CBRE/New England negotiated the sale of the Griffin Office Park Portfolio, a five-building office complex located in Windsor, Connecticut.
The property was sold by Investors Warranty of America, LLC based in Cedar Rapids, Iowa to Griffin Park Realty VV, LLC, a Brooklyn, New York-based private equity partnership managed by Vasco Ventures, for $5 million.
CBRE/NE’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,” stated CBRE/NE’s McCormick. “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.”
Griffin Park Realty VV, LLC is a partnership controlled by Brooklyn-based Vasco Ventures. Vasco Ventures is a real estate investment firm that specializes in distressed and undervalued real estate. The company currently owns and operates a handful of properties in the New York City area and one in upstate New York, in addition to several in Philadelphia and one in Galloway, New Jersey. The Griffin Office Park Portfolio will be the company’s first acquisition in Greater Hartford.
“Vasco Ventures is very enthusiastic to be entering such a strong market,” remarked Scott Weinblatt of Vasco. “We’re dedicated to working with the invaluable team at Griffin Office Park to make this a world-renowned business environment.”
The Griffin Office Park Portfolio is an institutional-quality portfolio of office properties consisting of 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.
The portfolio’s properties are located within Griffin Office Center, an award-winning 600-acre development that features a full-service restaurant, an open-air performance center and a network of walking trails and open space, all centered around two picturesque man-made ponds.
The peaceful corporate campus environment and amenities offered at Griffin Office Center have made it historically one of the most successful suburban office parks in central Connecticut, attracting several institutional-quality tenants including Cigna, Great American Insurance, SwissRe, RR Donnelley, Prochimie International and the United States Postal Service. All five assets of the Griffin Office Park Portfolio offer generous on-site parking, superior water views and convenient access to both campus and local area amenities.