A Cheshire-based property management firm has acquired a three-story, retail-office building in downtown New Britain for $890,000, land records show.
Glenstone Asset Management LLC, which has many real estate holdings in Greater Hartford and other outlying areas, bought the 29,948-square-foot building at 27-39 Main St. from Masada Putnam LLC. The deal was completed Dec. 20, city records show.
Existing tenants include Boost Mobile, a hair salon, pawn shop and offices for a local insurer.Â
Glenstone plans to convert the two vacant upper floors into approximately 22 apartment units to meet the growing demand for living spaces downtown, according to Farmington broker Amodio & Co. Real Estate.
The deal comes almost exactly four years after Masada acquired the building for $875,000. The sale was part of a tax-deferred exchange, which included several other purchases in Connecticut, said Amodio, which represented Masada in both deals.
