Following weeks of negotiation, Al J Britt Enterprises, LLC of Hackensack, N.J. has acquired 617 Park St. The 24-unit mixed-use property was previously owned by the Broad Park Development Corporation, a Hartford-based not-for-profit organization. The deal is worth over $1 million.
Nebolisa Ajide of Executive Real Estate of Glastonbury represented the buyer with Chozick Realty of Hartford acting on behalf of the seller. Financing for the project was provided by Peoples United Bank.
Speaking after the closing, company president Benny Pough said Hartford is an exciting market for real estate investors. He said the acquisition of the Park St. property would strengthen his company's hands in the Hartford market.
"You don't get a better return anywhere else. It (Hartford) is the best buy in the country," Pough said.
Al J Britt Enterprises, LLC has been investing in the city since 2000. It operates several properties in N.Y., N.J., Fla. and Ill.