CB Richard Ellis has announced the sale of two office buildings in Greater Hartford for a total of nearly $8 million.
In East Hartford, the property at 99 Ash Street was sold on behalf of East Hartford HMO Realty Associates to ABC Real Estate for $4.15 million.
Fully Leased
The 30,544-square-foot medical office building is fully leased to the University of Connecticut Health Center’s inpatient and outpatient healthcare facility.
John McCormick and Patrick Mulready of CB Richard Ellis represented the East Hartford HMO Realty Associates and worked to procure the buyer, which is a New York-based family-owned private equity firm.
“With a short-term lease and a difficult lending climate, the Hartford office of CB Richard Ellis collaborated with the Long Island office in identifying a new equity source for central Connecticut to purchase an asset that was difficult to finance,” Mulready said.
Class A in Simsbury
McCormick and Mulready also teamed up to represent Ceres Realty Fund in the sale of 86 Hopmeadow Street in Simsbury. The 42,000-square-foot Class A office building was sold to Mark Greenberg & Associates for $3.8 million.
“Due to creativity and flexibility, this transaction closed at contract price during a very tumultuous time in the capital markets,” McCormick said.
McCormick added that Mark Greenberg & Associates was able to secure a new tenant — Ironshore Holdings — that immediately improved the property’s cash flow.
The building is part of the Tower Business Park in Simsbury, which also includes 82 Hopmeadow Street.
Litchfield Firm
Mark Greenberg & Associates is one of the top property owners in the state. A private equity firm based in Litchfield County, it owns more than 500,000 square feet of office and industrial space throughout central Connecticut.
Other major holdings for the firm include 800 Connecticut Boulevard in East Hartford, 10 Griffin Road North in Windsor and 1101 Kennedy Road in Windsor and about 60 acres along Hopmeadow Street in Simsbury.