A group of Brooklyn-based investors recently paid $1.1 million for a 10,050-square-foot commercial building in South Windsor, the partners’ second investment in the town this year.
South Windsor-based Morgan Place LLC sold the 34-year-old, clapboard and brick veneer building on 2 commercially zoned acres to 22 Morgan Farms LLC in a sale logged by the town Aug. 19.
The principal of 22 Morgan Farms LLC is Ahron Rosengarten, of Brooklyn. He is also principal of an LLC that paid $1.5 million for a similarly sized medical office building at 15 Morgan Farms Drive – right across the street – in January. Both properties are on separate corners of Morgan Farms Drive and busy Sullivan Avenue.
“We saw the next-door property has a similar look and similar tenant mix, most of the tenants are medical or medical related,” Rosengarten said Friday. “We thought it was a natural fit and it made sense for us to own both, so we approached the owner, and the owner was interested in selling.”
The principal of the seller is Carol S. Kelley, of South Windsor.
The building at 22 Morgan Farms has been well maintained, Rosengarten said. The property’s landscaping and driveway will be improved, but no major building upgrades are needed. The newly purchased building hosts a barber, orthodontist and hearing center, Rosengarten said. Two, 1,500-square-foot units are available.
Rosengarten is hoping to fill these with a medical-oriented tenant or tenants (they can be combined) that would complement the medical focus of both buildings.
Rosengarten said he represents partners who have a history of investing in industrial properties in New Jersey. The intense interest in that market allowed them to sell assets at a profit in recent years but has made it difficult to reinvest in that sector.
Now, Rosengarten says he and his partners are focused on Connecticut, and have assets in Milford and Danbury, as well as South Windsor.
“We are actively looking at some opportunities and we are hoping to do some additional deals in South Windsor in the coming months,” Rosengarten said.
Rosengarten has hired Daniel Rosow, of the Real Estate Advisory Group, to broker vacancies in South Windsor.
