Deal Size
$27.7M
Cap Rate
Est. 9.00%
$/SF
$150
Size
185K SF
Occupancy
95%
The Somerset Square complex offers a stable investment opportunity with a high occupancy rate of 95% and a diverse tenant mix including investment-grade tenants like Wells Fargo and Merrill Lynch. The deal price of $27.7M for 185,000 SF translates to approximately $150/SF, which is competitive for a secondary market like Glastonbury. The lack of disclosed cap rate is a limitation, but the high occupancy and strong tenant profile suggest a stable income stream. The investment is suitable for a core-plus strategy, given the potential for rent growth in a mixed-use development setting.
Unified Holdings of Glastonbury LLC, a New York-based entity, likely sees this acquisition as a core-plus investment, leveraging the stable income from a high occupancy rate and strong tenant profile. The buyer's strategy may focus on maintaining occupancy and gradually increasing rents.
The seller's identity and motivation are undisclosed, but the transaction could be part of a portfolio rebalancing or capital recycling strategy.
This transaction indicates continued investor interest in stable, income-producing office assets in secondary markets. The involvement of a New York-based buyer suggests confidence in the Hartford area's economic fundamentals. The pricing aligns with pre-COVID levels, reflecting resilience in the office sector.
CBRE
Glastonbury, located southeast of Hartford, is part of a secondary market with moderate population growth and stable income levels. The area benefits from its proximity to Hartford, which serves as a regional employment hub.
The Somerset Square complex is part of a mixed-use development, which enhances its competitive position. Comparable properties in the area include other office complexes within Glastonbury, but specific competing assets are not mentioned in the sources.
There is no specific data on new office developments in the Glastonbury area from the sources, suggesting limited immediate supply threats.
With a 95% occupancy rate, there is limited immediate lease-up potential. However, there may be opportunities to increase rents as leases roll over, particularly if current rents are below market.
The complex hosts 38 tenants, indicating a diversified rent roll. This reduces single-tenant risk and enhances income stability.
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