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99 Founders Plaza East Hart...

Updated Oct 29, 2024

Port Eastside LLC Acquires 7.3 Acres Office Property In East Hartford, CT For $4M
SOLDOffice

Port Eastside LLC Acquires 7.3 Acres Office Property In East Hartford, CT For $4M

99 Founders Plaza East Hartford, Ct 06108, Usa

$4,000,000

Building Size

—

Asset Type

Office

Closing

Sep 10, 2023

About this deal

AI

Port Eastside LLC, represented by Martin Kenny of Lexington Partners, Alan Lazowski of LAZ Parking, Jeffrey Hoffman of Hoffman Auto Group, Peter Roisman of REV, Harris Simons and Bruce Simons of Figure 8 Properties, and Jim Manafort of Manafort Brothers, has purchased the low-rise office building at 99 Founders Plaza in East Hartford, CT. The property consists of approximately 7.3 acres and was sold for a total of $4,000,000.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $4,000,000
  • Address: 99 Founders Plaza, East Hartford, CT
  • Market: East Hartford, CT

This significant transaction marks a key milestone in the $841 million redevelopment project along the Connecticut River in East Hartford. Port Eastside LLC, along with its diverse group of investors, aims to contribute to the revitalization of the area with this acquisition. The purchase of the office building aligns with their ambitious plans for the redevelopment project.

On the Map

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$4,000,000

Office

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Players

LP
Lexington PartnersBuyer

East Hartford Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

3.97%

Cash-on-Cash

-1.13%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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