Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 30, 2025 29 POWE R 25 | RE AL ESTATE Chris Ostop & Shawn McMahon C hris Ostop and Shawn McMahon are longtime commercial real estate brokers at JLL. They both hold managing director titles, with Ostop focused on office, medical and lab space, and McMahon specializing in industrial and warehouse space. McMahon said his team over the past year has completed indus- trial transactions totaling over 2.9 million square feet of space with a lease/sales value in excess of $125 million. JLL, for example, brokered the sale of a 268,000-square-foot, Class A distribution center in Winsor Locks, at 140 Old County Circle, for $37.25 million. The firm also brokered the lease of a new, 185,000-square-foot distribution center in Windsor, at 205 Baker Hollow Road, for window-and-door manufacturer Marvin. "One emerging trend we're seeing in industrial real estate is the adap- tive reuse of defunct retail spaces for industrial purposes," McMahon said. "As e-commerce continues to reshape the retail landscape, we're observing innovative conversions of former big-box stores and shopping malls into last-mile distribution centers, micro-fulfillment hubs, and even small-scale manufacturing facilities. This trend is particu- larly interesting in the Greater Hartford area, where we have several aging retail properties ripe for redevelopment." Ostop has been working with the receivers and special servicers that have been trying to stabilize and lease two major office properties — Constitution Plaza and City Place I — in downtown Hartford. Ostop said many of the region's higher-class office buildings that have faced refinancing issues will finalize their debt restructures over the next 12 months. That will lead to "a lower cost basis in those assets along with new ownership." "The buildings that complete this process will have a clear line of sight to future leasing and stabiliza- tion," Ostop said. "The level of tenant demand is still a major issue, and a few of the current office buildings will be converted to multifamily." He's also been representing office users that have found new homes in the Greater Hartford suburban market, which has been rebounding from the pandemic as companies look to improve their in-office experience for their employees, Ostop said. T he internet has significantly changed the way many industries do business — including the commercial real estate sector. Few in Connecticut have taken advantage of those changes more than Michael Guidicelli, owner of Glastonbury-based brokerage firm Regions Commercial. Guidicelli has been particularly active in helping landlords sell their properties through the online auction website Ten-X. In fact, Guidicelli says he ranks in the top 10 nationwide and holds the No. 1 spot in Connecticut for commercial auction sales. "One of the biggest miscon- ceptions about auctions is that they lead to distressed or bargain pricing," Guidicelli recently told the Hartford Business Journal. "That couldn't be further from the truth. In fact, many of my recent transactions have exceeded market guidance, often setting new pricing benchmarks that influence broader market comps." Over the past 12 months, Guid- icelli has brokered more than a half-dozen deals valued at more than $1 million. He's been partic- ularly active in the medical office sector, including brokering the sale of a 90,000-square-foot medical/ professional office building in Farmington, at 2 Forest Park Drive, for $7 million. He also brokered the sale of a 30,000-square-foot professional/ medical office building in Glaston- bury, at 300 Winding Brook, for $2.65 million. "Properties with a medical component, or those with potential to be repositioned for health care use — such as professional offices or high-visibility retail in high-traffic corridors — are especially active in today's market," Guidicelli said. "Additionally, I'm seeing strong trac- tion with owner-occupied buildings where the primary user occupies a portion of the property while gener- ating supplemental income from leasing the remaining space." Guidicelli, a UConn alum, has earned a Certified Commercial Investment Member designa- tion, and served on the board of CCIM's Connecticut chapter. He also earned the SIOR designation from The Society Of Industrial & Office Realtors. Michael Guidicelli The Hartford Business Journal has a new website! See who is making headlines at HartfordBusiness.com

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