Hartford Business Journal

12 Hartford Business Journal • May 11, 2015 www.HartfordBusiness.com Quality Construction + Butler Manufacturing = Repeat Customers www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 317–321 Federal Road, Brookfield, CT | 2005 | 31,000 sq ft 270–290 Federal Road, Brookfield, CT 2002 | 33,000 sq ft 227-235 Federal Road, Brookfield, CT 2014 | 25,000 sq ft Contact us at 1-855-BUILD-86 or visit us on the web. Make a Statement. SM MEMBER FDIC EQUAL HOUSING LENDER 860-638-2958 liberty-bank.com $8,400,000 permanent mortgage on an apartment building in Harborcreek, PA $465,000 permanent mortgage on multiple residential properties in New Haven, CT $4,950,000 permanent mortgage on two apartment buildings in West Haven, CT Macy's Cheshire fulfillment center home for sale T he sprawling Cheshire building that houses department-store operator Macy's regional fulfillment center and offices for biopharma Alexion Pharmaceu- ticals is on the sales block, brokers say. Owner Investcorp hasn't pub- licly declared an asking price for the 527,000-square-foot industrial property at 181 West Johnson Ave., listing broker Cushman & Wakefield said. C&W Senior Broker Sean Duffy said the property is hitting the market amid a rising shortage of suitable, high-bay ware- house-distribution space in New England, particularly the Greater Hartford region. The scheduled June opening of Ama- zon.com's 1.5 million-square-foot fulfill- ment center, off Day Hill Road, in Windsor underscores the rising demand for that kind of space, Duffy said. About a quarter of the building's leas- able space is empty, an opportunity for the new owner to attract more tenants to the facility, Duffy said. Begun in 1996 as a corporate head- quarters and distribution center Bob's Stores but finished in 2000 after Bob's was sold, the site is near I-91, I-691 and I-84, with ample car parking and trailer stor- age, with clear heights up to 46 feet. According to an Investcorp spokeswom- an, the landlord paid $32.85 million for the property in December 2006. The 10-year holding period in which realty investors can maximize their beneficial tax and account- ing treatments is vesting on the property, so Investcorp is looking to sell, she said. Macy's has committed to remaining at 181 Johnson Ave. under a long-term lease, the spokeswoman said. Meantime, Alexion is preparing to relo- cate its corporate headquarters located in a separate Cheshire building to a new build- ing under construction in New Haven. • • • Konover's The Sound bows West Hartford realty developer-land- lord The Simon Konover Co. has begun lease-up of the first 112 units of The Sound Luxury Apartments at Gateway Com- mons in East Lyme. Simon Konover is development co-part- ner in Gateway Development/East Lyme LLC, a joint venture between it and affiliates of realty investor The Koffler Group, of Prov- idence, R.I. KGI is a unit The Koffler Group. Leasing on the first four buildings on 150 wooded acres housing studios, one-, two- and three-bedroom units began on May 1, 2015, officials said. Construction continues, meanwhile, on six more apartment buildings and a club- house, Konover said. When complete, The Sound will have 280 luxury apartments, pri- vate clubhouse with fitness center, home the- ater/media room, pool and other amenities. Konover Residential Corp. will oversee leasing and property management on site. In all, the Gateway Commons project is envisioned as 200 acres of residential and commercial properties. The town of East Lyme approved the housing plan in 2013; planning continues for the retail-phase of the development, to be located adjacent to exit 74 off I-95, Konover said. • • • More Colliers leases Hartford commercial realty broker Colliers International was active in more regional property leases and sales. Colliers was sole broker, except where noted. In New Britain, Classic Video Pro- ductions LLC leased 2,000 square feet of industrial space at One Hartford Square in New Britain from landlord Hartford Square Associates LLC. In Meriden, East Coast Insulation signed for 2,000 square feet of industrial space in the Meriden Enterprise Center at 290 Pratt St. In Hamden, Breakthrough Church leased 2,300 square feet at 481 Shelton Ave. from landlord Chestnut Realty Inc. Weichert Real- tors represented the church. n Deal Watch wants to hear from you. E-mail it, along with contact informa- tion to: gseay@HartfordBusiness.com. Greg Seay is the Hartford Business Journal News Editor. Gregory Seay DEAL WATCH Realty investor Investcorp has 181 Johnson Ave. listed without a sale price. The Sound Luxury Apartments in East Lyme. P H O T O | C O N T R I B U T E D P H O T O | C O N T R I B U T E D

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