A Massachusetts developer has completed the rehabilitation of a city-owned property at 25-73 Albany Ave. and sold it to another investor for $3.3 million.
Rony Shapiro and his company, NES Group Investments, took on the anti-blight project known as Gateway Plaza in 2005. It contains 14,200 square feet of retail space in five shops, including a Dunkin’ Donuts, which is considered the plaza’s anchor.
Last month, NES Group Investments sold the property to Luciano Sproviero. Sproviero then transferred to property for $1 to the 25-73 Albany Ave. LLC, which he manages.
The city of Hartford had certified that Shapiro had completed the anti-blight project, clearing the way for the transfer of the property, according to economic development director Mark McGovern.
South Windsor Senior Development
Gerber Scientific Inc. has sold a plot of vacant land in South Windsor that is being eyed for a senior housing development.
The company, which provides products for the sign making and specialty graphics industries, has its headquarters at 83 Gerber Road in South Windsor.
Kelly Road Associates bought 1 Gerber Road from Gerber Scientific for $1.63 million.
The South Windsor’s assessor’s office said that Kelly Road Associates bought the land as part of an effort to build housing development for the elderly. Prior to the sale, the land was vacant and not listed on the latest grand list of assessments.
Geoffrey Sager, of Farmington, is the manager of Kelly Road Associates.
Saint Joseph’s Groundbreaking
The first phase of a comprehensive residence hall project at Saint Joseph’s College in West Hartford is underway and could be completed before the next school year.
The initial part of the project includes the construction of two residence hall buildings on the western edge of campus. School officials said the new buildings would have suite-style housing, shared living space and environmentally-friendly elements.
It is being financed by a tax-exempt bond issued through the state’s Health and Educational Facilities Authority and from funding from the college. The targeted completion date is August 2008.
Following the first phase, the college is planning to renovate the existing residence halls, to change the landscape of the campus to provide a more cohesive layout and to construct a third new residence hall. When completed, the entire project will add about 150 housing units for juniors and seniors at the college.
Sales And Leases
Colliers Dow and Condon announced a slew of property sales and lease transactions last week.
EDM Distributors Inc., a developer of lawn care equipment, purchased a 45,834-square-foot industrial building at 1251 East Street South in Suffield for $1.5 million. The seller was Suffield Associates.
Glastonbury-based developer Generation2 bought an acre of commercial land at 85 Felt Road in South Windsor from Louis Peterson. Generation2 is planning to develop “office condominiums” at the site.
According to the company’s web site, office condominiums allow business owners to own their office property as opposed to leasing it. The company said it believes it is “the office space of the future.”
Ze-Vo Products, based in Framingham, Mass., signed a lease at 14 Eastern Park Road in East Hartford for 40,000 square feet. The facility will be used by the company to manufacture industrial coatings.
The lease comes a month after Midwest Medical Supply signed a lease for 10,000 square feet at 12 Eastern Park Road to augment its main warehouse in East Hartford’s Prestige Park.
Sean O’Leary is a Hartford Business Journal staff writer.
