ESSEX, CT., May 2, 2007 – Wayne D’Amico, founder and president of Property Politics, a real estate development and advisory firm in Essex, CT, is pleased to report that business maintained a brisk pace throughout the latter part of 2006 and early 2007.
In addition to a steady flow of consulting and advisory assignments, D’Amico reports four recent closings on significant land deals in the central Connecticut marketplace. This level of activity is particularly heartening as it reflects continued confidence in the strength and viability of the local market from the standpoint of commercial real estate investors.
On September 28, 2006, Mr. D’Amico and his client, Tall Properties, LLC, closed on the purchase of a $600,000, 4.77acre parcel of undeveloped land in a central Connecticut office and industrial park located in Middletown, CT. The site, which features frontage on I-91, is located just south of Aetna's 1,400,000sf division headquarters facility. The parcel was purchased by the owner of contiguous property, with the intention of complementing its CenterPoint Executive Park, an extensively renovated 33,000sf “Class A" office property that enjoys 100% occupancy. D'Amico has worked with the CenterPoint team for over three years, helping the owner to reposition the property from a tired, single tenant back office building to a multi-tenant “Class A” facility with unique premium flair. D'Amico remains a part of the future development team, currently establishing plans for an expansion of over 100,000sf. Michael Gallon with Reno Properties represented the Seller.
In November 2006, Mr. D’Amico represented 321 Kensington Ave LLC, in the sale of a vacant 2.84 acre parcel of land located at the intersection of Kensington & Bailey, immediately north of Westfield Shoppingtown Meriden. The $400,000 lot is being contemplated for various uses including a prospective day care center or residential development facilitated through 1031 exchange. D'Amico has represented the Seller for several years in the disposition of this asset during which time the municipality had studied and authored re-zoning plans for the neighborhood designed to increase the retail opportunities. The failure of the City to implement these plans ultimately clashed with the Seller’s timeline and the parcel was sold within the limitations of its "by right" development potential.
On January 11, 2007, Mr. D’Amico represented Great Islands Acquisitions, LLC of Boston, MA, in their purchase of a .38 acre parcel located at 1100 N. Colony Rd. in Wallingford, CT. The buyers are the same entity that owns the contiguous land on which the recently opened 170,000 sf Lowe’s Home Improvement Center is situated. Mr. D’Amico also played a vital role in bringing Lowe’s to this former WalMart site, a process which took three years of complex negotiations with the investors, Lowe’s, and WalMart officials to bring to fruition. This recent $250,000 acquisition provides the owners with 125 feet of commercially zoned frontage suitable for future development of the outparcels. Louis Proto of the North Haven, CT, based Proto Group represented the seller, Fulton Forbes Corp. of Wallingford, CT.
Representing client/buyer Balzano, et al, Mr. D’Amico negotiated the February 8, 2007 acquisition of a 3.059 acre parcel for $370,000 located across from Bristol Myers Squibb’s Wallingford, CT R&D facility. This parcel is situated in the Medway Business Park originally developed by FIP in the early 1980's. The IX zone within which it is located provides for a myriad of office and industrial uses. This property was purchased by an investment group that was also involved in D'Amico's redevelopment of the "dark" Wallingford Wal-Mart store which recently reopened as a new 170,000sf Lowe's Home Improvement Center. Plans for the property have not yet been announced. Anthony Napolitano, MAI, Broker of Cornwall Realty Group, Cheshire CT represented the Seller in the transaction.
Prior to his relocation to Essex, Wayne D’Amico was a longtime resident of Meriden, CT where he established himself in business and was particularly active in civic affairs. His ongoing prominence in the central Connecticut marketplace is largely attributable to the reputation he established both professionally and through his involvement with numerous civic and economic development groups. Recognizing that it can take many years of nurturing relationships and evaluating alternative investment and development scenarios, Mr. D’Amico’s persistence is a quality that has brought great results to his clients.