Hartford Business Journal

6 HARTFORDBUSINESS.COM | MARCH 10, 2025 DE AL WATCH DE AL WATCH | BUYERS & SELLERS party self-storage operator White Label Storage, which oversees around 130 facilities in 28 states and Canada. Rent on a standard 5-foot by 5-foot container has dropped to $45 or $50 per month in some markets, from a high of $85 to $100 a month during peak demand amid the pandemic, she said. Today, operators need to maintain well-lit and visible properties, with strong marketing, including up-to-date websites to appeal to younger users, while also offering direct-dial customer service for older users, Barroqueiro said. In high-competition markets, operators may need to offer low introductory rates that are below costs to secure future revenue, she said. "We are definitely not able to charge what we charged during the pandemic, even though inflation is up, because there are obviously more self-storage facilities now, because people built during that time since demand was high," Barroqueiro said. "There is just more competition, so you have to be really on top of what you are doing with street (intro- ductory) rates and promotions." Cleveland-based Compass Self Storage, in January, paid $14.6 million for the 796-unit former All-Star self-storage facility in Torrington, at 260 and 300 Technology Park Drive. PHOTO | COSTAR Vermont-based reel manufacturer eyes new Enfield facility Carris Reels' current Enfield home, at 11 Randolph St. PHOTO | COSTAR MANCHESTER Unionville-based real estate investment firm Parker Benjamin is proposing to convert the former Nathan Hale School in Manchester into 41 apartment units. The proposal for the brick building at 160 Spruce St. includes 15 studios, 21 one-bedroom and five two-bedroom units. The apartments would surround an existing court- yard in the building, which spans three floors. Parker Benjamin has applied to the Planning and Zoning Commission for a special exception to convert the school into multifamily housing. The school was built in 1922 and has been vacant since 2012. Parker Benjamin is pursuing a similar project to convert East Hartford's Church Corners Inn into a modern, 24-unit apartment building. DARIEN Construction of a 175-unit multi- family housing development in Darien, which will take the place of several office buildings near Inter- state 95 and Post Road, is set to begin this summer. The town's Planning & Zoning Commission recently approved an application by global commercial real estate development firm Trammell Crow to raze the office buildings at 1, 16 and 22 Thorndal Circle, which are located on 11 acres in the Thorndal Office Park. The demolition will make way for five multifamily residential buildings that will be three stories tall and feature studio, one-bedroom and two-bedroom apartments. Twenty-five percent of the units will be restricted to residents earning no more than 80% of the state's median income. DANBURY Blackstone Industries, a tool and equipment manufacturer, plans to consolidate three locations in Bethel into a warehouse in Danbury. The company, which serves the jewelry, dental, medical and aerospace industries, expects to relocate from a 40,000-square-foot headquarters on Bethel's Stony Hill Road, and two other Bethel locations, into a 75,000-square-foot warehouse previously occupied by Focus Mailing on Prindle Lane, in Danbury. Blackstone said it expects to complete the move by May. The new headquarters will feature modern production facil- ities, research and development labs, and office spaces designed to foster collaboration and streamline operations. NEW BRITAIN A Rocky Hill investor has paid $4.5 million for a 20-unit downtown New Britain apartment building with first- floor restaurant space. The 26,975-square-foot former office building at 132 Main St., known as The Andrews, was converted to apartments in a $4.3 million renova- tion launched in 2020 by real estate investor Avner Krohn. The building was sold through online auction website Ten-X, with Michael Guidicelli, of Regions Commercial, acting as broker for both buyer and seller. The winning bidder was Vina Andrews LLC, which is controlled by Prabu Krishnamurthy, of Rocky Hill. Krohn said the building was fully occupied, including the first floor, which hosts the Night in Columbia restaurant. Krishnamurthy said he's excited to build a portfolio of multifamily properties in New Britain due to local housing demand, as well as the prox- imity of major employment centers. Chelsea Groton Bank Vice Presi- dent David Saia arranged financing for the purchase, Guidicelli said. STAMFORD A Hilton-branded hotel is slated to occupy the former Union Trust office building constructed in Stamford's downtown in the 1920s. Stamford developer F.D. Rich Company earlier this year submitted a plan to the Zoning Board to convert the office building, at 300 Main St., into a 149-room hotel that will operate under the Curio by Hilton flag. Plans include building two more stories atop a 1984 addition to the building, which currently has more than 100,000 square feet of office space and a 147-space parking garage. The project would also turn a two-story banking hall into a restau- rant/bar and lobby, and reactivate intact bank vault doors. F. D. Rich bought the high-va- cancy office building last spring for $7 million. A Vermont-based reels manufacturer is looking to rezone 17.5 acres in Enfield to accommodate future growth in the town. Carris Reels, which formerly operated locally as Bridge Manufacturing, makes wooden, plastic and metal reels used by the wire and cable industry. The company is seeking permission from the Enfield Planning and Zoning commission to rezone four properties (14 & 20 Park St., and 47 and 51 Oak St.) from residential to industrial use. The rezoning will lay the groundwork for Carris Reels to construct a new facility on those properties that will provide more energy-efficient, state-of-the-art production capacity, according to a project application. The company, which has operations across the U.S. and Canada, has been in its existing Enfield facility, at 11 Randolph St., for over 100 years. Carris Reels said it would like to design the new building and apply for site permits by the end of the year. Cooling Off Continued from page 5

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