$39OK NOI | Global Tenant w Excess Land
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$39OK NOI | Global Tenant w Excess Land
3 Office Properties Online Auction Sale East Berlin, CT
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Investment Highlights
- 100% leased office buildings with EXCESS land for additional income. $39OK Net Operating Income.
- Near a wealth of national and local retailers and restaurants, including McDonald’s, Dunkin’, and many more.
- Universal Enterprise is a business owned by Seller and will commence immediately upon sale for a term of 1 year.
- AT THE CROSSROADS OF CONNECTICUT just 10 minutes south of Hartford 15 minutes north of New Haven with excellent connectivity to CT Rt. 9
- GLOBAL MULTIBILLION ANCHOR TENANT SINCE 1998 JUST RENEWED LEASE
- Universal Enterprise will escrow 50% of lease amount to Buyer at closing.
Executive Summary
$39OK NOI | Anchored by Global Tenant Regus since 1998 with recent lease renewal
Mill Crossing, situated at 1224 Mill Street, is an excellent opportunity for both investors and owners/users, with 35,270 square feet in three buildings and excess land for additional development. Built in 1995 and meticulously maintained over the years this asset is primed to be an excellent investment. The property comes equipped with a 6.65-acre lot and over 200 parking spaces perfect for both employees and visitors. The simple façade and well-groomed landscaping surrounding the asset makes it ideal for tenancy. New ownership can continue to run the property as-is while collecting incomes from in-place tenants Buyers can also revamp current tenant leases to yield a higher net operating income. Alternatively, this is an excellent opportunity for owners/users with excess land for new develoment of medical or apartments subject to town approval.
Berlin is at the crossroads of Central Connecticut, where Interstate 91 merges with Route 9, making it the perfect place for office investment. The area has a very low vacancy of 2.3% which is 0.4% lower than it was this time last year. Current vacancy is lower than its trailing three-year average of 3.2%, which is also lower than the 9.7% trailing three-year average of the Hartford market as a whole. Rents have increased in the past 12 months. Nothing is under construction in the Berlin Outlying Office Submarket making existing inventory highly valued.
Berlin offers residents and businesses a small-town feel with access to city amenities. Just 7 miles south of Hartford, this area is highly connected. 1224 Mill Street is located near the Berlin Turnpike and CT 9, which connect Berlin to all of Connecticut. Nearby are many retailers and conveniences, including Dunkin’, McDonald’s, Chili’s Bar and Grill, and more.
Property tours are available by appointment only, please contact the listing broker to schedule.
IWG Chief Executive Mark Dixon. (IWG)
By Paul Norman
CoStar News
March 5, 2024 | 5:06 AM
IWG, the publicly traded flexible offices group that owns the Regus and Spaces brands, has posted the highest revenue in its 35-year history.
In preliminary results for the period through the end of last year, IWG, listed on the London Stock Exchange but considering a New York listing, said revenue had lifted 10% to £3.3 billion.
IWG describes itself as the world's largest hybrid workspace platform, with operations of 895,000 rooms across 3,514 locations in 120 countries. In clear contrast to the difficulties faced by its global coworking peer WeWork, earnings before interest, taxes, depreciation and amortisation) increased 34% to £403 million (2022: £311 million) driven by a combination of higher revenue and "cost focus" at the firm.
IWG said it had been dramatically growing its footprint globally across "diverse locations" with a doubling in its open rate in 2023 from 2022. It says this has been done "almost all with no" capital expenditures. It added a record 867 locations globally in 2023, with 95% in its partnership model.
Mill Crossing, situated at 1224 Mill Street, is an excellent opportunity for both investors and owners/users, with 35,270 square feet in three buildings and excess land for additional development. Built in 1995 and meticulously maintained over the years this asset is primed to be an excellent investment. The property comes equipped with a 6.65-acre lot and over 200 parking spaces perfect for both employees and visitors. The simple façade and well-groomed landscaping surrounding the asset makes it ideal for tenancy. New ownership can continue to run the property as-is while collecting incomes from in-place tenants Buyers can also revamp current tenant leases to yield a higher net operating income. Alternatively, this is an excellent opportunity for owners/users with excess land for new develoment of medical or apartments subject to town approval.
Berlin is at the crossroads of Central Connecticut, where Interstate 91 merges with Route 9, making it the perfect place for office investment. The area has a very low vacancy of 2.3% which is 0.4% lower than it was this time last year. Current vacancy is lower than its trailing three-year average of 3.2%, which is also lower than the 9.7% trailing three-year average of the Hartford market as a whole. Rents have increased in the past 12 months. Nothing is under construction in the Berlin Outlying Office Submarket making existing inventory highly valued.
Berlin offers residents and businesses a small-town feel with access to city amenities. Just 7 miles south of Hartford, this area is highly connected. 1224 Mill Street is located near the Berlin Turnpike and CT 9, which connect Berlin to all of Connecticut. Nearby are many retailers and conveniences, including Dunkin’, McDonald’s, Chili’s Bar and Grill, and more.
Property tours are available by appointment only, please contact the listing broker to schedule.
IWG Chief Executive Mark Dixon. (IWG)
By Paul Norman
CoStar News
March 5, 2024 | 5:06 AM
IWG, the publicly traded flexible offices group that owns the Regus and Spaces brands, has posted the highest revenue in its 35-year history.
In preliminary results for the period through the end of last year, IWG, listed on the London Stock Exchange but considering a New York listing, said revenue had lifted 10% to £3.3 billion.
IWG describes itself as the world's largest hybrid workspace platform, with operations of 895,000 rooms across 3,514 locations in 120 countries. In clear contrast to the difficulties faced by its global coworking peer WeWork, earnings before interest, taxes, depreciation and amortisation) increased 34% to £403 million (2022: £311 million) driven by a combination of higher revenue and "cost focus" at the firm.
IWG said it had been dramatically growing its footprint globally across "diverse locations" with a doubling in its open rate in 2023 from 2022. It says this has been done "almost all with no" capital expenditures. It added a record 867 locations globally in 2023, with 95% in its partnership model.
Data Room Click Here to Access
- Operating and Financials
- Purchase Agreement
- Third Party Reports
- Title and Insurance
- Miscellaneous
- Financing Available
Market Analytics Click Here to Access
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Market Sale Price per SF
Hartford - CT USA
Market Cap Rate
Hartford - CT USA
Market Sale Price per SF by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Cap Rate by Star Rating
1 - 2 Star
3 Star
4 - 5 Star
Market Sale Price per SF Distribution
Market Cap Rate Distribution
Taxes & Operating Expenses (Actual - 2024) Click Here to Access |
Annual |
|---|---|
| Gross Rental Income |
$99,999
|
| Other Income |
$99,999
|
| Vacancy Loss |
$99,999
|
| Effective Gross Income |
$99,999
|
| Taxes |
$99,999
|
| Operating Expenses |
$99,999
|
| Total Expenses |
$99,999
|
| Net Operating Income |
$99,999
|
Taxes & Operating Expenses (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
Property Facts
| Sale Conditions | Auction Sale | Number of Properties | 3 |
| Sale Type | Investment | Total Building Size | 60,278 SF |
| Status | Active | Total Land Area | 19.95 AC |
| Sale Conditions | Auction Sale |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Total Building Size | 60,278 SF |
| Total Land Area | 19.95 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built |
|---|---|---|---|
|
Building A
1224 Mill St, East Berlin, CT 06023 |
Office | 35,270 SF | 1995 |
|
Building D
1224 Mill St, East Berlin, CT 06023 |
Office | 10,010 SF | 2015 |
|
Building B
1224 Mill St, East Berlin, CT 06023 |
Office | 14,998 SF | 1995 |
Sale Advisor
Sale Advisor
Michael Guidicelli, CCIM, SIOR, Broker & Owner
(860) 371-7103
Contact
Michael stands at the forefront of the investment real estate market as the esteemed Owner and Power Broker of Regions Commercial, LLC. His firm is renowned for its specialization in the sale of intricate investment properties and providing unparalleled tenant representation services. Michael's expertise is backed by his prestigious designation as a CCIM (Certified Commercial Investment Member), a testament to his deep-rooted knowledge and practical experience in commercial and investment real estate.
Throughout his illustrious career, Michael has played a pivotal role in shaping the landscape of the real estate industry. His dedication and leadership have been instrumental in his decade-long service on the Board of Directors for the Connecticut Chapter of CCIM, including two remarkable years as President (2016 & 2017). Under his stewardship, the chapter witnessed exponential growth, nearly doubling its membership and tripling its net operating income. His exceptional leadership skills were further recognized through his role as Regional Vice President of Region 11, overseeing pivotal chapters across the Northeastern United States.
Michael's commitment to excellence is also evident in his attainment of the SIOR designation from The SOCIETY OF INDUSTRIAL AND OFFICE REALTORS®, marking him as a leading authority in commercial real estate brokerage. His tenure as President of the CT/W. MA SIOR Chapter and his continued role as Immediate Past President highlight his significant contributions and steadfast dedication to the industry.
His outstanding achievements have not gone unnoticed, earning him a spot in the top 40 Under 40 by the Hartford Business Journal, and highlighting his remarkable impact in the field. Furthermore, Michael's academic credentials are equally impressive, with a graduate degree from Harvard Law School's Program on Negotiation, equipping him with unrivaled negotiation skills that benefit his clients immensely.
As a staunch advocate for his clients, Michael offers expert guidance through every step of the real estate transaction process. His commitment to his clients is unparalleled, offering both commission-based and consulting services tailored to meet their unique needs. The opportunity to begin with an initial consultation without obligation is a testament to his client-centered approach, ensuring a comprehensive understanding of their requirements from the outset.
Michael's distinguished career, marked by his leadership roles, prestigious designations, and unwavering dedication to his clients, sets him apart as a leading figure in the investment real estate industry.
Throughout his illustrious career, Michael has played a pivotal role in shaping the landscape of the real estate industry. His dedication and leadership have been instrumental in his decade-long service on the Board of Directors for the Connecticut Chapter of CCIM, including two remarkable years as President (2016 & 2017). Under his stewardship, the chapter witnessed exponential growth, nearly doubling its membership and tripling its net operating income. His exceptional leadership skills were further recognized through his role as Regional Vice President of Region 11, overseeing pivotal chapters across the Northeastern United States.
Michael's commitment to excellence is also evident in his attainment of the SIOR designation from The SOCIETY OF INDUSTRIAL AND OFFICE REALTORS®, marking him as a leading authority in commercial real estate brokerage. His tenure as President of the CT/W. MA SIOR Chapter and his continued role as Immediate Past President highlight his significant contributions and steadfast dedication to the industry.
His outstanding achievements have not gone unnoticed, earning him a spot in the top 40 Under 40 by the Hartford Business Journal, and highlighting his remarkable impact in the field. Furthermore, Michael's academic credentials are equally impressive, with a graduate degree from Harvard Law School's Program on Negotiation, equipping him with unrivaled negotiation skills that benefit his clients immensely.
As a staunch advocate for his clients, Michael offers expert guidance through every step of the real estate transaction process. His commitment to his clients is unparalleled, offering both commission-based and consulting services tailored to meet their unique needs. The opportunity to begin with an initial consultation without obligation is a testament to his client-centered approach, ensuring a comprehensive understanding of their requirements from the outset.
Michael's distinguished career, marked by his leadership roles, prestigious designations, and unwavering dedication to his clients, sets him apart as a leading figure in the investment real estate industry.
About the Auction Platform
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
Read More
Auction Contact
Emily Walper
Contact
Auctioneer License:
Ten-X, Inc. Samantha Corbat RE Brkr REB.0790949
-
Michael Guidicelli, CCIM, SIOR -
Regions Commercial LLC
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VIDEOS
3D TOUR
PHOTOS
STREET VIEW
STREET
MAP
Transaction Fee Schedule
Based on Percentage of Winning Bid Amount.
Winning Bid Amount
Transaction Fee
$0m to < $1m
5.00% ($20,000 min)
$1m to < $3m
3.00%
$3m to < $5m
2.50%
$5m to < $10m
2.25%
$10m to < $15m
2.00%
$15m to < $25m
1.75%
$25m to < $35m
1.50%
$35M to < $45M
1.00%
$45M to < $55M
0.75%
$55M and Up
0.50%
Example Calculation
Winning Bid Amount
$4,000,000
Transaction Fee
$100,000 (2.5%)
Total Purchase Price
$4,100,000
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$39OK NOI | Global Tenant w Excess Land
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