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Cushman & Wakefield arranges $9 million sale
of 605,502 s/f asset
July 21, 2023
Windsor, CT Cushman & Wakefield has arranged the sale of 175 Addison, a 605,502 s/f industrial/research and development and office asset. The final sale price was $9 million. Cushman & Wakefield’s Matt Torrance, Joel Grieco, Damon Bowers, Al Mirin, Kate Schwartz, Sean Duffy and Timothy D’Addabbo represented the sellers in the transaction and also procured the buyer
NEPCG completes $8.1 million sale of the Brook & Middle Portfolio
July 21, 2023
Bristol, CT Northeast Private Client Group (NEPCG) has completed the sale of the Brook & Middle Portfolio, multifamily investment properties. Senior vice president Brad Balletto and senior associate Bob Paterno represented the seller and procured the buyer in the transaction.
Press/Cuozzo completes two transactions totaling $865,000
July 21, 2023
Hamden, CT Stephen Press, SIOR, co-principal of Press/Cuozzo Commercial Services, has completed the sale of the following properties: • 2524 & 2536 Dixwell Ave., a 1,900 s/f commercial building set on .64 acres in Hamden, was sold on July 6th at $450,000 with Press representing the ownership/seller, TCE Holdings, LLC. The buyer, 2524 Dixwell, LLC, was represented by Renee Stevens.
Marcus and Millichap brokers sale of two properties totaling 84,698 s/f
July 21, 2023
New Britain, CT Marcus & Millichap completed the sale of The Bleu, a 63-unit multifamily property in New Britain and 11 Forest St., a 16-unit 15,312 s/f apartment property in Stamford. “New Britain continues to be an excellent alternative to the more affluent surrounding municipalities,” said Eric Pentore, senior vice president investments.
Hird of O,R&L completes two land sales totaling $6 million on Washington Avenue
July 21, 2023
North Haven, CT Frank Hird of O,R&L Commercial has completed two land sales on Washington Ave. 405 Washington Ave. consists of 3.3 acres and 417-425 Washington Ave. consists of 9.1 acres. The properties are directly adjacent to the new Amazon fulfillment center that was built in 2019 on a 168-acre site and are in close proximity to many national auto dealerships and retail establishments including Big Y supermarket.
Fields Grade and Alpine Residential complete development of The Hazel Stamford
July 21, 2023
Stamford, CT City officials, business leaders and other dignitaries formally marked the arrival of The Hazel Stamford, a new luxury rental building in the city’s Harbor Point neighborhood developed by Fields Grade Development and Alpine Residential. Mayor Caroline Simmons recently joined development principals from Fields Grade and Alpine Residential for the ceremony which took place on the seven-story building’s outdoor landscaped deck.
McNaught joins LeftField as senior project manager
July 21, 2023
Boston, MA LeftField has hired Jon McNaught as senior project manager. In this role, McNaught is responsible for managing the planning, design, and construction of lab projects on behalf of owners and developers. Prior to joining LeftField, he managed a wide range of R&D and cGMP manufacturing projects in the life
Nohrden and Jacob of Burgess Properties, LLC
broker $3.23 million sale with Cabot & Co.
July 21, 2023
Malden, MA Burgess Properties, LLC has brokered the sale of 344 Eastern Ave. for $3.23 million. The 11,760 s/f building on 0.51 acres, features a combination of showroom, office, and warehouse space. For decades it had been occupied by a tile retailer and wholesaler – previously as Smethurst Tile and most recently as Genrose Stone and Tile.
Alta Construction Equipment leases 13,592 s/f in two buildings for $2.209 million
July 21, 2023
Berlin, CT Alta Construction Equipment New England, LLC has leased 13,592 s/f in two buildings on approximately 4.3 acres at 1897 Berlin Tpke. for 10 years from landlord 1897 Berlin Turnpike, LLC for $2,208,900. Alta began in 1984 with a single location in Detroit. Since then, Alta has grown to 62 locations throughout the Midwest, Northeast, and Florida.
O’Brien Commercial Properties sells 5+ acres in downtown Marlborough to Wood Partners
July 21, 2023
Marlborough, MA Eric O’Brien, president of O’Brien Commercial Properties, negotiated the sale of a full city block along the North Side of Lincoln St. from Mechanic St. to the new bicycle path.
ARCO partners with Winstanley Enterprise to
complete 501,500 s/f cold storage facility
July 21, 2023
Enfield, CT ARCO National Construction (ARCO) partnered with Winstanley Enterprises to complete a 501,500 s/f cold storage facility for end-users Agri-Mark and Eppendorf. Agri-Mark, a premier dairy farmer cooperative in the Northeast, occupies 260,500 s/f of the facility, with the remaining portion occupied by Eppendorf
MP Boston signs 138,000 s/f office lease with Deloitte at Winthrop Center
July 21, 2023
Boston, MA According to MP Boston, the local arm of the international developer Millennium Partners, one of the largest professional services organizations, Deloitte, has signed a lease for 138,000 s/f of office space at Winthrop Center, a 691-foot mixed-use tower that has an ultra-energy efficient Passive House office component.
DiPrete Engineering promotes Carr, Burnett and Guglielmo to principals
July 14, 2023
Cranston, RI DiPrete Engineering has promoted Brandon Carr, PE, LEED AP, Gregg Burnett and Sheryl Guglielmo to principals at the firm. Carr has been an integral part of the DiPrete team for 15 years and has played a significant role in client development and project success. In his new role, Brandon will be responsible for helping to shape the overall direction of the firm to bring greater value to our clients and team members.
Gearing up for REFA’s summer programming
July 14, 2023
Boston, MA On Tuesday, June 20th, at 101 Seaport Blvd., PwC and REFA hosted Perspectives on CRE Valuation in an Uncertain Environment. The panel was moderated by Andrew Alperstein, real estate partner, PwC. Industry experts, Sara Cassidy, managing director, AEW;
A little at a time: Structuring an installment sale - by Kyle Kadish
July 14, 2023
Real estate investors maintain an outsized portion of benefits through the Internal Revenue Code versus nearly any other U.S. taxpayer. These opportunities exist through both the operation and eventual liquidation of real property. Even with the multiple options available to investors, many often become paralyzed, refusing to sell at
Halfway to 2024, but we’re not out of 2023 yet - by Brett Pelletier
July 14, 2023
There was a time that the city was quiet for July and August…then just August…now, it’s busy all summer long. The financial markets aren’t taking the summer off, that’s for sure. The stock market has been riding the proverbial teeter-totter with good days and bad, reactions and preemptions.
Real estate development process: A slippery slope, made steeper - by Daniel Calano
July 14, 2023
A recent March 2023 McKinsey and Company report indicates that real estate developers are pausing, or even canceling, development projects that were otherwise ready to go. In some cases, projects already under construction have been stopped.
Is it time for appraisers to start making downward market condition adjustments? - by Josephine Aber...
July 14, 2023
You are going to start seeing downward adjustments in appraisal reports for changing market conditions. Although the issues within the commercial real estate, CRE market are well known, it may be a jarring experience to see the adjustment applied to your property.
Fannie Mae, Freddie Mac, and appraisers - by Bill Pastuszek
July 14, 2023
The secondary residential mortgage is a vast enterprise which encompasses many lenders, appraisers, borrowers, and investors. While Fannie Mae (Fannie) and Freddie Mac (Freddy) are not the only secondary market conduits, what they decide to do tend to inform the entire residential mortgage.
MountainOne participated in four Fourth of July community events
July 14, 2023
North Adams, MA On July 4th, MountainOne, a longstanding financial institution headquartered in the Berkshires, participated in four Fourth of July community events, including the annual parade celebration in Pittsfield.