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September 6, 2019 REAL ESTATE ROUNDUP

CT Innovations to relocate to District NH

PHOTO | New Haven Biz
By Michael C. Bingham

Connecticut Innovations, the state’s quasi-public investment entity that invests in technology, health-care and manufacturing companies in the state, has signed a lease to relocate its headquarters from Rocky Hill to District New Haven, the technology incubator at 470 James Street.

CI will move in December into 10,000 square feet at District, effectively bringing the former CT Transit bus depot to full occupancy. CI officials said they were seeking to create a more collaborative environment for employees than the one afforded by the suburban Rocky Hill office park where they have been located.

Connecticut Innovations already had six employees working from office space in District New Haven, so the James Street facility was already on CI’s radar.

“New Haven is centrally located, so we like that,” CI Communications Director Lauren Carmody told NHB earlier this year. “And we have a large number of companies in our [investment] portfolio that are based in or around New Haven.”

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Report: Modest gains for NH office market

The Connecticut Innovations lease was the largest transaction in an otherwise quiet quarter for the New Haven market, according to the second-quarter New Haven office-market report released this week by Colliers International.

Overall vacancy in the city’s 5.6 million square feet of office space fell 20 basis points to 15.6 percent behind net absorption of 14,685 square feet, according to Colliers. While modest, the gains continued a positive trend that began in the third quarter of 2018.

Occupancy remained strongest in Class B buildings in the Central Business District, where only 74,758 square feet — 6.1 percent of inventory — were available at the close of the second quarter, according to Colliers.

Conversely, Class A space outside the CBD (a two-building category that consists of 545 and 555 Long Wharf Drive) had a vacancy rate of 43.6 percent.

Colliers attributed much of that erosion to the diminution of office occupancy over the course of a decade by the Southern New England Telecommunications Corp. and its successors: SBC Communications, AT&T and now Frontier Communications.

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Branford’s Premier Subaru pays $1M for N. Main St. properties 

The former Carriage Shop at 200 North Main Street, Branford.

OR&L Commercial’s Frank Hird has brokered the combined million-dollar sale of two commercial properties at 200 & 206 North Main Street, Branford.

A 1.2-acre parcel at 206 North Main Street sold for $550,000. Also, a 6,760-square-foot auto-repair facility (the former Carriage Shop property) on 0.66 acres at 200 North Main Street sold for $450,000.

The seller of the two parcels was Carriage Motors LLC of New Haven, whose principal is Adam Brouilliard of New Haven. The buyer of both properties is Premier 205 North Main Realty LLC, whose manager of record is Robert J. Alvine of Madison. The new owner, which also owns Premier Kia and Premier Subaru, both of Branford, plans automotive uses for both properties.

Hird represented both parties to the transactions.

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Southbury industrial condo sells for $1.15M

1432 Old Waterbury Road, Southbury

Ed Godin Jr., SIOR, of Godin Property Brokers in Middlebury represented both parties in the $1,150,000 sale of a 14,000-square-foot unit in an industrial condominium complex at 1432 Old Waterbury Road, Southbury. The leased multi-use flex facility off I-84 has historically high occupancy levels. The buyer, KNK Properties LLC, is a family-owned investment group. Its principals are Jusufi Krenar and Jusufi Kreshnik, both of New Fairfield. The seller of the building was R.M. Volpe Builders Inc.

 

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