gerber Scientific faces in their attempt to lease their South Windsor CT facilities: Gerber Scientific

PC Richard buys Manchester CT property.

(6/10/2010) NY based electronic retailer, PC Richard, has recently purchased the former Circuit City property in Manchester for a reported $3.75 mill. PC Richard plans to move into the 42,600 square foot building, located at 230 Hale Road, in mid-August 2010.

115 Park Avenue, East Hartford CT on market.

(6/4/2010) 115 Park Avenue, East Hartford CT, formerly occupied by Southshore Enterprises, has recently been placed on the market for lease at $3.50 psf, nnn. The 157,267 square foot building, which features 22'-27' clear height, 16 dock doors and active rail, is located on approximately 7.2 acres. Sentry Commercial and Hart Corp. represent the landlord, WE 115 Park LLC.

Gerber Scientific to move HQ to Tolland CT.

(6/3/2010) According to the Journal Inquirer, South Windsor CT based automated equipment manufacturer Gerber Scientific will relocate its headquarters to Tolland CT. Gerber presently has 60 employees at its Kelly Road facility and will relocate all of those employees to its Gerber Technology building located on Industrial Park Road West.

See further details in the attached Journal Inquirer article: Gerber Scientific

Greater Hartford Arts Council to relocate.

(6/3/2010) The Greater Hartford Arts Council has reportedly signed a long term lease for 6,156 square feet of Class A office space at 100 Pearl Street, Hartford CT. They will reportedly be relocating from their present location at 45 Pratt Street in September.

Citigroup to close 320 lending offices.

(6/3/2010) Citigroup has announced it will close 320 lending offices throughout the country and layoff up to 600 people. Citigroup has confirmed that it will close 9 offices in Connecticut (Enfield, North Haven, Rocky Hill, Derby, Norwich, Torrington, Bloomfield, Newington and Brookfield).

See attached Hartford Courant article for further details: Citigroup