News: Connecticut

Bridgeport Rescue Mission purchases nursing home for $2.15 million

Bridgeport, CT The Bridgeport Rescue Mission has purchased the former Astoria Park Nursing Home at 725 Park Ave., for $2.15 million, according to Jon Angel, president of Angel Commercial, LLC. They will use this location for their new community care center. Baldwin Pearson & Company Inc. represented the Bridgeport Rescue Mission.

“Bridgeport Rescue Mission has the vision to renovate this building to be the home of a care center which will enable us to expand our capacity to meet the basic human needs of the hungry, homeless and addicted,” said executive director, Terry Wilcox. “The honest and professional services of Angel Commercial made the largest purchase in BRM’s history, also the smoothest.”

Founded in 1993, the Bridgeport Rescue Mission provides food, shelter, clothing, education, job training and counseling for the urban poor and addicted of coastal Fairfield County.

725 Park Ave. is a 61,344 s/f five-story building on 1.29 acres located minutes from I-95 (Exit 27) and Rte. 8 (Exit 1). 

“We are pleased that this building will be repurposed to help those in need,” said Angel, who represented the seller, Laureate Astoria, LLC. “It is an expansive facility and should make a huge difference to the surrounding community.”

READ ON THE GO
DIGITAL EDITIONS
Subscribe
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Quick Hits
STAY INFORMED FOR $9.99/Mo.
NEREJ PRINT EDITION
Stay Informed
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Newsletter
Columns and Thought Leadership
Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Shawmut Design and Construction breaks ground on the 195 District Park Pavilion in Providence, RI

Providence, RI Shawmut Design and Construction celebrated the ceremonial groundbreaking for the 195 District Park Pavilion, marking the start of construction on a facility that will feature year-round dining and support space for park operations. In addition to the 3,500 s/f building, the project will include infrastructure upgrades
The New England Real Estate Journal presents<br> the First Annual Project of the Year Award! Vote today!

The New England Real Estate Journal presents
the First Annual Project of the Year Award! Vote today!

The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Investing in a falling rate environment - by Harrison Klein

Investing in a falling rate environment - by Harrison Klein

Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The 2024 CRE markets: “The Ups” (industrial) and “The Downs” (Boston class B/C office) - by Webster Collins

The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary