RMR Group Sells Connecticut Office Building
- Feb 04, 2020
The RMR Group has sold 1 Targeting Center, a 97,256-square-foot office building in Windsor, Conn. NorthMarq secured a three-year, interest-only $7.2 million bridge loan on behalf of the buyer. According to Yardi Matrix data, RMR acquired the asset in 2012, from Hinman Co. for $12.2 million.
Located at the intersection of Interstate 91 and Bloomfield Avenue on 6.2 acres, 1 Targeting Center is within 7 miles of downtown Hartford, Conn., and 8 miles from Bradley International Airport. Built in 1981 and renovated in 2000, the four-story property includes 340 parking spaces, with a ratio of 3.5 spaces per 1,000 square feet. At the time of the deal, the building was 100 percent leased to a single tenant who was still paying rent but had vacated the space.
Noah Juran, senior vice president of NorthMarq’s Cincinnati office, assisted the buyer with procuring the loan. The firm has also been active on the West Coast. Last month, NorthMarq secured $185 million in financing for a new office and manufacturing campus in Chandler, Ariz.