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August 15, 2023

Farmington $30M office sale is state’s largest deal in 2023

CBRE Pond View Corporate Center, 74-76 Batterson Park Road, Farmington.
By Hanna Snyder Gambini

The near-$30 million sale of a multi-building corporate campus in Farmington is being touted as the biggest office space sale in Connecticut in 2023.

The Pond View Corporate Center, at 74-76 Batterson Park Road, was recently sold for $29.75 million, according to brokerage firm CBRE. 

It contains more than 225,500 square feet of office space over two buildings in a busy area off I-84, near Hartford and I-91. 

The buyer, who was not named, is a private family office in their first acquisition in the Hartford area, according to CBRE, which procured both the seller and buyer. 

The seller was Pond LLC, an entity controlled by Sovereign Partners LLC.

The office space was more than 90% leased at the time of the deal, which fetched $10 million more than the last sale in 2019.

The sale price was aided by a recent capital investment of over $3 million in building infrastructure and tenant amenities, CBRE said.

The deal was brokered for the seller by Jeffrey Dunne, vice chairman at CBRE, along with Steven Bardsley, Travis Langer and Daniel Blumenkrantz of CBRE’s institutional properties, in collaboration with John McCormick of CBRE’s advisory and transaction services.

“Pond View Corporate Center has proven it is a location in demand, even during the tough COVID environment,” Dunne said.

Pond View recently secured eight new leases, totaling over 54,000 square feet.

“Pond View Corporate Center demonstrates, once again, that during sensitive market conditions, tenants and investors seek a flight to quality, which Pond View provides,” Bardsley said.

CBRE also brokered the sale of a neighboring property, a $7.8 million purchase of a 204-Unit multifamily development site, for Sovereign Partners, to Skala Partners, a real estate development group in Fairfield.Skala Partners is led by brothers Aristides and Niko Koutouvides, a former linebacker for the New England Patriots, who both graduated from Plainville High School.

https://www.hartfordbusiness.com/article/revised-plans-approved-for-204-unit-multifamily-development-in-farmington

 

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