Category Archives: northland investment corp.

Is Hartford Area Commercial Real Estate Market Headed For A Bump Up?

by Categorized: Downtown Hartford, Hartford Redevelopment, northland investment corp. Date:

The commercial real estate markets in the New Yorks and L.A.s of the country have rebounded significantly since the recession, with sales, leasing and development at a healthy, if not brisk, pace.

Now, a turn may be coming for smaller “secondary” markets like Hartford, a new report this week forecasts.

The Hartford-West Hartford-East Hartford metro market is on a list compiled by NAIOP, the commercial real estate development association, of 34 secondary markets that could see a bump up in activity this year.

Goodwin Square in downtown Hartford, lost to foreclosure in 2012, could go up for auction this year. Photo by Richard Messina/The Hartford Courant.

Goodwin Square in downtown Hartford, lost to foreclosure in 2012, could go up for auction this year. Photo by Richard Messina/The Hartford Courant.

“We will likely see this trend take hold in secondary markets,” said Thomas Bisacquino, NAIOP’s president and chief executive. “If that happens, it will be real positive sign that our industry is feeling better about the economy and investment opportunities, and it will be good news for lots of medium-sized American cities.”

Patrick Mulready, senior vice president and partner at commercial real estate services firm CBRE-NE in Hartford, told me today that he wasn’t surprised Hartford area was on the list.

Major markets such as New York and Los Angeles don’t have a lot of attractive properties available for investors. The properties either recently sold or are owned by long-term investors.

“That is leading to additional interest in markets like this,” Mulready said, of Hartford.

Mulready said there was already evidence of that in 2013, with major sales in the Hartford area. Those included the $106 million sale of Blue Back Square to Starwood Capital Group. The sale was particularly noteworthy because Starwood is an institutional investor outside the market, Mulready said.

Mulready said the most attractive office buildings will be stand-outs like Downtown Hartford’s Goodwin Square, which includes the long-shuttered Goodwin Hotel. The property is expected to go up for auction this year after being lost by Northland Investment Corp. to foreclosure.

CityPlace II, also lost by Northland to foreclosure, also is expected to be sold but only after the tenant roll is boosted. CityPlace II now has a 34-percent vacancy, Mulready said, and leasing could be a challenge because space is scattered throughout the tower.

NAIOP’s list of 34 “secondary” commerical real estate markets on the cusp of a bump up:

List of Secondary Markets


Austin-Round Rock-San Marcos, TX

Baltimore-Towson, MD

Charlotte-Gaston-Rock Hill, NC-SC

Cincinnati-Middletown, OH-KY-IN

Cleveland-Elyria-Mentor, OH

Columbus, OH

Detroit-Warren-Livonia, MI

Greensboro-High Point, NC

Hartford-West Hartford-East Hartford, CT

Indianapolis-Carmel, IN

Jacksonville, FL

Kansas City, MO-KS

Las Vegas-Paradise, NV

Louisville-Jefferson County, KY-IN

Memphis, TN-MS-AR

Milwaukee-Waukesha-West Allis, WI

Minneapolis-St. Paul-Bloomington, MN-WI

Nashville-Davidson-Murfreesboro-Franklin, TN

New Orleans-Metairie-Kenner, LA

Oklahoma City, OK

Orlando-Kissimmee-Sanford, FL

Philadelphia-Camden-Wilmington,

PA-NJ-DE-MD

Phoenix-Mesa-Glendale, AZ

Pittsburgh, PA

Portland-Vancouver-Hillsboro, OR-WA

Providence-New Bedford-Fall River, RI-MA

Raleigh-Cary, NC

Sacramento-Arden-Arcade-Roseville, CA

Salt Lake City, UT

San Antonio-New Braunfels, TX

St. Louis, MO-IL

Tampa-St. Petersburg-Clearwater, FL

Virginia Beach-Norfolk-Newport News, VA-NC

SOURCE: NAIOP

 

 

 

 

 

Northland Investment Loses Second Tower In Downtown Hartford

by Categorized: Downtown Hartford, northland investment corp., Uncategorized Date:

Northland Investment Corp. has suffered another blow as Greater Hartford’s largest landlord, losing a second property in downtown Hartford to foreclosure in late July, according to city records.

Northland Investment Corp. has lost a second office tower in downtown Hartford to foreclosure. Photo by Richard Messina/The Hartford Courant.

According to the filing, Northland lost control of the property July 25, unable to pay off a $33 million note on Goodwin Square on Asylum Street. Court documents stated that Northland owed $39 million in principal and penalty fees.

In January, 2011, Northland lost downtown Hartford’s Metro Center to foreclosure. It is appealing a judgment of strict foreclosure on its CityPlace II, another downtown Hartford office tower.

Northland couldn’t immediately be reached for comment today.

The property fell into foreclosure two years ago and a contentious court battle has ensued between Northland and LNR, which is also pursuing a foreclosure on Northland’s CityPlace II. Northland accused LNR in court of holding one property hostage against the other, making it difficult to refinance.

Typically, after a judgment of strict foreclosure, a property owner is given a deadline for satisfying a debt, or in the case of Goodwin Square, securing new financing to replace the mortgage that matured in October, 2010.

Goodwin Square, which Northland purchased for $41 million in 2005, includes the now-closed Goodwin Hotel and a 30-story office Asylum Street tower. Court documents now peg the fair market value at $21.8 million.

The hotel was shuttered in 2008.

Hartford’s Goodwin Square Gets Final Order Before Foreclosure

by Categorized: northland investment corp., Uncategorized Date:

Northland Investment Corp., Greater Hartford’s largest landlord, is now on the brink of losing a second office building in downtown Hartford to foreclosure.

Hartford's Goodwin Square could soon be lost to foreclosure. Courant File Photo.

A judgment of strict foreclosure against Goodwin Square — the last order before an owner loses control of a property — has been handed down by a judge in Superior Court in Hartford, nearly two years after the property fell into foreclosure.

Northland couldn’t be immediately be reached for comment.

The court decision was not accompanied by any other filings, but those are expected to come later. Typically, after a judgment of strict foreclosure, a property owner is given a deadline for satisfying a debt, or in this case, securing new financing to replace a $33 million mortgage that matured in October, 2010.

Goodwin Square, which Northland purchased for $41 million in 2005, includes the now-closed Goodwin Hotel and a 30-story office Asylum Street tower. The hotel was shuttered in 2008.

Commercial real estate landlords have had a tough time refinancing mortgages, especially those that have been packaged as portfolios and sold to investors. That was the case with Goodwin and the nearby CityPlace II office tower, also threatened with foreclosure.

The Newton, Mass.-based real estate company already has lost Metro Center on Church Street to foreclosure.

Continue reading