The property, at the West End section of Hartford, incorporates one-, two- and three-bedroom units with 10,000 sf of retail and commercial space. Steve Witten and Victor Nolletti of Marcus & Millichap Real Estate Investment Services represented both the buyer and seller.
"It's kind of a gateway property," Witten tells GlobeSt.com. "It's at the intersection of interstate I-84, I-91, [and] downtown Hartford so it's a highly visible property." The hard-to-find highway accessible space in the CBD makes it a perfect fit for Enterprise Rent-a-Car, which takes up a portion of the building's fully-leased retail space.
According to Colliers Dow & Condon's Q1 report, vacancies are increasing in the suburban markets here, with virtually no activity downtown. The Hartford market is slow in general, mimicking the national economy with a steady trend towards valuing more suburban markets. Office rates are down overall in the CBD and tilting up in suburbia. The presence of insurance companies, however, buttresses the CBD and helps keep prices from sliding.
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