NYC Investor Snags Connecticut Office Park
- Mar 16, 2017
Windsor, Conn.—Griffin Park Realty VV, a Brooklyn-based private equity partnership managed by Vasco Ventures, has emerged as the new owner of an office complex located in Windsor, Conn.
Cedar Rapids-based Investors Warranty of America sold the five-building portfolio for a reported $5 million in a transaction negotiated by CBRE/New England.
CBRE’s John McCormick and Patrick Mulready represented the seller and procured the buyer for this transaction.
“While on the market for an extended period, this transaction certainly highlights that our region can attract new investment capital,” McCormick said in prepared remarks. “We were ultimately able to secure a buyer that is committed to investing in the Greater Hartford market and to repositioning this undervalued real estate.”
The Griffin Office Park acquisition marks Vasco Ventures’ first foray in the Greater Hartford area, adding to the company’s existing properties in New York City, upstate New York, Philadelphia and Galloway, N.J.
The portfolio encompasses two four-story, Class A office buildings located at 1 and 2 Waterside Crossing, and three two-story Class B office buildings located at 4, 6 and 8 Griffin Road North. These properties are conveniently located within a 600-acre master planned office park developed by Griffin Industrial Realty and providing tenants first class office and Flex/R&D workspace environments. The office complex is easily accessed from Exits 37 and 38 off Interstate 91. In-park amenities include the Vito’s by the Water restaurant, numerous parking spaces, superior water views and convenient access to both campus and local area attractions.
Image courtesy of CBRE New England