Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 12, 2023 27 POWER 25 | REAL ESTATE Ed Marsteiner E d Marsteiner has been the face of Newton, Massachu- setts-based National Development since plans for the company to buy and develop 300 acres at East Hartford's Rentschler Field were announced in November 2021. After cordial but long-running negotiations with the town of East Hartford and property owner Raytheon Technologies, the developer paid $78.47 million for the land in January, and immedi- ately launched site work for two massive warehouses. In March, the company announced Lowe's Home Improvement would occupy a 1.3-million-square-foot logistics building under construction at the site, and home-goods retailer Wayfair would occupy a separate 1.2-million-square-foot building. On its website, National Devel- opment says it has built more than 30 million square feet in 45 communities in and around Boston, including retail, hotel, residential, senior housing, indus- trial, life sciences and commercial offices. National Development says the East Hartford warehouses, sched- uled for completion in summer 2024, will result in up to 1,000 permanent jobs. National Development's plans also call for construction of two, 100,000-square-foot buildings for advanced manufacturing, at some point. Marsteiner, a managing partner with National Development, said the company's experience with state and local officials has made it receptive to additional projects in Connecticut. Marsteiner has a master's degree in civil engineering from Clarkson University and an MBA in finance from the Stanford Graduate School of Business. According to his bio, he's also well-traveled, having driven cross- country three times and visited 46 of 50 states. Eileen Buckheit D evelopment interest in East Hartford has hit a crescendo, just as Eileen Buckheit has reached the 10th anniversary of her appoint- ment as the town's development director. Working hand-in-glove with Mayor Michael Walsh, Buckheit has helped negotiate with developers and shepherd ambitious, complex proposals through the town's land use approval processes. "She just has a breadth of experi- ence, everything we have done we couldn't have done without Eileen," Walsh said. There has been no small workload lately. Early this year, National Develop- ment broke ground on two buildings at Rentschler Field that will add 2.5 million square feet of logistics space. The Massachusetts-based company has signed home improve- ment giant Lowe's and home-goods retailer Wayfair as tenants. Buckheit and her colleagues are also working to clear the way for developers Avner Krohn and Brian Zelman to build 300-plus apartments on a 25-acre site that once housed a Showcase Cinemas building. The property is located off Silver Lane, not far from the 22-acre Silver Lane Plaza, a decaying retail expanse recently claimed by the town. East Hartford officials hope to see the run-down and mostly vacant plaza replaced with something that will make better use of a big land parcel located in a key spot along one of the town's busiest arteries. The town has seen some prog- ress in its long-held ambition to foster redevelopment of the roughly 50-year-old Founders Plaza office park, located along the Connecticut River. Officials have been working with developers interested in building a mix of multifamily housing, retail and office space on the plaza's roughly 40 acres. Prior to joining East Hartford in March 2013, Buckheit spent five years as commissioner of planning and development in West Haven. She has also worked for the Regional Growth Partnership in New Haven and the city of Bridgeport. Buckheit grew up in East Hartford, something she said helps her connect with residents and town staff, which makes it easier to gather input and rally support. "I definitely listen to a lot of advice from different people," Buckheit said. "I also think I have good relations with the town council, and they've learned to trust me. I think because I'm from here, and I have family that lives here, I have an emotional connection in wanting this town to succeed, and that's where a lot of it comes from." John M. McCormick J ohn M. McCormick is one of the top brokers in Greater Hartford. He's the executive vice president of CBRE Hartford, which annually tops the list of largest local deal activity. One of the biggest deals CBRE was involved in recently was serving as the exclusive advisor to manufacturing giant Raytheon Technologies on its $78.5 million sale of 300 acres in East Hartford, near Rentschler Field. The land formerly served as an airfield and was purchased by Massachusetts-based National Development, which is currently constructing two massive distri- bution centers, totaling 2.5 million square feet, that will be occupied by Lowe's and Wayfair. Over the past 12 months, McCormick said he and his team have been involved in commercial property sales totaling about $150 million, and lease deals totaling 500,000 square feet. CBRE served as a broker in sales involving Riverview Square in East Hartford ($50 million, 338,000 square feet), 9 Farm Springs Road in Farmington ($14.25 million, 132,000 square feet), and a flex

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