Hartford Business Journal

6 HARTFORDBUSINESS.COM | MARCH 9, 2026 DE AL WATCH Walmart affiliate buys East Hartford warehouse for $212.6M A n affiliate of Walmart has purchased a 1.2-million-square-foot East Hartford warehouse at 695 East Hartford Blvd. for $212.64 million, according to land records. The seller was National Development and partner PGIM. The facility, built as part of the Rentschler Field redevelopment, had been leased by Wayfair but never fully occupied. The property spans 112.4 acres and is part of a larger logistics park that also includes a 1.3-million-square-foot building leased to Lowe's. Walmart declined to comment on how it intends to use the facility. 695 East Hartford Blvd., East Hartford. Photo | CoStar EXPERT'S CORNER Transfer Act sunset reshapes environmental risk in Connecticut real estate By Brendan Schain O n March 1, the Connecticut Transfer Act finally sunset and was replaced with a Release- Based Cleanup Program. This change has real estate developers and lenders, among others, reconsidering how to quan- tify and manage environmental risk. The Transfer Act used the transfer of ownership of certain properties or businesses as a trigger to require a compre- hensive and closely regulated environmental investigation. Those required investigations had to follow a single, prescribed path for identifying pollution and addressing whatever is found. The new program is different. It does not require investigation of any property. Like the cleanup programs in nearly all other states, the release-based system relies on the market to drive investi- gations. It imposes no requirements unless and until pollution is found. That is, reporting and remediation may be required but only if historical pollution is "discovered." This is a gener- ational shift in the state's approach to addressing historical pollution. To many, the flexibility created by relying on market-driven investigations may be perceived as uncertainty, but it should be seen as an opportunity. Inves- tigation is often related to a business decision to buy, sell or finance property, or start construction. Buyers, sellers, developers and lenders making these decisions each have different risk tolerances. And, while many properties have been inves- tigated to some extent over time, every identified environmental concern poses different risks. Because every property and every business decision is different, there is no longer a single, prescribed path to follow. At this moment of transition, developers and lenders in particular should think hard about whether, and how much, investigation should be performed and what it will mean if the investigation identifies a historical release of pollution. While nobody in Connecticut has had to make decisions quite like this before, the "uncertainty" that many feel now is a feature of the new program, not a bug. Those that understand the new program will be able to take advantage of the flexibility it provides to facilitate transactions and drive redevelopment. Evolving cleanup standards Right now, anyone involved in Connecticut real estate should start by focusing on how due diligence is performed. The release-based program is designed to allow a potential buyer to investigate a parcel and identify histor- ical pollution without triggering regula- tory obligations to report or remediate. However, if the property owner — either the current owner or the buyer post-closing — has knowledge of the presence of historical pollution, the new program will require them to take some action. Lenders also must consider whether, and when, sampling should be required as a step in the process of obtaining a loan, as those sampling results may subject their borrower to the require- ments of the release-based program, including reporting the discovery of pollution to the state. The new program also brings changes to Connecticut's cleanup standards, including new "permits-by-rule" for managing historical fill and preventing exposure to polluted soil that are faster and less expensive than older approaches, as well as other new provi- sions that will relieve some burdens on properties impacted by releases that occurred off-site. These revisions to the cleanup standards apply to all properties, even properties already subject to the Transfer Act because of a pre-March 1, 2026 transfer. Anyone currently responsible for remediating a property should consider whether these changes can be used to reach an endpoint more quickly. Brendan Schain is a partner at Shipman & Goodwin LLP, and a member of the firm's environmental practice group. Brendan Schain DE AL WATCH | BUYERS & SELLERS EAST WINDSOR A 111-room budget hotel at 161 Bridge St. in East Windsor sold for $4.29 million, according to a deed recorded Jan. 23. Bradley Enterprises LLC sold the 76,075-square-foot property, built in 1970 on 5.98 acres, to SAI Krishna LLC. State records list SAI Krishna's princi- pals as Chirag Patel, Kunal Patel, Piyush Patel and Mehulkumar Patel. The purchase was financed in part with a $3.57 million mortgage from Centreville Bank. Bradley Enterprises originally acquired the property in September 2020 for $2.4 million. OLD LYME An affiliate of Portland, Maine-based DiMillo's Yacht Sales paid roughly $3 million for the Old Lyme Marina and a neighboring residential parcel. The buyer paid $2.35 million for the 1.18-acre marina at 34 Neck Road and $650,000 for an adjacent 0.13-acre property with a 1780-vintage house. The marina includes a commercial building, garage and 25 slips. The Abrahamsson family had operated the marina since 1974. DiMillo's said the site becomes its eighth location. BETHEL Sterling Properties Group and Diver- sified Properties have completed the Kinsley Apartments, a 117-unit luxury rental community on 12.5 acres at 36 Stony Hill Road in Bethel. The New Jersey-based developers acquired the site for $4 million in 2021 and began construction later that year. The project includes seven buildings totaling about 147,000 square feet, plus a clubhouse, pool and other amenities. Leasing materials show one- and two-bedroom units, with asking rents starting above $2,500 per month. The developers cited demand for high-end rentals in the area. FARMINGTON A 13.4-acre former religious retreat and conference center at 29 Colton St. in Farmington has been listed for sale at $4.5 million. The Our Lady of Calvary Retreat Center, operated for more than 65 years by the Sisters of the Cross and Passion, closed late last year. The property includes a 27,832-square-foot main building with guest rooms, dining and meeting space, plus a separate four-bedroom house. The site is zoned residential, with addi- tional uses allowed by special permit. Colliers is marketing the property. STRATFORD Romano Brothers Builders LLC has proposed a 154-unit residential devel- opment on 4.16 acres at 952, 972 and 1000 E. Broadway St., near the Stratford train station. Plans call for a four-story, 134-unit apartment building and five smaller four-unit structures. The project would include underground parking, 250 vehicle spaces and 35 bicycle spaces. WALLINGFORD An affiliate of Philadelphia-based Alterra Property Group paid $3.6 million for a 40,000-square-foot trucking terminal at 90 North Plains Industrial Road in Wallingford. The 1981-vintage property sits on 5.4 acres. The seller, RLR Investments LLC, is tied to R+L Carriers. Land records show the property last sold in 2000 for $950,000. Alterra has been expanding its industrial portfolio, including a recently reported fund targeting infill and outdoor storage assets.

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