Intercontinental RE Fund Buys 400 Capital Blvd.

The property, which is 100% leased to UnitedHealth Group and Semperian, a division of GMAC, was sold by a partnership of Farley White Investments of Boston and ASB Real Estate Investments, a division of ASB Capital Management LLC, which is headquartered in Bethesda, MD.

The 400 Capital Blvd. building is situated within the 230-acre master planned Corporate Ridge Office Park. The four-story office building was completed in 2004 and was the first new office construction in the southern submarket of Hartford County in a decade, C&W officials say.

The acquisition is the second for the US Real Estate Investment Fund and its first asset in the state of Connecticut. In February, Intercontinental announced the fund has purchased Park Place, a 230,000-sf shopping center in Palatine, IL.

Commenting on the deal, Thomas Taranto, director, head of asset and portfolio management for Intercontinental, says, "We are pleased to further enhance the foundation of our US Real Estate Investment Fund portfolio. 400 Capital Blvd. is a high quality asset with a competitive market position."

He adds that property was attractive because "obviously it is a 100% leased building with good cash yields coming out of it with credit tenants."

C&W's Capital Markets Group of Robert Griffin, Marci Griffith Loeber and Christopher Griffin and Hartford market specialists Robert Kelly and Jonathan Putnam exclusively represented the seller and procured the buyer.

"Given the credit of the tenants and the two long-term net leases that are in place, 400 Capital Blvd. received tremendous interest from a wide range of buyer types," says Rob Griffin, who serves as president of the New England area at C&W. "The transaction is further validation of the Hartford office market, where institutional-quality tenants and buildings abound."