4 Hartford Business Journal • July 20, 2015 www.HartfordBusiness.com
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area are selling for a discount, making them
attractive to owner-operators like Sweeny of
Winding Brook Capital.
Sweeny said he and Connelly almost
bought another newer, larger office building
in Glastonbury, but balked at its price.
In Southington, AmTrust Financial paid
$2.3 million for the 400 Executive Blvd. office
building from The Hartford, to house New
York-based AmTrust's regional business-
insurance and claims operations, said Jona-
than Putnam, executive vice president and
broker with Cushman & Wakefield in Hart-
ford. A few years earlier, information-tech-
nology provider COCC dropped $1.56 million
on an adjacent office building in the same
business park.
The common element shared by those and
other buildings users covet is that they often
are in excellent condition, or need very little
attention and investment, to get them there,
Putnam said.
"It's more a sign of opportunity,'' he said of
the buying spree. "These buildings are avail-
able at an opportune price.''
Not all users are looking for office space.
This spring, Boston electrical wire-cable
distributor The Arthur J. Hurley Co. paid $1.5
million for a 52,214-square-foot East Hartford
industrial building that, after remodeling,
will open this fall as its regional parts depot,
employing up to 20.
All of these commercial real estate sales
and purchases are providing a windfall to
Connecticut's cash-strapped coffers. The
state tax collector and individual municipali-
ties in which properties are located get a cut
of each sale of residential and commercial
property as real estate conveyance taxes.
Connecticut's share of those levies climbed
through the first four months of this year to
$121.6 million, compared to $121.2 million in
conveyance fees collected the same January-
April period in 2014, state Department of Rev-
enue Services data shows.
A Connecticut native, Sweeny noted the
timing of his realty purchase came just as
state lawmakers were deliberating and even-
tually passed a budget that raised taxes on
businesses and individuals. He insists he
and his business partner don't regret doing
the deal, but they do harbor some concerns.
"I wouldn't call it that,'' he said of "buyer's
remorse.'' However, he noted that they over-
see $8.5 billion in assets for individuals and
third-party wealth managers in offices out-
side Connecticut, each of which could easily
one day be home to Winding Brook/Apella.
"We could pack up this show and move it
anywhere we want,'' Sweeny said. n
Users
