Hartford Business Journal

HARTFORDBUSINESS.COM | DECEMBER 5, 2022 9 DEAL WATCH Massive Bristol industrial property sells for $79.25M; future development eyed By Greg Bordonaro gbordonaro@hartfordbusiness.com A New Jersey-based real estate investment firm bullish on Connecticut has paid $79.25 million for a sprawling industrial complex in Bristol. The 1.2-million-square-foot Bristol Logistics Center at 780 James P Casey Road sold in October. It's likely to be one of the largest Greater Hartford commercial real estate deals of the year. The buyer was Treetop Companies, a Teaneck, New Jersey-based real estate investor and developer. Adam Mermelstein, a managing member of Treetop, said his company had previously invested in Connecticut, but this is the only property it currently owns in the state. Treetop is looking at other deals in Greater Hartford, he said. His firm purchased the Bristol prop- erty as an investment. It is currently 95% occupied with tenants that include Firestone Building Products, ClarkDietrich Building Systems and Arett Sales. Mermelstein said his firm is eyeing a future addition to the 139-acre property. That could include a new 250,000-square-foot industrial building built on-site, or a 250,000-square-foot addition to the existing property. Those plans won't be finalized until sometime in the first quarter of 2023, he said. "We think Connecticut has room for growth in logistics and distribution," Mermelstein said. "We think it's an underserved market." Mermelstein said his firm was attracted to Connecticut by its prox- imity to major highways and ability to pull workforce from several markets. As part of its purchase, Treetop Companies took out a $55.5 million mortgage from New York-based Signature Bank, land records show. The seller was New York City-based BLDG Management Co. Jeff Fishman, Jim Tribble, Cory R. Gubner and Alex Haendler of real estate firm Newmark brokered the deal. BUYERS & SELLERS WINDSOR Local developers aiming to build a 218,000-square-foot warehouse in Windsor have just completed property purchases needed for the project. The warehouse proposal of UW Realty VII LLC — a company of Glastonbury developer Bradford Wainman and South Windsor broker/developer Robert A. Urso — passed site plan review and gained a special permit from Windsor's Planning and Zoning Commis- sion in September. UW Realty paid $1.57 million for five adjacent properties — totaling 21.5 acres — along Stone Road in transactions with three sellers. The building site, which includes 12, 21, 27, 33 and 41 Stone Road, is located just southwest of Bradley International Airport. "We have one of the last developable sites in Windsor that is warehouse zoned," Wainman said. "It's super attractive because you are so close to the highway." Wainman said he and Urso sought project approval on speculation. The partners will next move to demolish three modest single-family homes on-site. It's not clear if construction will start before a tenant has been signed, Wainman said. NEWINGTON A real estate developer is proposing to build a 17,700-square-foot industrial building at 680 North Mountain Road in Newington's industrial zone. Property Owner Ballimore LLC, controlled by principal Thomas W. Briggs, has a site application into the town Planning and Zoning Commission. The proposed development site is a 1.3-acre paved lot that has been used as a parking area for the old Loctite facility across the street as well as other companies in the area. The one-story, flex-space building would have breezeways, outdoor space on both ends, and 53 parking spaces. Town officials in a report said this site, building type, and use are consistent with the other surrounding operations in the North Mountain Road area. NEW BRITAIN A downtown New Britain mixed-use building with 16 apartments and eight ground-floor storefronts recently sold for $4.59 million. Two limited liability companies headed by Lawrence Solomon, of Tenafly, New Jersey, sold the building at 87 West Main St. to Boaz Aviani, of Astoria, New York. The property had been on the market for about five or six months, said Rich Edwards, a senior associate with Northeast Private Client Group, which brokered the deal for the seller. The building was completely renovated several years ago by prolific New Britain developer Avner Krohn, Edwards said. It was then sold to Solomon, who sold to Aviani, Edwards confirmed. The main 22,262-square-foot portion of the building at 87 West Main St., was erected in 1920, with a 7,091-square-foot addition in 1930. A LLC headed by Krohn and Avrohom J. Kess, of Brooklyn, paid $315,000 for the building in 2011, according to city and state records. The property sold to another LLC headed by Solomon for $4.35 million in 2019. HARTFORD A New Jersey developer selected to build on a 2.8-acre parking lot south of Bushnell Park in Hartford submitted a proposal outlining an estimated $129.6 million project, with 360 multifamily units and 2,500 square feet of retail space. But the final project at 165 Capitol Ave. could look much different. A selection committee including Hartford Mayor Luke Bronin and representatives of the Capital Region Development Authority (CRDA) have picked The Michael's Organization out of four applicants to redevelop a key piece of the planned Bushnell South development in downtown Hartford. A representative of New Jersey-based Michaels said the company's proposal repre- sented the upper limit of a range of densities proposed under a "request-for-qualifications" issued by CRDA. The number of units and size of retail offer- ings could change to match input from resi- dents and area stakeholders. Glastonbury's Shops at Somerset Square sold to Tennessee development company T he financially troubled Shops at Somerset Square retail property in Glastonbury, anchored by upscale tenants that include Jos. A Bank, Chico's, White House Black Market and Max Fish, recently sold to a Memphis, Tennessee real estate development company for $30.1 million. Poag Shopping Centers purchased the 115,000-square-foot lifestyle shopping center on Glastonbury Boulevard from Brookfield Properties. The property had been in receivership after Brookfield missed debt payments, according to Joshua Poag, Poag Shopping Centers' presi- dent and CEO. The property previously traded hands in 2016 when New York real estate investment company Rouse Properties bought it for $42 million. Brook- field fully acquired Rouse that same year. Poag is a national developer of lifestyle centers with ties to Connecticut: it was the original devel- oper of the Promenade Shops at Evergreen Walk in South Windsor. Poag said his company's plans for Somerset Square, which is 85% occupied with some looming lease expirations, include finding new tenants to fill vacant spaces and helping bring new energy to the plaza. Poag is in talks with three restaurant operators to take over the former Max Amore's restaurant space. The focus will be on creating a lifestyle-center vibe with new restaurants, boutique health facilities (like a yoga or indoor bicycle studio) and health and beauty retailers. The Shops at Somerset Square is a 115,000-square-foot lifestyle shopping center. PHOTO | COSTAR

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