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June 6, 2016 Deal Watch

Two South End Hartford apartments bring $4.5M

PHOTO | Contributed 37 Charter Oak Place is the larger building, abutted by the squatter 29 Charter Oak Ave. building, both in Hartford.
PHOTO | Contributed 50 & 54 Alna Lane in East Hartford.

A pair of Hartford apartments totaling 80 units in the city's South End have been sold, a loan broker says.

New York-based Aria Legacy Group LLC acquired a 70-unit property at 37 Charter Oak Place and another at 29 Charter Oak Ave., with 10 units and a pair of ground-floor spaces from seller DR Management, according to the acquirer's lending broker Eastern Union Funding.

According to Eastern Union, it arranged $4.5 million in acquisition financing for the two apartment communities in the South Green neighborhood with CBRE Capital Markets. Purchase price wasn't disclosed.

Both were built in the 1930s and underwent a full rehabilitation in 2014, according to an Eastern Union spokeswoman. Their combined occupancy rate is 98 percent.

With the latest acquisitions, privately held Aria has expanded its Connecticut footprint. Last November, it acquired a pair of Waterbury apartment complexes, Eastern Union said.

$1.12M for Bobcat sites

An East Hartford industrial building is one of a pair of Connecticut/Massachusetts properties housing Bobcat earth-moving/excavation equipment dealerships that recently sold for a combined $1.12 million, brokers say.

SSG Holdings LLC acquired the 12,404-square-foot building on twin lots totaling 3 acres at 50 and 54 Alna Lane from sellers MEDD Co. LLC and Alna East LLC, according to broker Reese Commercial.

The second property sold was an 8,400-square-foot industrial building on a half-acre at 181 Wayside Drive in West Springfield, Mass., Reese said.

Bobcat of Connecticut Inc. is a tenant in both sites for its regional sales-service dealerships, Reese said.

UHart’s Bloomfield renewal

The University of Hartford has renewed its 9,400-square-foot lease of Bloomfield industrial space that The Hartt School of Music uses to build production sets.

The Hartt School has used the space at 522 Cottage Grove Road as its set-building shop since 2001, the university said.

Kinneret Associates LP owns the 64,000-square-foot, multi-tenant industrial complex on 22.3 acres.

Sentry Commercial was the sole broker in the lease.

Bristol’s Park Plaza sold

Bristol's Park Plaza shopping center recently drew a $4.725 million sale price at auction, brokers say.

Ettcon & Co. LLC of Granby on May 10 sold the 45,000-square-foot property at 45, 59 and 81 N. Main St., according to selling broker Real Living Wareck D'Ostilio.

Arnold Peck Realty World represented Ettcon & Co.

The shopping center will remain as is, the selling broker said.

Plastic Mold’s E. Windsor relo

Plastic Mold and Design LLC has leased 1,560 square feet of industrial space in Vernon to relocate from East Windsor.

The space is inside the 52,000-square-foot industrial building on six acres at 77 Industrial Park Road that landlord Mel-Pet Realty Co. owns, according to sole broker Sentry Commercial.

Plastic Mold relocated from North Road in East Windsor.

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

Gregory Seay is the Hartford Business Journal News Editor.

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