Sam Morreale, a partner in Vision Equities, says his firm, in conjunction with local investors and the Guggenheim Leveraged Fund, acquired the portfolio in an all cash deal. The portfolio consists of 4, 6 and 8 Griffin Rd. North and 1 and 2 Waterside Crossing, which total 374,848 sf on nearly 39 acres. The properties are located in the 600-acre master-planned Griffin Office Center.
Jeffrey Dunne and Patrick Bisceglia of CB Richard Ellis' New York Tri-State Investment Team collaborated with John McCormick, Patrick Mulready and Robert Botters of CBRE's Hartford office to represent the seller. The team was also responsible for procuring the buyer.
At the time of sale, the portfolio, which was built between 1979 and 1982, was 85.3% leased to 18 tenants including the US Postal Service (92,468 sf), ABB, Inc. (34,417 sf), Hartford Fire Insurance Co. (32,933 sf), Great American Insurance Co. (25,985 sf) and Infinity Insurance Co. (13,183 sf).
Commenting on the deal, CBRE's Dunne notes, "Vision Equities has acquired a portfolio of prime buildings that are located within the finest business park in the North Hartford office market with a roster of institutional quality credit tenants that account for over 56% of the current occupancy."
Vision's Morreale says that the transaction is the first acquisition/management deal for the firm that began operations this past January. Previously Vision Equities was involved in the assemblage and sale of a condominium property in the Soundview section of Greenwich. He adds that his firm is under contract to acquire three properties in New Jersey at an aggregate price in excess of $100 million.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
