Hartford Business Journal

8 HARTFORDBUSINESS.COM | FEBRUARY 24, 2025 DE AL WATCH | BUYERS & SELLERS Express Kitchens CEO Kothari lists major Hartford industrial property for sale A 183,000-square-foot Hartford industrial property owned by the CEO and founder of Express Kitchens has been put up for sale. The former Veeder-Root property in Hartford's Asylum Hill neighborhood, at 20-28 Sargeant St., has an asking price of $4 million. The building is owned by Max Kothari, head of Hartford-based kitchen remodeling company Express Kitchens. Kothari struck a deal with the city in 2019 to buy the property's tax liens worth $1.6 million. The city provided Kothari $751,649.31 in financing to cover a portion of the purchase price, and that debt is due to mature on July 30. Kothari said he expects to soon make a final mortgage payment to the city. He also said he's been able to stabilize the Sargeant Street building, improving its occupancy rate from about 30% to between 70% and 80%. Express Kitchens occupies between 20% and 30% of the building, while the remaining occupied space is home to various nonprofits, including Our Piece of the Pie. Kothari said he put the building up for sale because he's looking for potential development partners to enhance the building. "I think we can enhance that property more and do something more creative over there," Kothari said, adding that he's been approached by a nonprofit that wanted to create an entrepreneurial center in the building, and he's not looking for a "pure sell. "I'm not a developer by trade, so this is how I'm reaching out to the community, to say, hey, what can we do to enhance the building." Express Kitchens CEO Max Kothari. HBJ FILE PHOTO STORRS A roughly 124,000-square-foot collection of retail properties in the downtown "Storrs Center" mixed-use development near UConn's main campus has sold for $40.25 million. The commercial condos had been previously carved off, for separate ownership, from hundreds of apart- ments in the $220 million Storrs Center development. That develop- ment was completed in phases over several years leading up to 2017. SCT Storrs Center I LLC in January sold several retail and commercial portions of that development to 1266 Storrs Road LLC for $40.25 million. The seller is tied to the Connecticut state pension fund, according to town sources. The buyer's principal is Delaware Life Insurance Co., according to state records. The sold property includes a grocery-anchored plaza at 1206-1220 Storrs Road, along with commercial condo portions of 1,9 and 11 Dog Road, as well as 1 and 8 Royce Circle. The properties currently host a Price Chopper supermarket, Barnes & Noble bookstore, Starbucks, auto- motive shop, restaurants, healthcare offices and other tenants. WINDSOR Two office buildings in Windsor — a town with one of the highest office vacancy rates in the state — have hit the market and will be auctioned to bidders in the coming months. Both buildings, with a combined 132,796 square feet of space, are located in the Griffin Office Center. They will be sold via auction website Ten-X between March 31 and April 2, according to a listing. The properties include 4 Griffin Road N., which has a two-story, 65,554-square-foot office building set on 6.67 acres. It is 100% vacant and has a $400,000 starting bid price. The other is 8 Griffin Road N., which has a two-story, 67,242-square-foot office building on 7.52 acres. It is 80% vacant and has a $550,000 starting bid price. Both properties were built in 1980 and owned by limited liability compa- nies controlled by Cheskel Meisels, property records show. Meisels bought the properties in 2022 for $7 million. Philip Gagnon, a principal at Colliers, has the listing. HARTFORD The owner of the century-old Cast Iron Building in the heart of down- town Hartford is nearing completion of a project to convert coworking space into apartments. The seven-story, 1910-vintage building, at 241 Asylum St., hosts the popular NY Market & Deli on its first floor and eight apartments above. Owner Keith Werner had also used the second and third floors as rental coworking space under his ThinkSynergy brand. A project to convert that coworking space into three, three-bedroom apartments – one of which could be converted into a four-bedroom unit – began last August and is anticipated to wrap-up in June, Werner said. Werner's larger, townhouse-style units will be a rare offer to the market, which has seen a heavy focus on studio and one-bedroom apartments in recent new developments. Werner has approached the Capital Region Development Authority to adjust conditions of an existing loan for an earlier apartment-conversion effort at the Cast Iron Building. The change would ease financing costs of the existing project, which will move ahead in any case, Werner said. WEST HAVEN A Waterbury-based multifamily investor recently paid $8.25 million for a 63-unit apartment building in West Haven. Moshe Levenberg in January bought the Crestview Apartments building, at 62 Treat St., from a limited liability company headed by Jeffrey M. Gault, of Marblehead, Mass. Gault's LLC paid $7.5 million in 2019 for the 2.15-acre property, which includes a three-story, 62,727-square-foot apartment building completed in 1970. Northeast Private Client Group Managing Director Brad Balletto and Vice President Jeff Wright represented the seller and procured the buyer. MANCHESTER A Manchester property hosting a Curaleaf cannabis dispensary recently sold for $3.1 million. The 4,419-square-foot retail building at 240 Buckland St., which is adjacent to the Buckland Hills mall, was sold in January to 617 Brighton LLC, based in Brooklyn, New York. The seller, Manchester CT Realty Ventures LLC, lists Randy Kaston, of Newton, Mass., as its principal. Josh Goldflam, of New York-based Highcap Investment Real Estate Solutions, represented the buyer. Glen Kunofsky, Anthony D'Am- brosia, Josh Kanter and Stewart Hickey, of New York-based NNN Pro Group; and Brian Brockman of Bang Realty represented the seller. The property was on the market for four months, D'Ambrosia said, and the buyer paid all cash through a 1031 exchange. WHO WILL LEAD THE WAY IN 2025? Nominate a standout executive for the 2025 C-Suite and Lifetime Achievement Awards! This prestigious award recognizes Connecticut's top C-suite leaders for their contributions to their organizations and the community. Don't miss the chance to elevate a deserving leader. WHO WILL LEAD THE WAY IN 2025? NOMINATE THE BEST IN CONNECTICUT'S C-SUITE TODAY! NOMINATE THE BEST IN CONNECTICUT'S C-SUITE TODAY! 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