Hartford Business Journal

www.HartfordBusiness.com June 6, 2016 • Hartford Business Journal 7 WHAT'S AHEAD: ■ 6/13 Focus: Real Estate ■ The List: Largest Architectural Firms ■ Nonprofit Profile: Universal Health Care Foundation of CT CALENDAR MONDAY, JUNE 20 Middlesex Chamber Breakfast features UConn Athletic Director The Middlesex Chamber of Commerce will hold its monthly member breakfast June 20 featuring new UConn Athletic Director David Benedict. The event runs from 7 a.m. to 9 a.m. at the Radisson Hotel Cromwell, 100 Berlin Road, Cromwell. Following the breakfast First Niagara Bank will host a workshop entitled "The Evolving Risk of Cyber Liability" that will include a panel of local IT experts who will discuss what you need to know and how to protect you and your company. Attendees will learn more about cyber risks, the emerging issues and the protection available for data breaches, network and information security and privacy liability. Cost to attend is: $22 for chamber members; $32 nonmembers. For more information or to register go to: http://middlesexchamber.com/. REAL ESTATE Bloomfield luxury apts. draw $52M The Hawthorne at Gillette Ridge, a 246-unit Bloomfield luxury apartment community built more than a decade ago by Cigna Inc., has sold for $52 million, brokers say. Buyer White Eagle Property Group paid seller Bouwfonds Haw- thorne LP $211,000 per unit for the property that a partnership of Bloomfield-based Cigna and Washington D.C.-based developer The Bozzuto Group co-developed in 2004, according to seller's broker Institutional Property Advisors Northeast, a unit of Marcus & Millichap. The Hawthorne is comprised of 10, three-story buildings. IPA Executive Director Victor Nolletti said the apartment's con- struction quality and proximity to West Hartford and downtown Hartford were magnets for the buyer. Gap between wages, rent high What a renter earns and what it costs to rent a two-bedroom apartment in Greater Hartford are significantly different, a study of the region's rental market shows. The National Low Income Housing Coalition reported a typical renter in the Hartford-West Hartford-East Hartford area makes an average of $14.58 per hour. They would need to earn $23.27 per hour (or $48,400 annually) to afford a two-bedroom apartment. A renter would need to work 62 hours a week at the current mean average renter wage of $15.11 per hour. The report doesn't indicate if that includes overtime pay for the hours above 40. Greater Hartford is a more affordable market than the state as a whole. The housing wage for a two-bedroom apartment is $24.72. The annual income would be $41,420. MANUFACTURING Oxford Performance Materials gets investment from Hexcel South Windsor's Oxford Performance Materials Inc. has received a strategic investment from Hexcel Corp. in Stamford. The companies would not disclose the level of investment be- cause they are both privately held, but Hexcel now owns a minor- ity stake in Oxford, which is an advanced materials and additive manufacturing (3D printing) company. Hexcel is a supplier of ad- vanced composites for commercial aerospace, space and defense and industrial applications. Oxford uses Hexcel carbon fiber in the production of its 3D printed structural parts for a range of satellite and aerospace programs. According to Oxford's CEO and Chairman Scott DeFelice, the Hexcel investment will help Oxford expand its production capacity. It also sets the stage for joint technology collaboration and busi- ness development efforts, DeFelice said. Oxford has 60 employees and 50,000 square feet of manufacturing/R&D/office space in two South Windsor facilities. David Benedict Restrictions apply. Not available in all areas. © 2016 Comcast. All rights reserved. When Your When Your Business Business Relies on Relies on Technology, Technology, You Can Rely You Can Rely on Us. on Us. Technology Services Technology Services Network Systems and Support Network Security & Encryption Outsourced IT Department Cloud & Hybrid Back-up Systems Business Continuity Systems Outsourced CIO & CISO Services Consulting Services Consulting Services Non-profit Accounting Solutions Fundraising Solutions Software Selection Outsourced CFO Services Network Security Audits SSAE 16 / SOC 1, SOC 2 Audits HIPAA Security Compliance IT Policies and Procedures Business Continuity Planning ASK US ABOUT MICROSOFT OFFICE 365! 280 Trumbull St., 24th FL Hartford, CT 860.524.4400 www.TheTechnologyGroup.com The Hawthorne at Gillette Ridge in Bloomfield. P H O T O | C O N T R I B U T E D

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