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May 30, 2019 Deal Watch Today

Glastonbury’s Somerset Square office buildings sold for $30.3M

glastonbury office buildings Somerset Photo | Contributed 180 Glastonbury Blvd.
Somerset Photo | Contributed An aerial shot of 200 (left) and 180 Glastonbury Blvd.

A Simsbury real estate investment firm says it’s acquired a pair of four-story office buildings in Glastonbury’s Somerset Square development for $30.3 million.

Hart Realty Advisers on Wednesday said it purchased two office buildings at 180 and 200 Glastonbury Blvd., which together span over 184,871 square feet. The buildings are adjacent to The Shops at Somerset Square in downtown.

Both buildings house numerous tenants in the insurance, financial technology, accounting and wealth management sectors, including Wells Fargo Advisors, RBC Wealth Management and Washington Trust Co-Westerly.
Somerset Square is Glastonbury’s second largest taxpayer, according to the town’s grand list.

“180 and 200 Glastonbury Boulevard are some of the most attractive assets in the Hartford area, with a high-end tenant base and surrounded by a bustling master-planned community with dozens of retailers and restaurants that draw activity seven days a week,” said David S. Hart, co-CEO of Hart Realty Advisers. 

Hart Realty, a subsidiary of Atlanta-based The Shopping Center Group, which bills itself as one of the largest privately held retail advisory firms in the nation, acquired the buildings from real estate investment manager Barings LLC, of Charlotte, N.C.

The sale was brokered by commercial broker-advisor CBRE Group Inc., which will oversee leasing and management of the buildings.

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