Bad news for New Britain

From the Courant

The New Haven Economic Development has rolled out a new site that tracks real estate developments around the city.  Check it out HERE.  This is a great site to find out what is going on around New Haven.  It is also a great resource to help find the next “hot spot” in New Haven.

Marty Ruff of Levey Miller Maretz, LLC negotiated the sale of an Industrial Property of approximately 5,000 SF at 171 Frontage Road, West Haven.  Thermax, a West Haven firm in the energy savings industry will utilize the site for additional warehousing and distribution of it’s products. Marty Ruff represented the seller and Thermax was represented by West Shore Realty.

A 7 unit multi-family property was sold on 436 Prospect St, New Haven.  The property was located directly across the street from the Yale Divinity School.  The property was fully occupied at the time of sale and sold for $600,000.   Noah Meyer of Levey Miller Maretz was the listing agent and Josh Gold, also of Levey Miller Maretz represented the buyer.

42 Old Post Rd

From Costar

A private buyer acquired the office building at 42 Old Post Road in Madison, CT, from OPR LLC for $1.47 million, or $246 per square foot.

The two-story, 6,000 square-foot building was built in 2003 and is in the Guilford submarket. It was not clear if the buyer intends to occupy the property.

Propark has announced they will be opening an electric car charging station or “Juice Bar” at the Neon Garage on Crown Street.  The Juice Bar outlets will provide electric vehicles with the maximum amount of dedicated power required for the internal onboard charging systems to operate.  Propark is also starting a bicycle parking program which offers free, attended indoor bike parking for those who commute via bicycle.

WHAT:           Propark America’s Neon Garage Unveils “Juice Bar” Electrical Car Charging Station and Free, Attended Bicycle Parking for Commuters

WHERE:        260 Crown Street, New Haven, CT

WHEN:           11:00 a.m., Monday, June 29, 2009

WHO:             Mayor John DeStefano

ProPark President John Schmid

Jim Travers, City of New Haven’s Smart Streets Campaign

Barbara Arusiewicz, United Illuminating Plug-In Hybrid Electric Vehicle

Bob Rice, New England Electric Auto Association

Tony Rish, Professor of Automotive Technology and Alternative Fuels, Gateway Community College

In the past few years, 2 Wooster Street staples have opened up new locations outside of New Haven.   Pepe’s Pizza now has 3 locations (including the original) and has plans to open two more.   The Mohegan Sun location is scheduled to open in July and they just announced plans to open a location in Yonkers, NY.  Libby’s has also expanded outside of Wooster St.   They now have a 2^nd location on Washington Ave in North Haven.  

As someone that has grown up eating at these restaurants it feels strange that they are now in “big Box” retail locations.  They have always seemed like the type of business that would never change and now you could get Pepe’s Pizza at Mohegan Sun.   

But to me, it does not really make a difference because Sally’s will always be the same and that’s all that matters. 

 Noah Meyer of Levey Miller Maretz Commercial Real Estate has listed 1385 Chapel St in New Haven for sale.  The mixed use property has been the location of Papa and Son’s fruit stand (and fruit baskets) since 1917.   The building is a 2647 square foot building on the corner of Chapel and Orchard Street opposite St Raphael’s Hospital.   The property is available for sale for $259,000.  

HOSPITALITY — While hotels always have been an active mixed-use component, look for fewer pairings of luxury hospitality product and for-sale residential units and more combinations of limited-service hotels with office space and rental apartments, says Ernst & Young.

 

INDUSTRIAL — Industrial demand will remain weak well into 2010, according to Torto Wheaton Research. By year-end 2010, more than half of the largest industrial markets will see vacancy surpassing the 2003 peak of 11.7 percent.

 

MULTIFAMILY — In the five most overbuilt markets — Atlanta, Los Angeles, Las Vegas, Miami, and Phoenix — 4Q08 occupancy drops ranged between 2.6 percent and 4.8 percent and rents dropped between 0.6 percent and 4.9 percent, according to M/PF Yieldstar.

 

OFFICE — In the next 12 months, nine to 10 million sf will join the current 9 million sf of CBD office shadow space left empty by financial, legal, and insurance office-using sectors, says Cushman & Wakefield. Hardest hit markets include New York, San Francisco, Orange County, Calif., and Dallas.  

 

RETAIL — Net lease retail properties sold in 4Q08 posted an average cap rate of 7.5 percent, according to Boulder Net Lease Funds. Of the 11,388 net lease retail properties currently on the market, nearly 30 percent are listed at a cap rate under
7 percent.

Read it all HERE from the Courant

Details of the plans haven’t been released, but the scope of the project has been dramatically downsized, from 7 million square feet to about 3 million. Construction of condominiums and town houses will be put off until demand rebounds.

“I don’t think anyone in their right mind would want to construct housing today,” said Robert Christoph, managing partner of RCI Group of Miami. Instead of focusing on housing, Christoph said stores, a marina and restaurants will come first, but they won’t open until at least 2012. First, massive road improvements must be completed — and existing businesses on the harbor must move.