This post was contributed by a community member. The views expressed here are the author's own.

Local Voices

Cushman & Wakefield Reps Hall Investments in the Long-Term Ground Lease of 100 Connecticut Ave., Norwalk to Lowe's Home Improvement

Cushman & Wakefield announced today that Lowe’s Home Improvement has signed a long-term ground lease at 100 Connecticut Avenue in Norwalk, Conn. for its new one-story, 150,000 square foot home improvement center.  Cushman & Wakefield’s Thomas J. O’Leary, senior director, represented the landlord, Hall Investments, LTD.; David Smookler, Joe Mastromonaco and Ted Gildea of the Dartmouth Company represented Lowe’s Home Improvement.

The property at 100 Connecticut Avenue is currently being utilized as a one-story, 120,000-square-foot office building.  Initially the conversion of the site to big-box retail required a second story.  Hall Investments held discussions with the City of Norwalk, eventually proposing an amendment to the zoning regulations that revised the minimum building height requirements for retail buildings in selected areas that were more than 80,000 square feet.  After several public hearings, the Norwalk Zoning Commission gave Lowe’s the green light to build its home improvement store at 100 Connecticut Avenue.  The project is expected to create approximately 150 construction jobs and at least 130 full-time and part-time jobs once the store is open.  The estimated date of completion is the first quarter 2015.

“We knew from the beginning that the highest and best use for 100 Connecticut Avenue would be retail,” said Mr. O’Leary.  “It was a pleasure working with Hall Investments, Lowe’s and the Dartmouth Company to finally achieve the successful conclusion to this transaction.”

Find out what's happening in Stamfordwith free, real-time updates from Patch.

Commenting on the lease, Lyda Hakimi, principal of Hall Investments said, “Lowe’s interest in the site provided us with the opportunity to reposition the property from its current office use to retail in the vibrant Norwalk market. Cushman & Wakefield was an integral partner in the process and was committed to ensuring the success of this transaction against almost insurmountable challenges.”

Jeff Gellerman, director of real estate acquisitions in the Northeast region for Lowe’s added, “It has been a long-term objective for Lowe’s to have a presence in lower Fairfield County and 100 Connecticut Avenue is the ideal location for us.  We are extremely excited about this new store and we’re very appreciative to our representative, the Dartmouth Company, and to Cushman & Wakefield for helping us attain the necessary zoning variance to bring this transaction to fruition.”

Find out what's happening in Stamfordwith free, real-time updates from Patch.

About Hall Investments LTD:

Hall Investments LTD is a privately held real estate investment company headquartered in Great Neck, N.Y.  With branch offices in Darien, Conn., Pittsburgh, Pa. and Tallahassee, Fla., Hall Investments owns and manages more than 3,000,000 square feet of office and retail properties.

About Cushman & Wakefield:

Cushman & Wakefield is the world’s largest privately held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments. Founded in 1917, it has approximately 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has nearly $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.

 

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?