100 Executive Blvd. in Southington Sells for Nearly $9M

The 100 Executive Blvd. building totals 71,000 sf and is one of three office buildings that comprise the Southington Executive Park. John McCormick and Pat Mulready from the CB Richard Ellis Investment Properties Group represented the seller in the transaction.

The building, constructed in 1980, has been occupied by the Hartford Financial Services Group for more than 20 years. The property has served as the personal lines insurance center for the American Association of Retired Persons (AARP), according to CB Richard Ellis officials.

McCormick said the sales process was "very competitive" and the property drew significant interest from a host of investors, including those outside of the greater Connecticut area. He adds that most recent sales transactions in the greater Hartford area have been limited to mainly local investors. However, 100 Executive Blvd. drew a "significant amount of outside capital who were interested in acquiring the building." He said the deal offered buyers "a perfect 1030 exchange opportunity with the appropriate yields."

The transaction marks the third sale of a Hartford Financial Services' leased office building that CB Richard Ellis Investment Properties Group has brokered in the past 18 months. The other two properties were 200 Great Pond Rd. in Windsor and 38 Security Dr. in Avon, CT.