News: Connecticut
Posted: April 29, 2009
Witten, Nolletti, Mancinone, Barbarisi of Marcus & Millichap broker $1.45m sale
Marcus & Millichap Real Estate Investment Services has sold 270 John Downey Dr. and 300-330 John Downey Dr., an 82,297 s/f industrial property, according to Edward Jordan, regional manager of the firm's New Haven office. The sale price was $1.45 million.
Steve Witten, first vice president, investments; Victor Nolletti, vice president investments; Adam Mancinone, senior associate; and Blake Barbarisi, an office and industrial investment specialist, all in the firm's New Haven office, represented the seller and the buyer, two limited liability companies.
The property is well located with excellent visibility in New Britain's premier industrial park. 270 John Downey Dr. is a 34,350 s/f building. The lot is 2.713 acres. The property was completely renovated in 1998 and is in excellent condition. 300-330 John Downey Dr. is a 47,947 s/f building situated on 11.17 acres.
The excess land allows for potential development or expansion of the existing building. Together, the two properties offer significant potential upside and an attractive below replacement cost price per s/f
MORE FROM Connecticut
Quick Hits
STAY CONNECTED
SIGN-UP FOR NEREJ EMAILS
Columns and Thought Leadership
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
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
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 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