CT triple header as Dunne team closes three major sales.
And along with CBRE's Christopher Leonard, he represented BlackRock, Inc. in the sale of Hillcroft Apartments for $29.05 million or $151,303 per unit. The pair was also responsible for procuring the buyer, Fairfield Residential, LLC.
In a third separate transaction, Dunne and Leonard represented BlackRock, Inc. in the sale of an adjacent 1.86 acre parcel of entitled land for $1.0 million. The development land has site plan approval from the City of Danbury for 20 residential units. The team was also responsible for procuring the buyer, RJR Builders, LLC of Danbury, Connecticut.
Greenwich Atrium is a 100,154 s/f office building located at 75 Holly Hill in Greenwich, Connecticut, arguably the country's most prestigious and site-constrained office location. The property is situated just off Route 1 (West Putnam Avenue) and roughly one mile from the town center, Interstate 95 and the Metro North train station.
Greenwich Atrium, which was 85.1% leased to 16 tenants at the time of sale, has a highly diversified and stable rent roll representing a variety of businesses such as financial services, real estate, medical treatment and technology. Major tenants at the property included the Bank of Ireland (19,653 s/f), Nextwave Wireless (13,441 s/f), Greenwich Hospital (8,699 s/f) and Citicorp (8,670 s/f).
Commented Dunne, "Greenwich Atrium, with its high quality tenancy, is poised to deliver significant upside through rental rate growth and lease-up by leveraging the numerous favorable characteristics of its quality location and marketplace. Angelo Gordon and Core Plus should fair well with this asset."
Hillcroft Apartments is a 192-unit garden apartment complex located within one-quarter mile of Exit 5 of Interstate 84. It underwent a $2.1 million redevelopment program prior to sale, with new exteriors, renovated amenities, and new landscaping, in addition to interior renovations on many individual units.
The renovation and convenient commuting location has enabled Hillcroft Apartments to achieve higher rental rates.
Said Dunne, "The new owners of Hillcroft Apartments should reap the long-term benefit of the property's extensive renovation and prime location, while also enjoying the future upside provided by completing interior unit renovations."
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|Title Annotation:||Jeffrey Dunne, Connecticut|
|Publication:||Real Estate Weekly|
|Date:||Oct 11, 2006|
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