New Britain, CT According to the Connecticut CCIM chapter, Frank Amodio, CCIM and Eric Amodio, CCIM, of Amodio & Co. represented both buyers and sellers on two transactions for a 125,083 s/f office property located at 480 Myrtle St.; a former Stanley Black & Decker office facility.
The first sale, in 2018, traded for $980,000 with the buyer’s intentions of leasing up the vacant office space. Amodio was retained for this assignment, however, the market proved more value in ultimately selling as a residential conversion. After substantial buyer interest, Amodio procured a Connecticut developer who obtained city approvals for a 100-unit residential conversion through the ARUD program. Sale price of $2.5 million also included neighboring parcels for future development. The developer plans to begin conversion in the coming months.
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