March 20, 2017
Deal Watch

Windsor office-portfolio sale nets $5M

PHOTO | Contributed
PHOTO | Contributed
Griffin Office Park, Windsor.
PHOTO | TEN-X.COM
1 Grove Place, New Britain.
PHOTO | Contributed
14 Tobey Road, Bloomfield.

A five-building Windsor office complex has sold for $5 million, brokers say.

Iowa-based Investors Warranty of America LLC (IWA) sold the 375,000-square-foot office portfolio to Griffin Park Realty W LLC, of Brooklyn, N.Y., said seller's broker CBRE-New England, which brought IWA to the deal table.

Vasco Ventures, which specializes in distressed and undervalued real estate, manages Griffin Park, a private-equity partnership, CBRE said.

The properties located within the Griffin Office Park had been on the market for some time, the broker said.

Scott Weinblatt, Vasco's national director of operations and asset management, said the acquisition is its first in the Greater Hartford region. Vasco owns or operates a handful of properties in the New York City and Philadelphia areas, plus one each in upstate New York and in Galloway, N.J., Weinblatt said.

The Griffin Office Park portfolio consists of two four-story Class A office buildings located at 1 and 2 Waterside Crossing and three two-story Class B office buildings located at 4, 6 and 8 Griffin Road North.

The portfolio's properties are located within Griffin Office Center, a 600-acre development.

Rocky Hill’s Town Center inks first-phase tenants

The first phase of commercial development in Rocky Hill's Town Center West is nearing occupancy for its first batch of tenants.

Located at 856 Cromwell Ave./Route 3, Starbucks, Citizens Bank and Carbone's restaurant are among retail tenants that have signed for space in several buildings totaling 16,710 square feet in the first phase.

To the rear of Town Center West, is the recently opened Montage Rocky Hill, a 144-unit luxury apartment community.

In Phase I, Hartford's Carbone Restaurant is debuting two themed restaurants, Carbone's Prime Italian Steakhouse and The Salad Bar, featuring organic foods.

Also to open will be a Starbucks coffeehouse, with a drive-thru window and an outdoor patio.

Kathy's Urgent Care, led by Dr. Thomas Brown, is opening its second location in the Hartford region.

Its facility will provide X-rays and blood work.

Citizens Bank's new branch also will feature a drive-up window as part of its new streamlined branch design.

$8.9M N. Britain office complex for sale

The 1 Grove Place office complex in downtown New Britain is on the market for $8.9 million, brokers say.

Once a factory-mill site that formerly housed Fafnir Bearing, the seven-story, 105,875-square-foot office building atop 1 acre at 1 Grove St. has 17 office suites.

The building is listed for sale by the owner on Ten-X.com.

$735K Bloomfield listing

A 29,886-square-foot industrial building in Bloomfield is on the market for $735,000, brokers say.

Built in 1958, the 1.81-acre property at 14 Tobey Road contains 3,750 square feet of office space. The property is located within the town's enterprise zone and is fully leased, according to listing broker Sentry Commercial.

Star Silk & Woolen Co. and Thomas Hooker Brewing Co. are existing tenants, Sentry said.

Deal Watch wants to hear from you. E-mail it, along with contact information to: gseay@HartfordBusiness.com.

Gregory Seay is the Hartford Business Journal News Editor.

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