The transaction was announced by Executive Vice President Jeffrey R. Dunne, leader of the CB Richard Ellis Tri-State Investment team, which brokered the deal valued at $63.78 per sf.

CB Richard Ellis represented the seller, Mohawk Lechmere, LLC, a single purpose entity comprised of Mohawk Partners, LLC of Concord, MA and O'Connor Capital Partners of New York City. Dunne and partner in the Tri-State investment team, Chris McManus, also secured the buyer in the transaction, Ceres-Newington, LLC on behalf of Ceres Realty Fund, which is managed by BlakelyStern Investment Advisors, LLC.

The 3105 Berlin Turnpike property totals 66,639 sf and is fully leased to Jo-Ann Stores, Inc., and Big Lots, Inc. The freestanding building sits on a 7.04-acre site that contains 391 parking spaces.

David Godbout, managing partner of Ceres Realty Fund, LLC, said his firm had considering purchasing an adjoining retail building of approximately 66,000-sf but has decided to forego any purchase of the property.

Commenting on the deal, CB Richard Ellis' Dunne says, "Ceres Realty Fund has acquired an excellent retail property located at the core of the retail corridor serving Hartford's southern region and within close proximity of all of the other major retail properties in this market."

The deal marks the fourth property in Connecticut that either Ceres Realty Fund or its principals have acquired in the past 18 months. Prior to the formation of the fund, principals of the fund acquired five buildings on Silas Dein Highway in Wethersfield for $4.75 million. The deal involved three retail and two office buildings totaling approximately 70,000 sf. The fund has purchased 86 Hopmeadow Road, a 39,600-sf office single tenanted office building in Simsbury for $5.25 million. The property is fully leased to General Casualty Insurance. Ceres Realty Fund also acquired 90,000 sf of warehouse/flex space at 260-280 Quarry Road in Milford for $4.75 million.

Godbout says the Ceres Realty Fund is a $50 million equity fund that is looking to leverage approximately $250 million in assets in its target area of Boston to Washington D.C.

Instant Insights /

Ceres Realty Fund Acquires Newington Retail Building for $4.25M

Related Stories

Recommended For You