Asking price for New Britain office complex slashed

Published on Saturday, 25 February 2017 22:10
Written by CHRISTOPHER FORTIER

STAFF WRITER

NEW BRITAIN - The owner of a Grove Street office complex has lowered the asking price by more than $1 million two months after it went on the market.

The 114-year-old One Grove Place, at 1 Grove St., was put up for sale with a price tag of $10 million in December by owner 4702 Second Avenue Corp. of New York. As of Friday, the price has dropped to $8.9 million.

That’s about $700,000 more than the company paid for the six-story building and 4-acre property in 2008. Empire Development Group LLC, which had purchased the site in 1995 and spent millions in a complete overhaul of the 105,000-square-foot former factory, sold it to 4702 Second Avenue Corp. for $8.2 million.

The building was listed for sale at Ten-X.com, a website that facilities the buying and selling of residential and commercial properties exclusively online. The call for offers expired Feb. 1, though the site reports that interested parties may still contact realtors for more information.

According to the property listing, the building’s third floor is vacant. No details were available on the present occupancy rate. Current tenants include the state Department of Children and Families, the Fraternal Order of Police and Baldwin Media Marketing LLC.

Documents from the Office of the Tax Collector indicate that the most recent annual real estate tax bill on the property is $155,870.52.

Also on the market

In other city real estate news, the former Webster Bank branch at 275 Newington Ave. remains available for lease. Located near the Newington town line, the regional bank closed the office last year. The 3,600-square-foot brick building, built in 1991, has been on the market since July. Century 21 Clemens & Sons Realty serves as the listing agent for the property.

Also, the vacant Mobil gas station at 721 Farmington Ave. is on the market at a negotiable lease rate. The property, including a former Mobil Mart store and car wash, was one of 86 filling stations and convenience stores in seven Northeast and Mid-Atlantic states that Global Partners LP was looking to unload last year in a sealed bid sale. Twenty-seven of the stores were located in Connecticut. The Farmington Avenue site was one of 17 that had not been put under contract by last summer.

Christopher Fortier can be reached at 860-801-5063 or cfortier@newbritainherald.com.



Posted in New Britain Herald, Business, New Britain on Saturday, 25 February 2017 22:10. Updated: Saturday, 25 February 2017 22:13.