Hartford Business Journal

6 HARTFORDBUSINESS.COM | JULY 24, 2023 DEAL WATCH: BUYERS & SELLERS SUSTAINABLE FACILITIES COMPETITIVE. EFFICIENT. PRODUCTIVE. The company that builds and installs the critical systems in virtually every type of facility is the same company you can rely on to maintain them. For over 50 years, our clients have trusted us to provide sustainable, more effi cient, greener facilities. Experts in: Energy Systems & Incentives, Building Automation Technologies, Sustainable Design & Operation 860.871.1111 Toll Free: 800.741.6367 nemsi.com MECHANICAL | ELECTRICAL | PLUMBING | SHEET METAL | BUILDING AUTOMATION | FACILITIES SERVICES License #'s: E1-197483 S1-406020 P1-290301 SM1-975 MC-1134 Movie theater, hot tub, tennis and volleyball courts: LA investor pays $71M for Manchester apartments A 303-unit apartment complex in Manchester has sold for $71 million to a Los Angeles-based buyer, signaling strong demand for multifamily apartments in Greater Hartford. The Place at Catherine's Way apartments were purchased last month by Afton Prop- erties, an investment and management company founded in 2016. According to the company's website, this is its first Connecticut purchase. The 30.69- acre property, which includes a mix of one-, two- and three-bedroom apartments, last sold in 2015 for $49.9 million to Waterford Realty LLC and Beachwold Residential LLC, records show. The $71 million investment sale equates to about $234,323 per unit. The apartment complex includes 11 buildings and all market rate units. It was built in 1998 and has numerous amenities, including a clubhouse, spa, hot tub, tennis court, swimming pool, fitness center, business center and volleyball court. The Place at Catherine's Way apartments in Manchester. PHOTO | COSTAR CHESHIRE A local e-commerce executive who continues to grow his Greater Hartford commercial real estate and development portfolio has purchased a multi-tenant office building in Cheshire. Miodrag Delmic, of Rocky Hill, in June bought the three-story Westgate Office Building at 700 W. Johnson Ave., for $1.57 million, according to town records. The seller was Westgate Properties Manage- ment LLC and principals Shalom Segelman, Isaac Markowitz, Samuel Brach and Cheli properties. The office space, built in 1990, sits on 5.8 acres and has a total appraised value of $2 million. The 39,300-square-foot building currently has four tenants. Delmic said he has several other tenants interested in office space leases. He also plans to use several suites for his growing real estate and development operations. Delmic, along with his wife and business partner Dajana Delmic, operate online bulk ammunition vendor, Target Sports USA, out of a Cheshire industrial property. In recent years, they have bought multiple office and industrial properties across central Connecticut. Delmic is also planning to build a new four-building warehouse complex totaling 120,000 square feet in Rocky Hill. HARTFORD A developer with a growing roster of apartment developments and renovations in a long-strug- gling Hartford corridor has proposed a $30.4 million project mixing 78 apartments and 12,000 square feet of commercial and office space on two city-owned properties. Mayor Luke Bronin's administration has funneled millions of dollars into reviving the Albany Avenue corridor with streetscape improvements and public-pri- vate redevelopment partnerships. Now, Bronin is proposing to grant a 49-year lease of 88 Magnolia St. and 614 Albany Ave. — two blighted properties totaling nearly 1.2 acres — to Andaleeb Enterprises LLC. The developer proposes a four-story building of apartments over commercial and office space. The city would also provide an unspecified amount of financial assistance for the project. WATERBURY Waterbury officials have chosen Plainville-based Manafort Brothers for a contract up to $3.6 million to demolish a former brass factory in the heart of the city. Waterbury paid $2.3 million for the 138,304-square- foot building on 6 acres at 170 Freight St., in December, planning to demolish it, clean the site and market it for redevelopment. The city had already acquired a neighboring 14-acre plot and demolished various industrial buildings on-site. Together, the properties at 130 Freight St., 000 West Main St., and 170 Freight St., had previously hosted an industrial complex for brassworking giant Anaconda American Brass. Combined, the properties will offer a flat, 20-acre development site on one corner of the downtown, right at the nexus of Route 8 and Interstate 84, a short distance from a passenger rail. Mayor Neil O'Leary has made redevelopment of that site — seen as key to revitalizing the larger Freight Street corridor — a major priority. Manafort was the lowest of three bidders for the demolition work at 170 Freight St. Stamford Wrecking and Bestech also applied.

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