February 19, 2015
Investment sales broker, Rick Chozick of Chozick Realty, Inc., has completed the sale of the Bushnell on Park Condominiums in Downtown Hartford. Bushnell on the Park was constructed in 1979 within an I.M Pei designed development, known as Bushnell Plaza. The property was converted to condominiums in the late 1980’s, at which time 51 units were sold to third parties. The remaining 129 units and 28,000 s/f of office space on the first two floors of this 12 story mid-rise have remained under common ownership and leased as rentals since that time. Chozick handled the sale of the 129 residential units, 28,000 s/f office space and 196 parking spaces on behalf of the seller, HPI Bushnell LLC, as well as procuring the buyer, Gideon Asset Management LLC. The reported sale price was $14.325 million.
Bushnell on the Park offers one of the best residential locations within Hartford’s central business district, according to Chozick. It is ideally located at the eastern edge of Hartford’s Bushnell Park and is one block from the location of the new University of Connecticut Harford campus which will bring approximately 2,500 students downtown. While the property maintains an occupancy at or close to 100% on a consistent basis, it is well positioned to enjoy the increasing demand and opportunity that is building within Harford’s CBD.
A tremendous number of positive developments are converging at an opportune time solidifying downtown as a 24 hour live/work/play environment. Downtown Hartford’s office occupancy rate is at its highest level in a decade. Employment within the CBD is surging, not only in the corporate sector but also with the addition of the UCONN campus on Prospect Street and Trinity College’s addition of a downtown campus in 135,000 s/f at Constitutions Plaza. The state is relocating well over two thousand state employees to Riverfront Plaza, currently undergoing renovated for their arrival. At the same time a number of luxury multifamily developments are under construction within the CBD to accommodate the influx of residents into downtown.
Chozick Realty also represented the former owner in the leasing of the commercial office space at Bushnell and will continue in this role for the new owner. There is approximately 3,000 s/f of space available with onsite garage parking.
Chozick Realty is a full-service commercial real estate firm with offices in Hartford, Conn. and Delray Beach, Fla.