Hartford Business Journal

HARTFORDBUSINESS.COM | FEBRUARY 5, 2024 9 DEAL WATCH | BUYERS & SELLERS 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 deliver end-to-end facilities solutions, so they can focus on their core business. Experts in: Facilities Services, Preventive Maintenance Programs, Onsite Operations & Maintenance NEMSI SERVICE SOLUTIONS INCREASE PRODUCTIVITY. REDUCE COSTS. 860.871.1111 Toll Free: 800.741.6367 nemsi.com MECHANICAL | ELECTRICAL | PLUMBING | SHEET METAL | BUILDING AUTOMATION | FACILITIES SERVICES License #'s: E1-0125666 S1-302974 P1-203519 F1-10498 SM1-192 MC-1134 Stone Academy properties in East Hartford sell for $1.25M T he former 3.9-acre East Hartford campus of failed career training school Stone Academy has sold to multiple buyers for $1.25 million. The seller of the two properties that comprised the East Hartford campus, Olmsted Realty LLC, lists Mark E. Schein- berg, head of Goodwin University and the former owner of Stone Academy, as principal. The 2.53-acre property at 745 Burnside Ave. was sold for $600,000 to a New York investment group that hopes to convert an existing 12,768-square-foot classroom building into housing, according to Eric Amodio, of Amodio & Co., who represented the buyers. The property also includes a 4,481-square-foot office building that might be converted to housing, or remain as leasable office space, Amodio said. Frank Amodio Sr. represented Olmsted Realty in the sales. The adjacent 1.4-acre property at 763 Burnside Ave. was sold to SolomonMcLarney LLC, whose principals are Kathryn McLarney and Alexandra Solomon, licensed clinical social workers who are renovating the 4,547-square-foot office building to use for their counseling business. Frank Amodio (right) and his son Eric Amodio, of Amodio & Co. Real Estate, inside Stone Academy's former East Hartford campus. HBJ FILE PHOTO NEWINGTON Hartford-based real estate and investment company Staypoint has paid $1.4 million for two Newington properties that, until recently, hosted a data center for Raytheon Technologies Corp. Staypoint in January acquired a 61,428-square-foot industrial building on 2.5 acres at 25 Holly Drive, and an adjacent, vacant 1.57-acre property at 50 Holly Drive. Staypoint has a 1.5-million-square-foot indus- trial and retail property portfolio in Connecticut, according to founder Joseph Sullo, who also owns a warehouse at 36 Holly Drive. The building at 25 Holly Drive comes with significant power capacity, including hookups capable of bringing in 4 megawatts from the grid, and an on-site natural gas-fired plant that is currently mothballed but capable of gener- ating an additional 4 megawatts, Sullo said. That makes the site suitable for energy-in- tense uses like data centers. Sullo said he is currently speaking with two potential tenants affiliated with technology companies. HARTFORD Real estate giant Shelbourne Global Solu- tions has dropped plans for a 12-lot subdivision on a 1-acre property it acquired in Hartford's Blue Hills neighborhood in 2021. Insead, it recently sold the property, at 25 Cornwall St., to a Bloomfield buyer for $250,000. Shelbourne originally purchased the prop- erty for $175,000, an unusually modest buy for the multi-state real estate investment and development company that is the largest single landlord in downtown Hartford. After acquiring the Cornwall Street property in 2021, Shelbourne announced plans to demolish the vacant and boarded-up office building to make room for 12 single-family homes. Those plans never came to fruition. Shel- boune sold the property to Vincent Thompson, of Bloomfield, for $250,000. Thompson, who has a number of different businesses operating under the banner of Vincent Lloyd Enterprises, is planning a major retrofit of the existing building into a commercial development, according to his spokesperson. EAST HARTFORD A developer partnered in a plan to build hundreds of apartments on the former Show- case Cinemas site in East Hartford said that project financing is coming together, and a groundbreaking is expected in April. East Hartford officials have an agreement to hand over the 25-acre site off Silver Lane to developers Avner Krohn and Brian Zelman for $1. Under the agreement, Krohn and Zelman are to build at least 300 apartments in exchange for the land. They have an agreement with the town to secure financing by April 30. Zelman said the partners are on track to close financing in March, which will allow them to build 309 apartments in eight buildings. That sets the project up for an April groundbreaking, he said. The three-story apartment buildings, part of the Concourse Park multifamily development, are expected to be completed over 18 months, he said.

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