Jeffrey Dunne, Patrick Bisceglia and Matthew Innes of CBRE's New York Institutional Group, along with John McCormick and Patrick Mulready of the firm's Hartford office represented the seller--8 Farm Springs Rd. Associates LLC--and procured the buyer. The building, which sits on 10.5 acres, is fully leased to the Hartford Insurance Co. through August 2012 and is adjacent to I-84. The property is located in the Farm Springs Office Park approximately 10 miles southwest of Downtown Hartford.
Dunne says that the building is located in perhaps the best suburban office park in the Hartford region. "Eight Farm Springs Rd.'s ideal position within the Farm Springs/Batterson Park Road corridor and its convenient access to the major transportation routes of the region make it irreplaceable within the Hartford office market." He adds that the quality of the property, its AA-credit rated tenant (S&P) and its prized parking ratio of 6.6 spaces per 1,000 sf, led to a good yield for the seller. Dunne says that the sale price per sf is at or near a record for the area. The property had been on the market for sale for about 90 days.
The purchase marks the entrance of GTJ REIT into the Hartford area market. Officials with the Long-Island-based private REIT could not be reached for comment at press time.
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