News: Connecticut

R. Calabrese Agency, LLC and Drubner Commercial, LLC lease 47,000 s/f industrial building

Ralph Calabrese of the R. Calabrese Agency, LLC and John Famiglietti, partner in Drubner Commercial, LLC recently completed the lease of 47,000 s/f in a 54,000 s/f industrial building at 75 Progress Lane in the Captain Neville Industrial Park. The property is owned by KFM Progress Lane Realty, LLC which occupies the building's remaining 7,000 s/f. Unipharm, Inc., a private company that manufactures and markets over-the-counter pharmaceuticals, vitamins, supplements, and nutritional products, signed a five-year lease with a five-year option. Unipharm is projecting to have 44 full-time employees over its first two years of operation in Waterbury. In addition, Unipharm acknowledges the company could expand the employee base by an additional 40 jobs by the end of their initial five-year lease term. Unipharm anticipates opening this facility in July. Ron Pugliese, Waterbury's economic development director and Tom Gentile, business development manager of the Waterbury Development Corp. worked tirelessly coordinating the various state and local programs, benefits and tax abatements which first attracted Unipharm to Waterbury. "This is tremendous opportunity for the city," said recently elected Mayor Neil O'Leary. "It's an opportunity for economic development-which is the one issue we've been emphasizing during my campaign and through my first five months in office." Ralph Calabrese represented the landlord, KFM Progress Lane Realty, LLC while John Famiglietti represented the tenant, Unipharm, Inc. Attorney Michael Cicchetti represented the landlord in the lease negotiations.
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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