X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FARMINGTON, CT-A joint venture of Holyoke, MA-based ESCO Realty Inc. and AFI Properties of Fairfield has sold 8 Farm Springs Rd., a two-story 107,654-sf office building here, to GTJ REIT of West Hempstead, NY. The property traded for $23.3 million or approximately $217 a sf, according to officials with CB Richard Ellis.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.