HFF Announces Sale of 176 Apartments and 100,000 Square Feet of Commercial Space

On Jan 8, 2019

Holliday Fenoglio Fowler, L.P. (HFF), located in Florham Park, announces the $21.7 million sale of three mixed-use properties totaling 176 apartments and approximately 100,000 square feet of high-street retail and office space in downtown Bridgeport, Fairfield County, Connecticut, to New York-based real estate firm, Time Equities Inc. (TEI).

The HFF team marketed the property exclusively on behalf of the seller, Ginsburg Development Companies, and procured the buyer, TEI.

The portfolio comprises three recently restored early 20^th century buildings, including the iconic City Trust Building. The properties are walkable to downtown Bridgeport’s various shops, museums and restaurants as well as the Bridgeport Transportation Center. In addition, the portfolio is less than one mile from the two million-square-foot Steelpoint Harbor mixed-use development and Interstate 95 (Connecticut Turnpike), which provides direct access to the New York and Boston metropolitan areas. The three properties are:

• City Trust (955 Main Street) is an 11-story building consists of approximately 135,544 square feet. The building is made up of 117 apartments and 43,222 square feet of retail space. Retail tenants at the City Trust building include Citibank and 4 Corner Billiards.
• Arcade Mall (1001 Main Street) is a 4-story building consists of approximately 52,355 square feet. The building is made up of 23 apartments and 32,046 square feet of retail space. Retail tenants at the Arcade building include Artstock, Burger Joint, and Boys and Girls Village.
• Golden Hill (144 Golden Hill Street) is an 8-story building consists of approximately 51,194 square feet. The building is made up of 36 apartments and 22,751 square feet of retail space which is available for lease.

The HFF investment advisory team representing the seller included Stephen Simonelli, Jose Cruz, Michael Oliver, Kevin O’Hearn, Steven Rutman and JB Bruno, along with Dana Brome. The TEI acquisition and asset management team led by Max Pastor and Brian Soto spearheaded the transaction for TEI.

“We are enthusiastic about this opportunity to add to our expanding Bridgeport portfolio and look forward to making strategic improvements to the vacant spaces and other portions of our new acquisitions. We plan to leverage our investment and repositioning expertise to add to the vibrancy of the downtown area, while continuing to recognize the importance of keeping future plans consistent with Bridgeport’s historical and existing characteristics,” said Max Pastor, Director of Acquisitions and Senior Counsel at TEI. “Bridgeport is well located and has three attributes that we believe are ripe for long-term success: transportation, availability and a multi-faceted favorable economic environment. We anticipate that the unique vacant spaces in our newly acquired portfolio, both in the Arcade and City Trust tower, are canvasses for Bridgeport’s future entrepreneurs,” continued Pastor.

“We are excited about the opportunity to expand upon the work of previous ownership and improve the properties by activating the vacant retail spaces, providing a more complete mixed-use development for our residents as well as the entire Bridgeport community,” said Brian Soto, Director of Acquisitions and Asset Management at Time Equities.

“Downtown Bridgeport is undergoing a dynamic revitalization,” stated Stephen Simonelli. “The premier downtown location, along with the scale and upside potential made this a very attractive investment for Time Equities.”

HFF also announced the $70.3 million sale of Elmsford Distribution Center, a six-property industrial park and truck terminal totaling 386,137 square feet in Elmsford, Westchester County, New York.

The HFF team marketed the property on behalf of the seller, Mack-Cali Realty Corporation. Realterm purchased the asset.

Elmsford Distribution Center is at 1-6 Warehouse Lane in Westchester County just off Route 9A and proximate to all major regional highways, including Interstate 287, Saw Mill River Parkway and the Sprain Brook Parkway.  This last-mile location places the park within a two-hour drive of 23 million people and 8.5 million households, which includes the entire New York City metro area.  Elmsford Distribution center is 98.3 percent leased to a variety of tenants, including UPS, Nestle Waters North America, XPO Logistics, Pepperidge Farms and Barrie House Coffee Co.

The HFF team included senior managing director Jose Cruz and directors Marc Duval and Jordan Avanzato along with senior managing director Andrew Scandalios.

“This industrial park’s superb location and high-quality tenants helped drive interest from both institutional and private investors,” Cruz said. “There is future upside for the new owner especially given the lack of future industrial sites available for development in Westchester.”

To access more business news, visit NJB News Now.

Related Articles: