March 14, 2019
Deal Watch Today

Hartford's 'Candy Cane' bldg. set for auction

Photo | Contributed
Photo | Contributed
10 Columbus Blvd., the “Candy Cane Building.''

The near-downtown Hartford skyscraper that is headquarters for Connecticut Children's Medical Center is headed for an online auction, with a $5.5 million opening bid.

California real estate auctioneer Ten-X Commercial and its affiliate announced on their homepage they have been retained to oversee the scheduled two-day auction April 17-19 for Hartford Square North, 10 Columbus Blvd., overlooking the city's Front Street entertainment district on downtown's southern edge.

Bidders must make a $50,000 "participation deposit,'' with the winner paying an extra 5 percent "transaction fee,'' according to Ten-X's homepage.

As previously reported, the edifice known to locals as the "Candy Cane Building" for its silver-maroon cladded exterior shaped like the popular holiday confection, is a foreclosure in the hands of special servicer since Hartford Square North LLC, the owner of the non-condominium portion of the 11-story tower, fell behind on its refinanced 10-year, $17.5 million mortgage set to mature in July 2017.

By last summer, Connecticut Children's (CCMC) had relocated its headquarters and about 400 staffers from its main campus on Washington Street to some of the floors of Hartford Square North.

CCMC officials said at the time they were drawn to the building, to free up campus space for expanded caregiving functions, because of Candy Cane's then-available Class A office space and garage parking for 467 vehicles.

According to Ten-X's online listing for 10 Columbus Blvd., the 34-year-old building's gross rentable 228,623 square footage is 98 percent occupied. It was last renovated in 1988.

Trepp, a New York commercial-mortgage debt tracker, recently released data showing the Candy Cane has been in the hands of special servicer LNR Partners Inc. since its June 2015 foreclosure and has an unpaid loan balance of $15.8 million.

LNR could not be immediately reached Thursday for comment.

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