Case Studies

Real Estate transactions rarely progress the same way twice. Lease Terms, Sale Prices, Contingencies, Environmental Concerns, and Decision Making Styles all play roles in the life of a Real Estate transaction. The following include the highlights of recent transaction Life Cycles.

Environmentally Impacted Properties Can Be Sold
The Robertshaw Controls Company Facility, Milford, CT

Our Team was manned by The Geenty Group's William Clark and Kevin Geenty who Co-Listed the property For Sale. The 173,000 square foot facility is sited on 14 Acres and was listed for $3,500,000.00.

Our Research taught us that the property was impacted due to the presence of heavy metals in the soils which included Chromium, as well as Chlorinated solvents in the groundwater: specifically Trichlorethylene (TCE). The soils and groundwater had been investigated and remediated as completely as possible and an environmental asphalt cap had been installed over 2 Acres of land. A pump and treat system employing charcoal filtration and aeration is in continuous operation and yet, because contamination was so widespread it will be hundreds of years before the presence of contaminants drops below actionable levels.

Our Task was to locate a Buyer for an Environmentally Impacted Property who would accept an indemnification from the Seller, a creditworthy international corporation. The indemnification would assure a prospective Buyer that the Seller would take responsibility for the ground contamination and hold the Buyer harmless for remediation. Ongoing remediation would be the financial responsibility of the Seller.

We Were Successful in our search to find a Buyer at the Full Asking Price of $3.5 Million within two months of listing the property. Overall, the negotiations took three months, in order to work out the many factors of such a complicated transaction. Issues to be resolved were due to the environmental condition of the subject property and a partial Sale/Lease back of a portion of the space, and the Indemnification Agreement. The Seller Leased back 97,000 square feet of the building, which provided the new Buyer with an income stream, but also additional work, in the form of the construction of new fire rated demising walls, separation of utility meters and decisions about the construction to be done and who was fiscally responsible. The closing took place approximately five months from the date we listed said property.

The Town of Hamden Buys a New Administrative Office Building
Our Client The Town of Hamden, through the office of Mayor Carl Amento called on The Geenty Group, Realtors to find a suitable office building and to negotiate the Purchase of a 50,000 square foot Building, to which they could relocate their Administrative Offices.

Our Task was to approach the Owners and their Representatives about purchasing the selected property, as it had not been officially on the market for Sale. We worked closely with the Town’s Real Estate Appraiser in providing him with comparable data, which supported the purchase price. We kept the Identity of the Prospective Purchaser Confidential until such time that Negotiations were successfully underway and Confidentiality Agreements were signed. We attended hearings, which informed the taxpayers about the impending purchase, providing input and support as needed.

We Successfully Negotiated the Sale of The Building from an Out of State Investment Group to The Municipality in 145 days. The Sale Price of $3,400,000.00 for the 50,000 square foot office building, was defrayed by existing leases to other Tenants in the building, which will give the town an income stream while they plan and execute the move of their administrative offices to the new address. Further, the Town will alleviate the overcrowding of its administrative offices in the current Town Hall and will allow the Town of Hamden to return Town Hall, to its historic 1920’s grandeur and restructure it as an arts, cultural and social center, as well as for continued municipal office use.

The Nutmeg Twisters Move to Guilford
Our Clients were both the Building Owner and the Prospective Tenant, in the case of

The Nutmeg Twisters (TNT) Gymnastics. As a Tenant Representative, Kristin Geenty worked on Tenant build-out issues, operating costs, Lease Terms and subletting and assignment possibilities with the owners of the Gymnastic Center. As a Landlord’s Representative, William Clark was the eyes on the other side of those same issues.

We Successfully Negotiated the Lease of 8,000sf of High Bay Light Industrial space for Five Years with two succeeding Lease Options of Five Years each, securing lease terms that were beneficial to both parties and fostered an atmosphere where the Landlord and Tenant were able to work together to construct a specialized training pit for high flying gymnastic flips and twists as well as two stories of office and meeting rooms with the space.

A New Medical Facility in Branford, CT
Dr. Reza Yavari was looking for space for a New Multi-Discipline Medical Facility and new approach to Internal Medicine in Branford, CT.

The First Assignment for Kristin Geenty was to locate a field of buildings, free standing and Multi-Tenanted, on the market and not yet on the market, existing or under construction, for Dr. Yavari to inspect. She contacted other Brokers in the market as well as property owners who had not yet considered selling. After narrowing the field to half a dozen prospective sites, she scheduled a tour with Dr, Yavari to inspect those sites.

The Process of Elimination progressed through inspection of the sites by the doctor, as neighborhood appearance, parking concerns, public visibility and other concerns played their parts in the decision process. Once the sites were chosen and their desirability ranked, negotiations began and the ultimate site was chosen based on the overall appearance and best build out potential were determined. The Geenty Group worked with BGI who represented the Landlord as lease terms, build out allowances and timetables were worked out to benefit both Tenant and Landlord.

We Negotiated a Ten Year Lease for 5100sf of Medical Office Space on the Picturesque Town Green in Historic Downtown Branford, CT which brought a new kind of Multi Faceted Medical Practice to the Connecticut Shore. Dr. Yavari’s Endocrinology practice is not limited to an eight minute exam. He offers life-planning skills, nutrition information, stress reduction plans, diabetes prevention planning and management and a medical practice based on patient knowledge, not simply prescription through his staff/team of more than twelve specialists.