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Market

Property Tax Assessment Appeals to Cut Millions from City Tax Rolls

Per the Hartford Business Journal, Hartford’s office market is facing challenges with landlords successfully appealing property tax assessments, leading to millions in lost city revenues. The city’s revaluation process has been questioned after two major downtown office towers had their values significantly reduced, resulting in tax refunds and future savings for the owners. This trend reflects the broader impact of the pandemic, as demand for office space declines and cities consider repurposing strategies to revitalize downtown areas.

Click Here: Market Reset: Hartford landlords’ successful property tax assessment appeals will cut millions from city tax rolls; more office sector storm clouds hover for more information.

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State Approves $3M to Redevelop Hartford Diner

According to the Hartford Business Journal, the Community Investment Fund 2030 board has tentatively approved $3 million for the redevelopment of the former Aetna Diner at 267 Farmington Ave., in Hartford, into a community center. The 1,767-square-foot property is part of a broader initiative that includes $74.28 million in funding for various building projects across Connecticut. The board, established by state lawmakers, aims to allocate up to $875 million over five years for community-building projects in distressed municipalities.

For the full article, click here: State board approves $3M to redevelop former Aetna diner in Hartford; $74.3M green-lighted overall for building projects across CT

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$6.5M State Grant Conditions Approved for Founders Plaza

Per the Hartford Business Journal, East Hartford’s Town Council has approved the conditions for a $6.5 million state grant to facilitate the redevelopment of Founders Plaza. The grant will be used to demolish a 182,890-square-foot former office building at 20 Hartland St., making way for a mixed-use development. This project aims to include up to 1,000 apartments and 300,000 square feet of commercial space.

To read the full article, click here: East Hartford approves conditions of $6.5M state grant for Founders Plaza redevelopment

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Brewery Property in Suffield Sells for $1.5M

According to the Hartford Business Journal, the property hosting Broad Brook Brewing Co. in Suffield was recently sold for $1.5 million. The transaction included a 9,431-square-foot brewery building and 1.9 acres of land at 915 South St. Completed in 2020, the facility supports over 13,000 barrels of annual production and features a full kitchen.

Click Here: Broad Brook Brewing Co. property in Suffield sells for $1.5M for more information.

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Waterbury to Receive $3.1M for Cleanup of Polluted Factory Site

According to the Hartford Business Journal, Waterbury was recently offered a $3.1 million state grant for the environmental cleanup of the former Waterbury Button Co. The factory site, located at 835 South Main St. spans 2.5 acres. The site requires investigation and cleaning to prepare for redevelopment. The cleanup is part of the city’s broader efforts to address abandoned industrial sites.

Click Here: for more information: Waterbury in line for $3.1M grant to cleanup polluted factory site

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Farmington Manufacturer Acquires NJ Company

According to the Hartford Business Journal, a Farmington-based precision manufacturer, Connecticut Spring & Stamping (CSS), has acquired Tryco Tool & Manufacturing, with plans to relocate Tryco’s production from New Jersey to Connecticut. The transition, set to occur over three to six months, will consolidate operations within CSS’s expanded 200,000 square-foot headquarters and two other facilities in Farmington and Southington.

Click Here: Farmington manufacturer acquires NJ company with plans to move its operations to CT for more information.

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East Hartford Warehouses Ready for Occupancy

According to the Hartford Business Journal, two warehouses, totaling 2.5 million square feet, have recently received temporary certificates of occupancy at Rentschler Field in East Hartford. These warehouses are leased to major retailers Wayfair and Lowe’s. The project is expected to generate approximately $4.9 million in property tax revenues for the upcoming fiscal year. While plans for additional advanced manufacturing buildings are in the pipeline, details regarding tenants and construction timelines remain pending.

Click Here: Massive East Hartford warehouses at Rentschler Field receive green light for occupancy for more information.

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Self-Storage Planned for Enfield Site

According to the Hartford Business Journal, a new self-storage facility has been proposed in Enfield. The facility, planned at 210 Moody Rd., and will encompass 67,230 square feet of storage space distributed across 10 buildings, along with an office. Additionally, there are plans for a 13,900-square-foot expansion to an existing 28,000-square-foot warehouse and distribution center located at the intersection of Moody and Taylor roads. The warehouse, originally built in 2008, is located on 21.2-acres. 

Click Here: New self-storage facility, manufacturer expansion planned in Enfield for more information.

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6K SF Flex Space Available in South Windsor CT

Sentry Commercial is pleased to offer 6,250 SF for lease at 52-58 Connecticut Avenue, South Windsor CT. This attractive flex space offers a generous 4,875 SF of meticulously designed office space, two convenient large drive-in doors and is ideally located within minutes of I-291.

Click here: 52-58 Connecticut Avenue, South Windsor CT for more information.

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Cheshire Historical Building Sold to Norwalk-based Credit Union

Per the Hartford Business Journal, A historic building in Cheshire that was previously converted into office space, was recently sold for $900,000 to Sound Federal Credit Union. The property at 219 South Main St. encompasses 1.2 acres, features a vault, drive-thru lanes, nearly 4,000 square feet of professional office space, and 30 on-site parking spaces. The credit union plans to use the building for a full-service lending subsidiary offering a range of financial services.

To read the full article, click here: (Updated) Norwalk-based credit union buys landmark building in Cheshire for expansion

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East Hartford Retail Plaza Sells for $2.1M

According to the Hartford Business Journal, A retail plaza in East Hartford, spanning 12,494 square feet on 1.1 acres at 36 Main St., was sold for $2.1 million to a New York-based company. The property, previously acquired for $600,000 in 2019, is currently fully leased to various businesses, including a medical spa/hair salon and a fitness center. This marks the buyer’s first venture outside the multifamily rental market, facilitated by a 1031 exchange from the sale of a property in New York.

Click Here: East Hartford retail plaza near Glastonbury line fetches $2.1M for more information.

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Large Retail Project Announces Anchor Tenants in Cheshire

According to the Hartford Business Journal, Regency Centers purchased a 17.4-acre parcel of land which will be home to the Cheshire Crossing.  The parcel, appraised at $2.4 million, will feature a 152,000-square foot shopping center anchored by Whole Foods Market and a 23,000 square-foot TJ Maxx store. Additionally, the master-planned community will include townhomes, multifamily units, and a Homewood Suites hotel at the intersection of Route 10 and Interstate 691.

Click Here: Regency buys Cheshire land for Stone Bridge Crossing retail project; confirms Whole Foods as tenant for more information.

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64K SF INDUSTRIAL SALE IN HARTFORD CT

Sentry Commercial is pleased to announce that The Hartford Rescue Mission, Inc. has sold 650 Windsor Street, Hartford CT to Kothari Capital, LLC. The 63,780 SF warehouse on 1.79 acres sold for $650,000.

Sentry Commercial represented the seller in this transaction.

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Apartments Proposed for Newington Shopping Plaza

According to the Hartford Courant, a developer has proposed to build 273 new apartments in Newington, by demolishing a shopping plaza on Lowrey Place. The project would cover 10 acres of land and offer studio, one-bedroom and two-bedroom units, some of which would be affordable or reserved for seniors. The town planners suggested adding more retail space to the plan, as they were concerned about losing local businesses and the walkability of the area.

Click Here: With 1,000 apartments on the way, CT town balks at proposed 273-unit plan for more information.

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Office Building in Farmington Sells for $1.1M

Per the Hartford Business Journal, Five Goats LLC recently purchased an 8,100 square-foot office building in Farmington for $1.1 million. The property, located at 128 Garden St. was sold by D& D FARMINGTON LLC.

To read the full article, click here: Farmington office building sells for $1.1M

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Wallingford Office Building Sells for $3.46M

According to the Hartford Business Journal, Guilford Savings Bank’s recently purchased a Wallingford office building. The bank bought the 34,500-square-foot building at 95 Barnes Road for $3.46 million. The building, which had been Edible Arrangements’ regional headquarters, sits on 4.5 acres of land.

Click Here: Guilford Savings Bank buys Edible Arrangements’ former Wallingford HQ; new operations center planned for more information.

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Manufacturing Facility in Newton to Close

According to the Hartford Business Journal, A packaging company based in Québec, Canada, announced that it will shut down its plant located at 1 Edmond Rd., in Newtown by late April 2024. The closure will affect 71 workers, some of whom are unionized. The company cited market conditions, high operating costs, outdated technology and the need for major investment as the reasons for the decision. The company also plans to close two other plants in Ontario, Canada.

Click Here: Newtown manufacturing facility to close, cutting 71 jobs for more information.

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Stratford Retail Plaza Sells for $24.65M

According to the Hartford Business Journal, A shopping center in Stratford with 115,000 square-feet of space and a Big Y supermarket as its anchor store, was sold for $24.65 million to a Massachusetts-based company. The plaza, located at 355 Hawley Lane, is 93% occupied by various retail tenants. The new owners plan to keep the current tenants and make some upgrades to the property.

Click Here: CT retail plaza sells for $24.65M; buyer eyes property upgrades for more information.

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27-acre Site in Windsor Sold for $1.9M; 185,000SF Logistics Building Planned

Per the Hartford Business Journal, Condyne Capital Partners recently bought nearly 27 acres of land in Windsor for $1.9 million. The land is located at 205 Baker Hollow Road and is planned to be part of Condyne’s Baker Hollow Logistics Center, which aims to provide modern and efficient warehouse space. Condyne plans to build a large industrial building on the site, which will feature high ceilings, multiple dock doors, and trailer parking spaces.

Click Here: Mass. developer Condyne buys 27-acre Windsor site for 185K-sq.-ft. logistics building for more information.

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Commercial Building in Orange Sells for $1.5M

According to the Hartford Business Journal, A commercial building on Boston Post Road in Orange was recently sold for $1.55 million to an investment group from Trumbull. The building has 7,450 square-feet of space and two retail tenants. The seller is also developing another commercial property on Boston Post Road, which will be a medical center with 24,000 square feet of space.

Click Here: for more information: Boston Post Road commercial building fetches $1.5M; seller eyeing new $10M development nearby

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