Hartford Business Journal

Tel: (860) 236-9998 | Fax: (860) 570-2493 Copyright 2020. All rights reserved. Postmaster: Please send address changes to: Hartford Business Journal P.O Box 330 Congers, NY 10920-9894 Peter Stanton | CEO, pstanton@nebusinessmedia.com Tom Curtin | President, ext. 124, tcurtin@hartfordbusiness.com Subscriptions Annual subscriptions are $132.00. To subscribe, visit HartfordBusiness.com, email circulation@ hartfordbusiness.com, or call (845) 267-3008. Advertising For advertising information, please call (860) 236-9998. Please address all correspondence to: Hartford Business Journal, 100 Allyn Street, Suite 3, Hartford, CT 06103 Stay Connected For breaking and daily Greater Hartford business news go to: www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln:www.linkedin.com/company/the-Hart- ford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend: www.hartfordbusiness.com/enewsletters Hartford Business Journal (ISSN 1083-5245) is published bi-weekly, 27x per year — including two special issues in November and December — by New England Business Media, LLC, 100 Allyn Street, Suite 3, Hartford, CT 06103. Periodicals postage paid at Hartford, CT and at additional entry points. Editorial Greg Bordonaro | Editor, ext. 139 gbordonaro@hartfordbusiness.com Drew Larson | Web Editor, ext. 121 alarson@hartfordbusiness.com Michael Puffer | Staff Writer, ext. 145 mpuffer@hartfordbusiness.com Beats: Real Estate, Economic Development, Banking & Finance Hanna Snyder Gambini | Staff Writer hgambini@hartfordbusiness.com Beat: Economic Development Robert Storace | Staff Writer, ext. 127 rstorace@hartfordbusiness.com Beats: Health Care, Higher Education, Arts & Culture Skyler Frazer | Staff Writer, ext. 145 sfrazer@hartfordbusiness.com Beats: Manufacturing, Cannabis, Technology, Transportation Stephanie R. Meagher | Lead Researcher Heide Martin | Research Assistant Steve Laschever | Photographer Business Tom Curtin | Publisher, ext. 124, tcurtin@hartfordbusiness.com David Hartley | Senior Accounts Manager, ext. 130, dhartley@HartfordBusiness.com Daniel Schilke | Senior Accounts Manager, ext. 135, dschilke@HartfordBusiness.com Emily Paskind | Senior Accounts Manager, ext. 133, epaskind@hartfordbusiness.com Tracy Rodwill | Human Resources Manager trodwill@nebusinessmedia.com Production Bartosz Zinowko | Production Director, ext. 147 bzinowko@hartfordbusiness.com HARTFORDBUSINESS.COM | DECEMBER 5, 2022 3 Hartford Mayor Luke Bronin. HBJ FILE PHOTO Hartford Mayor Luke Bronin won't seek a third term H artford Mayor Luke Bronin, who has led the city since 2016 through a fiscal crisis and the pandemic, announced that he will not seek a third term in office. The decision will mean the city of Hartford, largely controlled by Democrats, will have a hotly contested mayoral race next year and new leadership in 2024. When asked about his future plans, Bronin said: "I don't know, but I've got a year to figure it out." He said it was a tough decision not to run again but he wasn't prepared to commit to another full term. He also said he doesn't have plans to leave Hartford. Bronin was first elected to office in 2015 when he defeated fellow Democrat and former Hartford Mayor Pedro Segarra. He won reelection in 2019 by a wide margin, beating out former Mayor Eddie Perez and other challengers. His tenure as mayor has been marked by several significant issues including convincing the legislature to pass a massive $550-million-plus, long-term bailout to help the city avert potential bankruptcy; firing and then hiring a new developer to complete Dunkin' Donuts Park and surrounding development; and dealing with the pandemic in a city home to two large hospitals and a population hit hard by the health and economic impacts of COVID-19. CT recreational pot sales will start within months, regulators say Since Connecticut approved recreational pot over a year ago, the process of licensing and building out the state's market has been a slow burn. But regulators recently said that approved marijuana businesses are on track to launch retail sales within the next few months — delayed from their original timeline, but in keeping with more recent estimates. In late November, the Department of Consumer Protection said the supply chain was close to reaching the 250,000 square feet of licensed growing and manufacturing space required by law in order for recre- ational marijuana sales to commence. "Given this threshold, the start of adult-use cannabis sales relies on the successful conversion of all four existing medical marijuana producers or additional cultivation to come online," DCP said. As of late November, three of those four existing medical mari- juana producers — Advanced Grow Centerbridge Partners, which owns about 15% of INDUS Realty's common stock, along with GIC Real Estate, would acquire 100% of the outstanding shares of the publicly traded company. Based on the unsolicited, non-binding bid, Centerbridge would purchase the company for $65 per share. INDUS Realty said its board of directors is reviewing the proposed sale "to determine the best path forward for the company that maximizes value for all of the company's shareholders." INDUS Realty is based in New York City and was previously known as Griffin Industrial Realty. The company operates nationally and is active in Connecticut. In September, INDUS signed a definitive agreement to sell eight office/flex properties in Bloomfield for $11 million. It expects to close on the deal during the fourth quarter. Electrical company buys Glastonbury industrial property for $1.25M A Glastonbury industrial property has traded hands for $1.25 million, property records show. The 10,000-square-foot prop- erty at 65 Kreiger Lane sold in November. The buyers were Roger Baral and Nathan Rogers, who run Bloom- field Electric Company, which has its current headquarters at 182 Oakwood Drive in Glastonbury. The company plans to locate its business in the newly acquired property, according to Kyle Roberts, a first vice president at CBRE who brokered the deal. The seller was Long Island-based IT consulting firm Ergonomics Group, which is consolidating and didn't fully utilize the building, Roberts said. Ergonomics Group originally bought the property in 2014 for $980,000, property records show. Ultra Flow buys East Windsor building for nearly $1M An East Windsor industrial building, which sold for just under $1 million, will be the new home of a beer and soft drink dispensing equipment company. The property at 9 Thompson Road, which contains a 24,500-square-foot building, sold for $975,000. Biz Briefs Tim Lescalleet, executive vice president of INDUS Realty Trust, at a portion of the New England Tradeport off Tradeport Drive. HBJ PHOTO | STEVE LASCHEVER 65 Kreiger Lane, Glastonbury. PHOTO | COSTAR Labs, Connecticut Pharmaceutical Solutions and Curaleaf — have fulfilled the requirements to obtain hybrid licenses, enabling them to serve both the medical and recre- ational markets. The fourth appli- cation is under review, according to DCP. Erica E. Phillips | CT Mirror Major Greater Hartford landlord Indus gets takeover bid A New York City investment firm has proposed an acquisition of INDUS Realty Trust, a prom- inent landlord and developer that operates in Connecticut, INDUS announced.

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