Hartford Business Journal

6 HARTFORDBUSINESS.COM | JUNE 16, 2025 DE AL WATCH DE AL WATCH | BUYERS & SELLERS heat and surface treatment and mate- rial coating services for metal compo- nents, serving the aerospace, defense, medical devices and other industries. Silverman Group Vice President of Leasing Toby Nelson said leasing inquiries have picked up, and he expects the spec building — which can be divided for up to three tenants — to be fully leased by the close of this year. "There is not a lot of available Class A space, new and modern, as well as speculative space in the Hartford market," Nelson said. "We see it as a market primed for more modern product." Silverman Group is also seeking approval from the town of East Granby to build two warehouses, with a combined 700,000 square feet, on a 130-acre property it owns. Nelson declined to comment on that project, but said his firm hasn't ruled out further speculative industrial development in the state. Shawn McMahon, a managing director with real estate services firm JLL, is marketing Silverman Group's Windsor Locks spec building. He said leasing activity broadly was quiet during the first quarter of this year, but there has been a subsequent "flurry" of activity. "We have seen all aspects of the market have increased in activity — leasing, buying," McMahon said. "I think folks are more comfortable with the (Trump) administration's policy on trade, and now they have to make decisions. I think everybody is under the impression this thing will get worked out, and we will figure it out at the end of the day." Inside a 250,240-square-foot logistics building, currently under construction at 30 Hamilton Road in Windsor Locks. HBJ PHOTO | MICHAEL PUFFER Mass. investor aims to sell stake in downtown Hartford apartment building A Massachusetts firm is exiting its investment in a downtown Hartford apartment building, with plans to transfer owner- ship and debt to a new company. Dakota Partners borrowed $6.5 million from the Capital Region Development Authority (CRDA) in 2013 to help convert 179 Allyn St. into 63 apartments. However, the firm has been unsatisfied with the property's performance amid lagging rents and rising costs. The building, which also includes restaurant space, was listed for sale in 2022, but drew no buyers. Now, Dakota plans to transfer control of the property to New Jersey-based Courtsage Management. CRDA's Housing and Neighborhoods Committee approved the transfer of Dakota's loan and accrued interest to Courtsage, which will assume the debt and refinance the project. Courtsage said it plans to cut operating costs and raise rents slightly, citing just two vacancies. 179 Allyn St., Hartford. CONTRIBUTED PHOTO Industrial Leasing Continued from page 5 HARTFORD City officials want to redirect some of the $8.2 million in public funding allocated to a stalled $29.2 million apartment and parking garage project in Hartford's Parkville neigh- borhood to a different development. The Capital Region Development Authority (CRDA) plans to reallocate $1.5 million to support a proposed development of a hotel, parking garage and artificial intelligence hub on a 3-acre site next to the Dunkin' Park baseball stadium. The property, at 150 Windsor St., currently hosts an empty, concrete former data center that would be knocked down as part of the redevelopment. CRDA previously approved a $3 million loan and $5.2 million grant for Parkville developer Carlos Mouta's apartment and parking garage project at 17 and 35 Bartholomew Ave., which has not advanced due to rising costs. Mouta said he still hopes to pursue his project once he lines up financing. STAMFORD Stamford's skyline will get a new look if a developer gets its wish. St. John Urban Development Corp. has filed a proposal with the city to demolish two, 17-story cylindrical apartment towers (with 240 total units), which it built in 1971 at 109 Tresser Blvd. In their place, the firm would erect a 10-story apartment building with 305 affordable units. The new building would have 101 one-bed- rooms units, 100 two-bedrooms units and 104 three-bedroom apartments for families earning between 30% to 80% of the area median income. WINDSOR A recently built, 165,625-square-foot logis- tics building in Windsor hosting a Safelite Auto Group logistics operation has sold for $25.1 million. Condyne Capital Partners completed the logistics building on 15.8 acres at 105 Baker Hollow Road in late 2022. The prolific Massachusetts industrial developer sold the property in late May to Kansas City-based Northpoint Development, according to Shawn McMahon, a managing director with Jones Lang LaSalle. McMahon and Michael Restivo, another managing director with JLL, marketed the property and secured the buyer. Safelite signed a long-term lease in late 2022, as the building was nearing comple- tion. The building went on the market in late February and the buyer was selected within 45 days, McMahon said. EAST WINDSOR A pair of developers recently submitted a wetlands application to construct a 150,000-square-foot flex industrial building on a 13.3-acre East Windsor property currently housing a small wood-processing and mulch-producing business. Bradford Wainman, principal of Glaston- bury-based real estate development company Hollister & Moore, is partnered with Robert A. Urso, a South Windsor-based broker and developer, for the project at 68 Newberry Road. The property — owned by Kim and Steve Dearborn, of the Broad Brook section of East Windsor — hosts a 3,000-square-foot, metal-sided warehouse built in 1986. Urso and Wainman plan to demolish the existing building and replace it with a 150,000-square-foot, single-story "flex ware- house/light manufacturing industrial building," according to the project application. BETHEL A New York-based developer that has been active in Connecticut is proposing to build a 75-unit, five-story apartment building in Bethel that will offer affordable housing. Vessel Technologies plans to construct the 47,445-square-foot structure on two properties at 48 and 50 Nashville Road. The adjacent parcels consist of two single-family homes on a combined 4.37-acre parcel. Vessel anticipates building 66 one-bed- room apartments and nine, two-bedroom apartments; 23 units will be set aside as affordable.

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