Hartford Business Journal

4 Hartford Business Journal • November 27, 2017 • www.HartfordBusiness.com Briefs Winstanley pays $50M for Windsor Locks building Massachusetts landlord-developer Winstanley Enterprises said it has acquired a 1-million-square-foot grocery-distribution facility in Windsor Locks for $50 million. Principal Adam Winstanley said his company closed Nov. 14 on its purchase of the 1,079,000-square-foot building at 500 North St. CBRE-New England brokered the deal. The building is leased long term to Massachusetts supermarket chain Stop & Shop, which in turn subleases the facility to regional grocery supplier C&S Wholesale Grocers, Winstanley said. "We bought the property because it's a great bulk distribution building and it's a good fit with the other properties we own in the region," Winstanley said. Last January, Winstanley Enterprises, based in Concord, Mass., paid $124 million for 10 Enfield properties, anchored by the 1.1 million- square-foot former Hallmark Greeting Cards distribution facility at 25 Bacon Road. Winstanley followed up in May with the $2.9 million purchase of 56 raw acres in Enfield that some brokers say could be commercially developed, perhaps into an industrial park. The landlord also paid in May $8.5 million for Georgia-Pacific's former 170,076-square-foot warehouse at 100 Helmsford Way in Windsor. Survey shows mixed business conditions in CT Connecticut businesses are reporting a mix of improving and worsening conditions for the third quarter, according to a survey recently released by the Connecticut Business & Industry Association. Thirty-seven percent of survey respondents said they predict improved conditions for their firm, up from 29 percent in the second quarter, according to the CBIA's 2017 Third Quarter Economic and Credit Availability Survey. Yet, 24 percent predict worsening conditions, a 10-point jump from the last quarterly survey. Forty-percent forecast stable conditions, down from 57 percent. The survey was conducted in early August through mid-October and 119 business owners responded. "We found that several respondent groups are outperforming the norm on growth for their firms over the next three months," CBIA economist Pete Gioia said. "They just need to find skilled talent to replace retiring workers." Gioia noted that manufacturers were particularly bullish, with 43 percent reporting an optimistic outlook against just 20 percent with a pessimistic forecast. Nonetheless, overall hiring remains sluggish with 21 percent of companies expecting to grow their workforce, down from 23 percent in the previous quarter. The percentage of firms expecting to shrink their workforce increased by five percentage points to 17 percent in the third quarter, while 63 percent see no change, a drop of three percentage points. "The survey finds steady, but modest growth for Connecticut businesses," Gioia said. Credit availability is not a problem for 88 percent of survey respondents. Wallingford drugmaker's layoffs to continue into 2018 Wallingford drugmaker Bristol-Meyers Squibb, which is planning to close facilities in the state by the end of 2018, is phasing in 29 more layoffs through January. That will bring the company's total Connecticut layoff count to 113 since February, according to the Connecticut Department of Labor (DOL). Last Decemer the company announced it would close up shop entirely at its 5 Research Parkway operations, where at the time it employed about 700 people. Since then, the pharmaceutical company has notified DOL of various layoffs throughout the year. The latest notice indicates 25 employees will be let go on Dec. 19 and four on Jan. 9. In late 2016, the company said it would invest in new facilities in Lawrenceville and New Brunswick, N.J. and continue to expand its Devens, Mass., biologics campus. It is also expanding in Cambridge and the San Francisco Bay area. CT antes $2M more for EV buyers Connecticut added a spark to its electric- vehicle (EV) rebate program, formally announcing an extra $2 million for cash payments to qualified buyers of battery-, fuel cell- and plug-in hybrid vehicles. The state's two-year-old EV rebate program encourages the use of non-fossil-fuel-powered vehicles and has already paid cash rebates on 2,067 purchased or leased automobiles, Gov. Dannel P. Malloy said. The Chevy Bolt was the most popular brand this year with EV motorists. Fuel cell powered EVs receive the largest Week in Review TOP STORY Hartford solicits bidders for development around Dunkin' Donuts Park H artford officially issued its request for proposals (RFP) seeking bidders to develop 32 city- owned properties totaling 13 acres around Dunkin' Donuts Park. The RFP emphasizes the potential for mixed-use development in four different parcels, anchored by residential buildings with lower-floor retail or office space. Three parcels overlook the recently constructed ballpark, a 6,000-seat stadium. The park hosts the Hartford Yard Goats Double-A minor league baseball team and welcomed nearly 400,000 fans this past season, Mayor Luke Bronin said. He also touted the nearby Candlewood Suites hotel that opened east of the stadium. One parcel is adjacent to the city's new public safety complex. Developers can bid on a single parcel or any combination of the four. In 2014, the previous city administration awarded development rights for the stadium and surrounding parcels to a single developer, Centerplan. Bronin's administration terminated Centerplan's contract to develop Dunkin' Donuts Park in 2016 after cost overruns and delays. The stadium opened this year and was named the 2017 Ballpark of the Year by BaseballParks.com. In October, the city of Hartford also terminated Centerplan as the developer of the parcels surrounding Dunkin' Donuts Park. The city, however, still remains tied up in legal disputes with Centerplan over its firing. BY THE NUMBERS 60 The number of employees South Wind- sor's Carla's Pasta expects to add as part of a 70,000-square-foot expansion of its operations. $219,000 The average median price for a Greater Hartford home sold during the month of October, which was up from $213,500 a year earlier, according to the Greater Hartford Association of Realtors. $203M The new projected deficit for the re- cently passed state budget, which may prompt Gov. Dannel P. Malloy to begin crafting a deficit-mitigation plan. 6,600 The number of mostly seasonal jobs Connecticut lost during the month of October, according to the state Depart- ment of Labor. TOP 5 MOST READ On HartfordBusiness.com • 1. Winstanley pays $50M for Windsor Locks bldg. • 2. Anthem-Hartford HealthCare reach 3-year deal • 3. Goodwin Hotel closes Harlan Brasserie • 4. New fintech opens doors in CT • 5. Trash/recycling plant to provide $1M to Hartford STAY CONNECTED For breaking and daily Greater Hartford business news go to www.HartfordBusiness.com HBJ on Twitter: @HartfordBiz HBJ on Facebook: www.facebook.com/HartfordBiz HBJ on Linkedln: www.linkedin.com/company/ the-Hartford-Business-Journal Daily e-newsletters: HBJ Today, CT Morning Blend www.HartfordBusiness.com/subscribe Weekly e-newsletters: CT Green Guide Weekly, CT Health Care Weekly www.HartfordBusiness.com/subscribe A map of property around the Dunkin' Donuts Park in Hartford that the city would like to see developed. RENDERING | CONTRIBUTED A Toyota Mirai fuel-cell vehicle is among the electric vehicles currently on the market. PHOTO | HBJ FILE

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