Avon commercial developer-landlord Casle Corp. quietly completed the transfer last spring of some $178 million in realty assets to a Houston real estate investment trust.
Avon commercial developer-landlord Casle Corp. quietly completed the transfer last spring of some $178 million in realty assets to a Houston real estate investment trust.
CEO David Sessions confirmed the April sale of 29 medical office buildings, all in the Hartford area and southern Connecticut, to Healthcare Trust of America Inc., (HTA) but insists the deal doesn't alter Casle's model of erecting and managing office properties.
Remuneration, Sessions said, was in the form of stock in HTA. Also as part of the deal, Sessions said Casle, which is a closely held development partnership, will continue managing the properties sold to HTA.
“It's simply repositioning the assets,'' he said. “The tenants won't see any changes. Our commitment to these buildings remains the same.''
The developer of Glastonbury's Gateway Park, Casle also is constructing a medical-office building in Southington, and finishing work on its newest structure in its Crossroads Medical Office complex in North Haven.
Not included in the deal was the office building at 15 N. Main St. in West Hartford that Sessions and his realty partners developed and opened last fall.
“Medical is a vibrant part of the market, and we'll keep doing it,'' Sessions said.
— Gregory Seay
