Hartford Business Journal

7 HARTFORDBUSINESS.COM | FEBRUARY 14, 2022 2021 self-storage sales brokered by Marcus & Millichap in CT ■ Broad Street Self-Storage, 531 Broad St., Bristol, 155 units for $2.9 million on Dec. 29, 2021 ■ Stor U Self Storage, 127 Main St., Portland, 651 units for $12.75 million on Dec 23, 2021 ■ A-1 Meriden Road Self- Storage, 990 Meriden Road, Waterbury, 228 Units, sold for $2.55 million on Dec. 1, 2021 ■ Budget Self-Storage, 255 Boston Ave., Bridgeport, 383 units, sold for $2.35 million on Dec. 29, 2021 Gress said it takes about two years to get plans for newly-constructed self-storage facilities drafted and through local land-use boards. But some municipalities have instituted moratoriums on new construction. Stratford officials are considering a moratorium, according to the Connecticut Post. Last summer Norwalk began contemplating a pause on construction of self-storage or distribution centers in parts of the city while officials contemplated a broader zoning overhaul, according to The Hour. Milford imposed a moratorium in 2018 and Hartford relegated new self-storage construction to industrial zones after a facility was erected next to I-84 in the Parkville neighborhood. Wethersfield launched a moratorium in 2019, worried that self- storage facilities were taking up too much space without yielding enough in jobs or taxes, said Richard Roberts, chair of the town's Planning and Zoning Commission. Wethersfield extended its moratorium again in September 2020, and then lifted it that December, after new regulations were adopted, Roberts said. The new rules require self-storage facilities to be at least three stories tall — in order to maximize tax value for the space — or involve a mix of retail, business, office or other allowable commercial uses. A waiver of these requirements can be granted for redevelopment of buildings that would otherwise sit dormant. Wethersfield also requires new storage facilities to mimic the outward appearance of office or multifamily buildings, among other restrictions. "What we were looking for was to create regulations that provided for a more attractive and potential mixed- use rather than just a field of metal warehouses," Roberts said. By Michael Puffer mpuffer@hartfordbusiness.com T he owners of a sports retailer with outlets in Avon and Bristol recently paid $1.3 million for a Burlington industrial building for use as a warehouse and office space. Bob's Sport Chalet owners Bill and Belinda Gonsalves, acting through a limited liability company, bought a 23,975-square-foot industrial building on 6.2 acres at 713 George Washington Turnpike. The sale was recorded Jan. 31. Brendan Gonsalves, manager of Bob's Sports Chalet, said the retailer needs warehouse space for its brisk internet sales. "We have no room to operate, to receive product, to pack things up, to ship things and do returns," Gonsalves said. "All of it has become Sports retailer pays $1.3M for Burlington warehouse HBJ PHOTO | MICHAEL PUFFER Brendan Gonsalves, manager of Bob's Sports Chalet, behind the counter at the Bristol store. DEAL WATCH too tight, too small." Gonsalves said his father eyed "a couple" locations, and the Burlington building was the best fit. It has a loading dock and ample office space for shipping, packaging and handling IT functions. "This one fit the bill the best," Gonsalves said. The property was sold by R&S Capital LLC, whose principals are Richard and Susan Lamothe of Burlington. Richard Lamothe runs a small manufacturing shop at the George Washington Turnpike building. Its products include bullet traps, which are used to stop and capture projectiles at gun ranges. Bullet Trap USA will continue manufacturing in a section of the building under a short-term lease with the new owners, said Robert Gaucher, the senior sales associate with OR&L Commercial who brokered the deal. Gaucher said the available stock of suitable small- to mid-sized industrial warehouse space is "extremely tight." He received inquiries from companies as far away as New York City. That market is being propelled, in part, by companies needing space to stockpile material due to clogged supply chains, Gaucher said. "People are looking for a building to house things because you can't find product," Gaucher said. "We had three bids on this building. A year- and-a-half ago this would never have happened. Two years ago, that would never have happened. Now you try to find buildings, you can't find them." Property Spotlight 500 Day Hill Road, Windsor Property type: Office Size: 99,000 sq. ft. Days on market: 800-plus Listing price: $800,000 Current owner: Konica Minolta Listing broker: Cushman & Wakefield By Greg Bordonaro gbordonaro@hartfordbusiness.com B usiness office equipment supplier Konica Minolta, which has been downsizing its presence in Windsor over the years, is preparing to sell its Day Hill Road office building via online auction. The company's Class A, 99,000-square-foot office property at 500 Day Hill Road is scheduled to go up for auction Feb. 15-17, through website Ten-X. The opening bid price is $800,000. According to a property description, the sale includes a two-year lease to Konica Minolta for approximately 47% of the building. "New ownership will be able to capitalize on an excellent value-add opportunity through leasing up the remaining vacancy in this high-end office building, or utilizing the space to expand their business while enjoying passive income from the Konica Minolta lease," marketing materials for the property said. The property is also being marketed to investors/ developers interested in industrial redevelopment. The listing notes that the Greater Hartford industrial market currently has a vacancy rate of 5.1%, below the region's historical average. Konica Minolta in recent years has shrunk its Connecticut presence, including through layoffs. In 2015 it sold for $6 million a Windsor warehouse it previously owned at 550 Marshall Phelps Road. That property traded hands again in 2020, when Sardilli Produce & Dairy Co. purchased it for $9.5 million. Konica Minolta's three-story Day Hill Road property sits on 20.64 acres, was constructed in 1982 and renovated in 2010. Amenities include two backup generators, a cafeteria with a large dining room, and an outdoor patio backing up to an on-site pond. The property is located less than 1.5 miles from I-91, and 5 miles from Bradley International Airport. Konica Minolta's Windsor office building for sale via auction Konica Minolta's 99,000-square-foot office property at 500 Day Hill Road, in Windsor. PHOTO | COSTAR

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