Northeast Private Client Group Sells Multiple Connecticut Buildings for $14.5 Million
— Leading mid-market investment sales firm reps sellers and sources buyers for three transactions –
Shelton, Conn. (February 7, 2019) – Investment sales broker Northeast Private Client Group has announced the sale of six Connecticut buildings in three transactions totaling $14,575,000.
“All three of these sales demonstrate the opportunity in Central Connecticut cities for investors to purchase quality assets that will deliver returns upon acquisition,” said Balletto. “We continue to see demand for these secondary markets grow as investors are pushed farther from New York City and Boston to find yield. Our team pairs local expertise with a regional approach, exemplified by our ability to source New York based purchasers in two of these three sales.”
On January 15th, Brad Balletto, VP investments, Rich Edwards, investment associate, and Jeff Wright, investment associate, in the firm’s Shelton, Conn. office, represented the seller and procured the buyer of 99 West Main Street and 160 Main Street New Britain, Conn, two recently renovated mixed use buildings. The two properties consisted of a combined nine ground floor retail suites with 30 luxury apartments on the upper floors and were located within one block of each other. The seller, AKK Enterprises, based in New Britain, sold the properties to Melrose Solomon Enterprises out of New York City for a combined total of $6,425,000. This sale closed at a blended capitalization rate of 7.5 percent on the current combined net operating income of both buildings.
On January 24th, Brad Balletto, Rich Edwards, and Jeff Wright also closed the sale of 9 Store Avenue, Waterbury, Conn, handling both sides of the transaction. This 24-unit multifamily property traded for $1,150,000 to a private Connecticut-based investor. This equates to a price of $47,916 per unit and a capitalization rate of 7.6 percent based on the current net operating income. The seller was a local private investor.
On January 30th, Brad Balletto, Rich Edwards, and Jeff Wright along with Taylor Perun, senior associate, also in the firm’s Shelton, Conn. office, collaborated to execute the sale of a 125-unit Hartford based portfolio located on Barbour Street, Brook Street, and Wyllys Street, representing the seller and procuring the buyer. The portfolio was comprised of 11 separate buildings in three locations in the city’s Clay Arsenal/North End neighborhood, with a twelfth property located within walking distance of Hartford Hospital. The seller, Bronx-based EOM Funding, sold the property to a private New York-based investor for $7,000,000. This equates to a price of $56,000 per unit with a capitalization rate of 8.3 percent on the current net operating income across the portfolio.
About Northeast Private Client Group
Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to each client’s needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year, and been ranked on the Inc5000 list of America’s fastest-growing private companies. To learn more, visit: www.northeastpcg.com.