290 Pratt Street, Meriden, CT
Vita Nuova was retained by the owner to help disposition a 500,000sf former ball bearing plant that had not been partially renovated but not remediated prior to the close of the calender year. In 9 months, VN assessed the environmental and market conditions, developed a set of terms that would allow a buyer to complete the cleanup using the value of the property which was maintained in escrow by the sellers attorney. VN then went to a ‘niche’ group of buyers, supported the owner’s attorney in negotiations, and closed on December 29. The new buyer, Flatiron Realty Advisors, has fully-renovated the building, created a mix of tenants including commercial, office, and light industrial. Remediation is well underway.
Vita Nuova’s expertise in property repositioning, marketing, environmental risk management and deal strategy was invaluable to the sale of this property.
– Morganti and Sons LLC