Northeast Property Group, Inc.  Appointed Receiver for 174 Unit Portfolio in CT

Northeast Property Group, Inc. has been appointed by the Superior Court of CT as Receiver of Rents for a significant residential property portfolio located in Bridgeport, CT on November 15, 2011.

The 174 Unit portfolio is located in nine separate properties located throughout the city. A receivership order is a mechanism for the court to protect the property in the event of a disagreement between lender and borrower in a foreclosure process or other types of litigation and typically involves income producing property.

Daniel G. Barber, Sr. Vice President the company is acting as asset manager for the project. Northeast Property Group is a full service Real Estate Services, Management and Brokerage  firm headquartered in New London, CT and has provided Receivership Services throughout Connecticut for over 15 years.

Daniel G. Barber, CCIM, SIOR

Sr. Vice President

Being prepared in the event of a disaster is the best way to minimize safety risks and property damage.

The below PDF provides a regional preparedness guide in the event of extreme weather for Southeastern CT. Towns that are included in the guide are City of Groton, Town of Groton, East Lyme, Ledyard, Montville, New London, Norwich, Old Lyme, Stonington, North Stonington and Waterford.

Northeast Property Group, Inc.  Appointed Receiver for 650,000SF

In an emergency court order filed and granted on Christmas Eve, Northeast Property Group, Inc. has been appointed by the Superior Court of CT as Receiver for the property known as the Connecticut Business Center located at 321 & 322 Ellis Street in New Britain, CT. The 650,000 SF mixed use complex is located on a 40 acre site immediately off of Route 9 in Central CT.

SHAW’S COVE 6 NEW LONDON, CT

90,000 SF    Class A Office

JE Robert Companies / JP Morgan

Assignment:

Lender initiated foreclosure proceedings while the property was 66% vacant. Complex litigation regarding borrower representations represented a delay in gaining property control. NPG was named Court Appointed Receiver in October, 2007.

Strategy / Results:

NPG gained complete control of the property, negotiated lease buy outs from existing tenants in default and successfully leased 30,000 SF within the first year of Receivership. The property suffers from an insufficient parking ratio for modern office requirements. As receiver, NPG succesfully negotiated the long term lease of adjacent city owned land and subsequently permitted and constructed an additional 96 unit parking lot as a part of an overall repositioning strategy by the foreclosing lender, NPG has managed and completed major capital projects at the property. This property remains in receivership and under the management and control of Northeast Property Group.

Daniel G. Barber, CCIM, SIOR, Vice President and Partner of Northeast Property Group, Inc. represented the owner of 14 Lords Hill Road in Stonington, CT in the long term lease and conversion of approximately 70,000 SF to Zachry Nuclear Engineering.

14 Lords Hill Road Stonington, CT is owned by Quiambog, LLC a division of The Shermen Group, headquartered in New York City. The 70,000 SF building formerly owned and occupied by Hubbell Incorporated is located on a 34 acre waterfront site overlooking Fishers Island Sound near Mystic, CT.  The property is being converted from an Industrial use to Office and R&D facility. The building was formerly a manufacturing facility which stopped production over ten years ago. Hubbell, Incorporated has maintained R&D and administrations functions in the building and will be vacating the property in 2011.

Building renovations have commenced to include new exterior window walls, roofing and mechanical systems. Interior renovations will transform the former industrial space to an open floor plan office and R&D environment. 

The tenant, Zachry Nuclear Engineering, Inc is  based in San Antonio Texas and currently has local operations in Groton, CT. The company plans to expand their current operations by approximately 20,000 SF and transfer an initial 110 employees to the site when they occupy in 2012 with plans to increase its staff to almost 200 employees over several years.

Ted Harris, Managing Director of Studley, Inc in Denver, CO represented Zachry in the transaction.