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.
Impacted Properties Can Be Sold
Robertshaw Controls Company Facility, Milford, CT
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.
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
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.
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.
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.
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 Towns 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.
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 1920s 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
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 Landlords Representative, William
Clark was the eyes on the other side of those same issues.
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.
New Medical Facility in Branford, CT
Reza Yavari was looking for space for a New Multi-Discipline Medical
Facility and new approach to Internal Medicine in Branford, CT.
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.
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.
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. Yavaris 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.