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HARTFORDBUSINESS.COM | NOVEMBER 7, 2022 7 DEAL WATCH: BUYERS & SELLERS Member FDIC Equal Housing Lender All loans are subject to credit and underwriting approval. For more information contact Steve Roche, Market President: sroche@liberty-bank.com or visit liberty-bank.com/commercial-lending $1,400,000 Construction Mortgage Automotive $1,600,000 Commercial Mortgage Hospitality Industry We're the kind of bank that helps our community grow. $20,000,000 Term Loan Equipment Leasing building in "immaculate" condition, and it was immediately ready for use, Ryan said. Beacon is a family company founded in 1926 in Manhattan. The company has grown in recent years through acquisitions, including a unit servicing the cable and wire industry, and currently has about 55 employ- ees, Ryan said. Beacon's products serve retail, commercial, aerospace and other manufacturing applications. Beacon looked north to solve its storage needs because of increasingly high taxes and costs around its current location, a city just north of New York City. Several company employees already live in Fairfield County and are familiar with the state. In Farmington, they found a more bucolic setting in a pleasant town with great highway access, he said. "It's quiet," Ryan said of Farmington. "It's just a nice, country setting versus where we are now, which is very congested." For the time being, none of the manufac- turing in Mt. Vernon is moving north. But that could change within a couple years as Bea- con is seeking to purchase another building in proximity to 25 Spring Lane, Ryan said. At that point the company could split manufactur- ing between the two settings, he said. MANCHESTER A pair of Avon investors recently paid $1.3 million for a 21,940-square-foot office building on five industrially zoned acres in Manchester. In a sale logged by the town on Sept. 28, 160 Chapel Road LLC, of Avon, paid $1.3 million to 160 Chapel Road Associates LLC, of Manchester, for the property at 160 Chapel Road. The building was built in 1986, according to town records. The seller's principals include James D. Murray, of South Windsor; Robert Montovani, of Waterford; Matthew J. Tierinni, of Glaston- bury; and Philip S. Nemphos, of Bolton. The buyer's principals are Daniel Sullivan and Daniel Kennedy, both of Avon. Brokers from Colliers represented both sides of the deal, with Nicholas R. Morizio representing the buyer and Bob Pagani and Christian Dietz acting as the listing brokers. AVON Most of the dwellings that comprise the 188- unit Avon Place condominium have sold to a Brooklyn, New York real estate investor. The transaction involved 164 units, or 87% of the total condo units, which were sold to Avon Place LLC, controlled by Ahron Rudich of Empire Realty USA, for $33.75 million. The sale was recorded Oct. 3. Institutional Property Advisors, a division of Marcus & Millichap, brokered the deal. Avon Place is located on Avonwood Road, which is off Route 10. It was constructed in 1973 on 46 acres and consists of three, three-story residential buildings and a recently renovated clubhouse/leasing office. The community features a swimming pool, lounge area, laundry facilities, playground, tennis court and walking trails. The units have an average size of 1,165 square feet. An artist's rendering of one of the two buildings that Sager Development is proposing at 80 South Road in Farmington. RENDERING | CONTRIBUTED Sager proposes mixed-income apartments in Farmington An LLC controlled by developer Geoffrey Sager has submitted zoning applications to the town of Farmington in connection with a proposed 62-unit, mixed-income apartment development at 62 South Road. Plans show two buildings, one with 36 units across 11,358 square feet and another with 29 units across 10,425 square feet, on a 2.9-acre site located between Middle and Munson roads. Eighty-percent of the units would be designated as affordable housing under state statute 8-30g, including 15 units reserved for Favarh clients with intellectual and developmental disabilities. There would be a mix of one-, two- and three-bedroom units. The buildings would have community areas, pack- age rooms, mail kiosks, two private offices, accessible laundry and outdoor amenities. Sager is the principal of Sager Development and Metro Realty Group, which has received town approvals to build 146 units on a property near UConn Health at 402 Farmington Ave.