November 10, 2014
Deal Watch

CBRE/NE locks funding for Groton, Cape Cod deals

PHOTO | Contributed
PHOTO | Contributed
The Ledges apartments in Groton sold recently.
PHOTO | Contributed
Crown Industrial Park in Windsor Locks.

The recent $48.25 million sale of one of Groton's biggest apartment complexes is noteworthy for its pricetag but also was a financing milestone for the Hartford finance unit of commercial broker CBRE/New England.

According to CBRE, the seller's broker, the $39.2 million in financing placed for The Ledges deal by its Hartford Debt & Structured Finance team was the largest this year in the Hartford market. The lender was Freddie Mac.

LCOR Groton Apartment LLC, an affiliate of Berwyn, Pa., developer-landlord LCOR, sold the 339-unit property at 11 Ledgewood Road to Ledges Groton 199Y LP and Bowie Groton 701K, town land records filed in late September show.

Built in 2005, The Ledges consists of 14 garden-style apartment buildings spread over 24.19 acres, some with views of Long Island Sound. There are 148 one-; 155 two-; and 36 three-bedroom townhomes averaging 1,022 square feet.

Separately, West Hartford's Simon Konover Co. worked with CBRE to obtain $12 million in construction financing to convert an existing inn into a Fairfield Inn & Suites by Marriott in Hyannis, Mass.

Loan proceeds from Massachusetts' Cambridge Savings Bank will renovate and expand the current 99-room Days Inn in Hyannis into a 125-room Fairfield Inn, with reopening targeted at next May, officials said.

A third story, with elevator, is being added to the property in which Konover acquired an interest in December 2012. Also, a new walkway will connect the hotel's guests directly to the Cape Cod Regional Mall's retail/restaurant amenities.

• • •

Windsor Locks park full

Crown Industrial Park in Windsor Locks, in the shadow of Bradley International Airport, recently had a trio of tenant signings.

At the park at 295 Ella Grasso Turnpike, global architectural-engineering firm Permasteelisa Group signed for 258,000 square feet; supply-chain manager Multi-Mode Logistics leased 70,000 square feet; and used-books reseller Yankee Clipper Books committed to 83,200 square feet.

With those leases, Crown, a 450,000 square foot multi-tenant industrial building, is fully occupied, brokers say.

Landlord is Winchester Partnership of Windsor Locks.

• • •

Between Rounds expands

Between Rounds Bakery Sandwich Café has expanded its South Windsor corporate headquarters/production facility with a second oven and is preparing to add a handful of production workers.

Founded in 1990 by brothers Jerry and Joe Puiia, the café-bagel shop has two company stores in Manchester and Vernon, and a single franchise store in Tolland.

Between Rounds generates the bulk of its more than $2.5 million in annual sales supplying fresh bagels to 16 Hartford area independent grocers, including Geissler's, Highland Market and ShopRite, Jerry Puiia said.

At its 7,000-square-foot main store at 19A John Fitch Blvd./Route 5 in South Windsor, the café-bakery has added a second oven to double its weekly production of 35,000 to 40,000 bagels, Puiia said.

The company also intends to add two or three bakers and distribution staffers to its approximately 40-worker payroll, he said.

• • •

CBS’ Newington space

Office-imaging vendor Connecticut Business Systems LLC signed a long-term lease for 40,000 square feet at 240 Pane Road in Newington.

The office-imaging vendor has leased 40,000 square feet of the 94,000 square foot modern industrial building owned by Schüco USA.Hart Group International represented the landlord. Jones Lang LaSalle Americas Inc. represented the tenant.

Deal Watch wants to hear from you. E-mail it, along with contact information to: gseay@HartfordBusiness.com. Greg Seay is the Hartford Business Journal News Editor.

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