CB Richard Ellis Jeffrey Dunne and Ryan Basset of the firm's New York Tri-State Investment Team worked with David Barnes and Randall Koladis of CBRE's Hartford office. The commercial brokerage firm represented the seller and procured the buyer in the deal, which was valued at $157.90 per sf.
The four-story building includes 4,294 sf of storage space and is on 11.18 acres. The building, located seven miles southeast of Downtown Hartford, was built in 2003 and is situated adjacent to the Salmon Brook Office Park.
The building at the time of the sale was 100% leased to Open Solution Inc. and GEI Consultants Inc., CBRE officials say. Dunne says HOKI has acquired a class A building with a highly stable cash flow anchored by credit, long-term leases. "This should be a terrific long-term investment for HOKI."
According to its website HOKI also has an ownership interest in 33 Riverside Ave., a 41,762-sf office building in Westport. HOKI, along with Abbey Road Advisors, acquired the building for $17.5 million in October.
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