Jeffrey Dunne, Patrick Bisceglia and Matthew Innes of CBRE's NewYork Institutional Group, along with John McCormick and PatrickMulready of the firm's Hartford office represented the seller--8Farm Springs Rd. Associates LLC--and procured the buyer. Thebuilding, which sits on 10.5 acres, is fully leased to the HartfordInsurance Co. through August 2012 and is adjacent to I-84. Theproperty is located in the Farm Springs Office Park approximately10 miles southwest of Downtown Hartford.

Dunne says that the building is located in perhaps the bestsuburban office park in the Hartford region. "Eight Farm SpringsRd.'s ideal position within the Farm Springs/Batterson Park Roadcorridor and its convenient access to the major transportationroutes of the region make it irreplaceable within the Hartfordoffice market." He adds that the quality of the property, itsAA-credit rated tenant (S&P) and its prized parking ratio of6.6 spaces per 1,000 sf, led to a good yield for the seller. Dunnesays that the sale price per sf is at or near a record for thearea. The property had been on the market for sale for about 90days.

The purchase marks the entrance of GTJ REIT into the Hartfordarea market. Officials with the Long-Island-based private REITcould not be reached for comment at press time.