Hartford Business Journal

www.HartfordBusiness.com February 23, 2015 • Hartford Business Journal 15 justify new construction. So, what is more likely to occur, Duclos and other brokers say, is that demand for older industrial buildings in need of refreshing will con- tinue to grow as newer sites fill up. The Wallingford Business Park is among sites with a mix of older and newer industri- al buildings, plus developable acreage, said Gallon. Reno Properties and affiliates paid $4.6 million to buy the 389,000-square-foot, 34-acre park last spring. But even newer, state-of-the-art build- ings, with the latest energy-saving features and other in-demand bells and whistles, don't always command full price. Indicative of that trend, Duffy says, is the $4.75 million sale his team co-brokered in November of the 279,000-square-foot for- mer East Windsor production facility at 97 Newberry Road, once owned by solar com- ponents maker STR Holdings. Buyer Sus- tainable Building Systems USA picked up for cents on the dollar a building in which STR only a few years earlier had invested millions to upgrade and expand. Senior broker Christopher Metcalfe, of CBRE-New England, points to other illustra- tive deals. In Newington, Hartford's Classic Restaurant Supply paid $2.1 million for a 65,000-square- foot building at 36 Holley Drive, Metcalfe said. The building sat unsold for five years, its title previously held by a printing company tied to the owner of the Minnesota Vikings. Local businesses are spearheading many of the recent purchases and leases of indus- trial properties, brokers and landlords say. In Windsor, aeroparts maker TLD Ace Corp. not long ago paid $2.05 million for a 58,000-square-foot warehouse-manufactur- ing facility at 770 Bloomfield Ave., next door to its existing operations on that street. Landlord Griffin Land is witnessing mounting lease and sale demand for its avail- able warehouse and distribution properties from local research-and-development con- tractors and the light-manufacturing sec- tor. Those parties are eager, said Griffin senior vice president Tim Lescalleet, to expand and streamline operations as opposed to consoli- dating and reducing operations that was in vogue in more recent years. Griffin Land also has noticed more out- siders among the tire-kickers for its spac- es, Lescalleet said, including "an uptick in build-to-suit activity in the 200,000- to 400,000-square-foot range, much of which is from users seeking to enter the Connecti- cut and New England marketplace.'' Those include, he said, food and beverage proces- sors/distributors; automotive parts and prod- ucts; and consumer products. "The make-up of this interest is increas- ingly from new users seeking to enter the market vs. existing ones looking to relocate within it; a positive sign for market growth,'' Lescalleet wrote in an email. In early February, Griffin executed a long- term lease with Pilot Freight Services, for its relocation from Kripes Road in Granby to the tradeport that straddles Granby and Windsor. A dozen years ago, Gajewski says it took three months to find the 16,000 square-foot Granby location, because the region's inven- tory of industrial space was much tighter, plus Pilot needed a specific number of load- ing bays and high ceilings. "This time around, it was pretty easy,'' she said of the space search. Gajewski said the newer Windsor indus- trial warehouse is attractive for another rea- son: Pilot regularly hosts shipping customers and prospects at its facilities. "We want it to look nice,'' she said. "We want to impress them.'' n Bank industry backing offers boost to Tolland's Geezeo By Greg Bordonaro gbordonaro@HartfordBusiness.com E ndorsements can help politicians build their power and support base, but they can also provide companies a major boost in business. That's what Tolland-based personal finance management software company Geezeo hopes a recent endorsement by the American Bankers Association provides. The ABA, which is the largest lobbying arm of the U.S.' small, regional and large banks, recently gave its seal of approval to Geezeo's cloud-based personal and business financial management tools, which allow consumers to track their transactions, categorize expenses, and monitor spending goals. The technology is sold to banks and credit unions, which integrate the tools into their own online and mobile platforms. "This is a real nice feather in our cap," said Geezeo co-founder Peter Glyman. "For them to endorse us it's a really big deal. It should open up additional doors for us." Glyman said credit unions have been Geezeo's largest customers to date, but the company is trying to expand business with community banks, which is why the endorsement offers such opportunity. The ABA searched for a "preferred and trusted" vendor it could recommend to its members and eventually selected Geezeo's technology. In a statement, Ken Burgess, chairman of ABA's endorsed solutions banker advisory council, said: "Today's account holders expect a unified anytime, anywhere, any device, integrated experience. We believe Geezeo's [personal financial management platform] is the right strategic choice to deliver top-flight experiences for bank customers." Geezeo currently has about 350 clients around the country and employs about 30 people in Tolland. They unveiled a small business version of their financial management software last fall and are focused on selling that to banks and credit unions as well, Glyman said. Beyond the ABA endorsement, Glyman said he sees significant growth opportunities because he believes personal financial man- agement tools are the next big thing in online and mobile banking. n 'obsolete' Health care doesn't stand alone. At Yale New Haven Health, we believe we are an integral part of the communities we serve. Not just from the standpoint of health and well-being. But also in our commitment to bringing positive change to those communities. That commitment is evident in efforts like H.O.M.E. – Home Ownership Made Easy – a loan program that helps our employees purchase a home in New Haven. It's also evident in the nursing training and scholarship programs we support. And in the wellness programs that help thousands of individuals and families across Connecticut develop healthier lifestyles. These are just a few of the ways Yale New Haven Health is making a difference beyond the treatment room. As the needs of communities grow, we'll grow with them. Because there's nothing more vital to the well-being of a community than the well-being of the people who live there. YaleNewHavenHealth.org Bridgeport Hospital Greenwich Hospital Yale-New Haven Hospital Northeast Medical Group We see a brighter future for the health of communities too. YNHH-2822 Advocacy7.4375x9.625.indd 1 2/19/15 1:05 PM

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