McCormick and Mulready of CBRE/New England Hartford negotiate $23.6 million sale of 95 Glastonbury Blvd.
Glastonbury, CT CBRE/New England has negotiated the sale of Somerset Sq.’s flagship office property, a four-story, 147,935 s/f class A office property located at 95 Glastonbury Blvd., for $23.6 million. The CBRE/NE Hartford team of John McCormick and Patrick Mulready represented the seller, The Silverman Group, and procured the buyer, a partnership controlled by Capstone Properties.
“95 Glastonbury represented the opportunity for a buyer to acquire an institutional quality asset in a 100% location, with strong cash flow,” said McCormick. “The property attracted interest from regional investors stretching from Washington to Boston.”
Mark Siegal and Brad Baran, the managing members from Capstone Props. were impressed with the tenant roster and amenities associated with the Somerset Sq. location. “All of our current real estate investments are located in the central Connecticut marketplace, of which Glastonbury is a very vibrant, active and progressive business community,” said Baran. “By adding 95 Glastonbury Blvd. to our portfolio, we feel we can offer additional resources and services to our current tenant base as well as now be able to meet all of their current and/or future space requirements as they grow their respective businesses.”
The Silverman Group acquired the asset five years ago. Blake Silverman said, “95 Glastonbury has been a valuable asset for us since our acquisition in 2011, with tenancy averaging close to 100% occupancy following our renovations. We have accomplished our goal of bringing 95 Glastonbury back to its former class A status and look forward to Capstone taking the property to the next level.”
95 Glastonbury Blvd. is one of Greater Hartford’s premier suburban office buildings. The property is one of six class A office buildings situated within Somerset Sq., considered the region’s most highly sought-after corporate office address due to its proximity to Hartford, abundance of area retail and business amenities, high-quality office product and excellent accessibility. 95 Glastonbury Boulevard was 100% leased at the time of sale with major tenants including United Bank, SAS Institute, USI Consulting, Liberty Mutual, Infosys, American Nuclear Insurers and Hanover Insurance.
Based in Windsor, CT, Capstone Properties is a local private equity investor. The company currently owns a number of office and industrial projects in Connecticut including the Farmington Mountain Office Park and 199 Scott Swamp Rd. in Farmington, 360 Bloomfield Ave. in Windsor and 1280 Blue Hills Ave. in Bloomfield, and the I-91 Tech Center in Rocky Hill, in addition to two assets on Research Parkway in Wallingford.
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. CBRE Group, Inc. (NYSE: CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
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