June 5, 2017
Deal Watch

N. Britain apt. pair with 64 units sold for $4.48M

PHOTOS | Contributed/Loopnet
PHOTOS | Contributed/Loopnet
(Top left) College West Apartments, 499 Allen St., New Britain. (Top right) Central Townhouse Apartments, 608 Allen St., New Britain. (Bottom left) Artist’s sketch of proposed building at 111 Phoenix Crossing, Bloomfield. (Bottom right) 2882 Main St., Hartford.

A pair of New Britain garden-style apartment communities recently sold for a combined $4.48 million, or $70,000 per unit, brokers say.

New York investor Up Realty LLC bought the 42-unit Central Townhouse Apartments located on about 1.83 acres at 608 Allen St., and the adjacent 22-unit College West Apartments on about 0.6 acres at 499 Allen St., from seller Allen Street Ventures LLC, said seller's broker Chozick Realty, which brought Up Realty to the deal table.

Chozick officials said the appeal of New Britain's housing market was reflected in the multiple purchase offers the seller received for the buildings.

The latest sale is the second for the pair since 2014, when Chozick said it also brokered that transaction.

Located in the shadow of Central Connecticut State University, both apartments have a mix of one-, two- and three-bedroom units.

All are about 900 square feet in size.

Central Townhouse features many interior upgrades, including remodeled kitchens with cherry cabinets, granite countertops and renovated bathrooms, Chozick said. Other recent improvements include new laundry rooms and new high-efficiency central gas boilers.

At College West, improvements in recent years include remodeled kitchens and a new central heating system.

$400K Bloomfield sale

A 5.56-acre Bloomfield commercial parcel has sold for $400,000 to a buyer who plans a 30,000-square-foot industrial building on the land in the shadow of Amazon's sprawling fulfillment center.

River Bend Development CT LLC sold 111 Phoenix Crossing to G Laz Realty LLC, according to buyer's broker Sentry Commercial. Griffin Industrial Realty Inc. represented River Bend in the sale.

G Laz has received approvals to erect the building, which will have up to 22,500 square feet of leasable space with a $7.25 per square foot monthly rent, Sentry said. It will feature eight drive-in doors, four docks, 23-foot clear heights and ample parking.

Hartford industrial available

A vacant industrial-office building in Hartford's North End has 6,000 square feet available for lease, brokers say.

The two-story building on 5 industrial-zoned acres at 2882 Main St., at the corner of Windsor Street, was previously leased to Pagnelli Construction and the Metropolitan District Commission, the regional water-sewer utility, said lease broker Michael Ricci Realty. The space was used for equipment storage among other uses.

Built in 1940, Hartford Bindery was the main tenant for years, the broker says. The building is wired for phone/internet services, has central air conditioning and conference areas and individual offices on both floors. Ten parking spaces are in the rear.

Monthly rent is $5 a square foot, with the first two months free. Oil heat, electricity and water/sewer are the tenants' responsibility.

Deal Watch wants to hear from you. E-mail deals along with contact information to: gseay@HartfordBusiness.com.

Gregory Seay is the Hartford Business Journal News Editor.

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