3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Uses - “As Is” –The property is improved with a 146-room Motel 6 (Built 1984), a freestanding retail building leased to Verizon and D’Angelos (Built 1946), a freestanding office condominium (Built 2008) in multi-tenant lease-up and a net leased KFC (Built 2008).
Uses “As Proposed” –The property is proposed for redevelopment which includes the redevelopment of the Motel 6 hotel and the in-line retail building and associated site improvements. The current redevelopment plan retain the existing multi-tenant office building and the net leased KFC on a 0.88-acre condominium site. The remaining 2.94-acres are planned for redevelopment with a regional commercial use on the northeast quadrant pad (NEQ Pad); a proposed 30,000 square foot office/medical office or smaller retail building on a center pad (SEQ Pad); a proposed parking structure and up to 30 residential units on a northwest quadrant pad (NWQ Pad).
Zoning – The existing zoning is Regional Commercial (RC); The RC District is intended to provide for the development, maintenance, and enhancement of large scale business development that will meet the needs of residents of Wethersfield and the surrounding communities. Permitted uses include: mixed residential and commercial uses, municipal uses, religious, general office, medical office, banks, hospitals, retail stores, gas stations, auto sales, car washes, sit down restaurants, drive through restaurants, hotels, motels, health and fitness facilities, cinemas and similar commercial uses.
Redevelopment Parcel - 2.94-acres - New Parcel 1 – 300 FF (Silas Deane Highway) x 445 average depth
Retained Parcel – 0.88-acres – New Parcel 2 – 45 FF (Silas Deane Highway) x 480 FF (Town Line Road) average depth
1345 Silas Deane Highway Assemblage, Wethersfield, CT – Assemblage & Redevelopment
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Design-Build-Finance – The property owner is in negotiations for the partial redevelopment of the 3.82-acre assemblage. The redevelopment parcels are north of the existing unique 0.88-acre condominium site improved with an office building and a KFC.
The redevelopment lands consist of a 2.94-acres. The property owner’s redevelopment plans include a prospective buy-out of Motel 6’s building interest and term-out, buy-out or relocation of in-line retail tenants, Verizon and D’Angelos. This brochure is prepared for pre-leasing negotiations for land leases and turn-key building leases including a conceptual siting of a gas convenience store on the Northeast Quadrant Pad (NEQ).
Timeline – The timeline for the hypothetical delivery of the property to finished pad condition is 30 months more or less. Ground Leases are assumed to be deliverable in say 24 months and turn-key design-build-finance buildings at 30 months, more or less.
If we expedite the schedule, its plausible that the turn-key site and buildings can be delivered in 20 months.
Kenneth Labbe
1345 Silas Deane Highway Assemblage, Wethersfield, CT – Ground Lease Rate Estimates
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Lease Commitments
Motel 6 – Ground Lease Base Term End Date – June 24, 2023; Options through 2053; Seeks Exit Strategy D’Angelo’s – Lease Base Term End Date – February 28, 2023; Options through 2028
Verizon – Lease Base Term End Date – February 28, 2022; Options through 2025 Office Leases – Not applicable to redevelopment in current plans
KFC Lease – Not applicable to redevelopment in current plans
1345 Silas Deane Highway Assemblage, Wethersfield, Connecticut – Redevelopment Plan
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Proposed Ground Lease Pricing for Rough Graded Utility Served Pads
Asking Ground Lease Rate - Parcel 1 - NEQ – $180,000 per year or $15,000/month NNN – 1.50-acres-5,000 sf building Asking Ground Lease Rate – Parcel 2 – SEQ – $225,000 per year or $18,750/month NNN – 0.75-acres-30,000 sf building Asking Ground Lease Rate – Parcel 3 – NWQ-P - $59,040 per year or $4,920/mo NNN – 0.58-acres-0 sf of bldg.; Parking Deck Asking Ground Lease Rate – Parcel 4 – NWQ-R - $90,000 per year or $7,500/month NNN – 0.11-acres-30,000 sf building Proposed Asking Ground Lease Rate –Subtotal - $554,000 per year or $46,170/month NNN = 2.94-acres-65,000 building Plus Retained Parcels Net Leased Rate Subtotal - $158,597per year or $13,216/month NNN = 0.88-acres-7,216 building Asking Net Leased Rate Subtotal – Total - $712,637 per year or $59,386/month NNN = 3.82-acres-72,216 building Lease Basis – Absolute Net; All operating expenses are passed-through to the ground tenant
Kenneth Labbe
1345 Silas Deane Highway Assemblage, Wethersfield, CT – Ground Lease Rates- As Proposed
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or a planned unit development (PUD) Access –There are three existing points of access to the subject property. Access Point 1 – Northeast is a full-movement point of access near the northerly border of the site. Access Point 2 – Southeast is a full-movement point of access located mid-frontage with Silas Deane Highway full access. Although utilized for full-access, stacking at the traffic signal sometimes limits entry and exit from and to the northbound travel lands of the Silas Deane Highway. We anticipate that this full-movement access point will be scrutinized by the City and State and likely to become restricted to a right-in, right-out access point only. Access Point 3 - South is located mid-frontage on Town Line Road. This site has heavy traffic and may require additional traffic calming in the future.
On-site Circulation – It is the intent of the owner’s plans to offer full access to and through the 3.82-acre site from and to all three points of access and thus full on-site vehicular and pedestrian circulation is contemplated. The curb cuts and on-site circulation are function of design as well as governance by the State and local governments and thus is subject to design, mutual agreements and governmental approvals.
1345 Silas Deane Highway Assemblage, Wethersfield, Connecticut-Access and On-site Circulation
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Business Plan – To pre-lease sub-parcels or buildings within a mixed-use development or to sell the property in its entirely. The plans to complete negotiations with the existing tenants and ground tenants as well as pursue pre-leasing in the form of building and ground leases prior to commencing legal/zoning and physical redevelopment. Once the owner is satisfied with the state of the existing negotiations and new tenant and ground tenant renegotiations, then the legal and physical redevelopment works will proceed. The timeline and delivery of any physical project are directly linked to forward negotiations and commitments with the private and public sector and thus are conditioned on approvals and owners sole discretion as of this writing.
Proposed Site Conditions – The plan for rough graded sites assumes that all of the existing improvements north of the commercial condominium will be razed, removed and the site prepared subject to the ground tenant and/or building tenant mutually agreed to stipulations. The goal of the project is design as one project, lease or ground leased as four sub-uses which may include condominium or planned unit development (PUD) ownership.
Kenneth Labbe
1345 Silas Deane Highway Assemblage, Wethersfield, Connecticut - Business Plan
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condo or planned unit development (PUD) Time Distance Relationships - Driving
1 minute to Interstate 91
25 minutes downtown New Haven 15 minutes to the downtown Hartford 120 minutes to New York City 90 Minutes to Boston
Town of Wethersfield: Population – 26,668 (2010); Area Square Miles – 13.1 sq. mi; 2,000 persons per square mile; Median Household Income - $53,289
Town of Rocky Hill: Population – 19,709 (2010); Area Square Miles – 13.8 sq. mi.; 1,400 persons per square mile; Median Household Income - $60,247
Town of Glastonbury: Population – 34,754 (2014); Area Square Miles – 52.2 sq. mi.; 660 persons per square mile; Median Household Income - $80,660
City of Hartford: Population – 122,587 (2018); Area Square Miles – 18.1 sq. mi.; 7,135 persons per square mile; Median Household Income - $20,820 – Abutting city to the north
1345 Silas Deane Highway Assemblage, Wethersfield, CT – Time Distance and Demographics
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or a planned unit development (PUD) Traffic Counts
Road 1 – Interstate 91 – 148,800 vehicles per day Road 2 – Silas Deane Highway – 23,900 vehicles per day Road 3 – Town Line Road – 12,000 vehicles per day
Kenneth Labbe
1345 Silas Deane Highway Assemblage, Wethersfield, Connecticut – Traffic Counts
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Offering:
Northeast Quadrant Pad – 1.50-acres
Conceptual Uses – Restaurant, Bank, Quick Serve Restaurant, Urgent Medical, Gas/Convenience Lease Term – 20 years
Options – (5) 10-year options
Escalations – The greater of 10% or average inflation not to exceed 3% per year stepped up each 5 years Lease Basis – Absolute Net
Ground Lease Rental Rate = $180,000 per year
Ground Lease Rental Rate Per Square Foot of Land Per Year - $2.75 per square foot of land per year Parking – Surface and Parking Structure – To Local Building Code
Kenneth Labbe Acquisitions, Development and Structured Finance Lead Email Preferred – [email protected]
1345 Silas Deane Highway Assemblage, Wethersfield, Connecticut - Timelines
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Offering:
Southeast Quadrant Pad – 0.75-acres
Planned Use – Multifamily Residential, Office, Medical Office or similar Lease Term – 20 years
Options – (5) 10-year options
Escalations – The greater of 10% or average inflation not to exceed 3% per year stepped up each 5 years Lease Basis – Absolute Net
Ground Lease Rental Rate = $225,000 per year
Ground Lease Rental Rate Per Square Foot of Land Per Year - $6.78 per square foot of land per year Ground Lease Rental Rate Per Square Foot of Building Per Year - $7.50 per square foot of land per year Parking – Surface and Parking Structure – 168 parking spaces or 5.60 per 1,000 square feet parking ratio
Kenneth Labbe
1345 Silas Deane Highway Assemblage, Wethersfield, Connecticut - Timelines
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Offering:
Southwest Quadrant Pad – 0.69-acres Planned Use - Multifamily Residential Lease Term – 20 years
Options – (5) 10-year options
Escalations – The greater of 10% or average inflation not to exceed 3% per year stepped up each 5 years Lease Basis – Absolute Net
Ground Lease Rental Rate = $150,000 per year
Ground Lease Rental Rate Per Square Foot of Land Per Year - $4.92 per square foot of land per year Parking Residential – Surface and Parking Structure – 75 parking spaces or 2.60 per unit
1345 Silas Deane Highway Assemblage, Wethersfield, Connecticut - Timelines
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Pre-development Due Diligence – Our teams have done a level of pre-development due diligence to quantify the timeline and costs costs associated with developing these lands. We anticipate 6 months to finalize plans and contracts with the existing tenants. Redevelopment is highly probable but not assured as it is dependent on current negotiations and plan approvals.
Approvals - Town of Wethersfield, CT and State of Connecticut – Our teams have discussed the site and project with the Planning and Zoning office with the Town of Wethersfield, CT over years. Town officials are receptive to a plan of redevelopment subject to Town review and approvals. The approval process is anticipated to take 12-months from submittal to final approval. State of Connecticut Department of Transportation approvals follow the Town and could add up to 12 months.
The demolition, site clearing and development to pad ready is anticipated to take an additional 8-months.
Certificate of Occupancy – 38 months; Our timeline provides an outside date estimate of 38 months with an express schedule date of say 20 months. This brochure contemplates a ground lease and/or building lease to 7-11 corporate as per the tenant rep broker representations and is exclusively prepared for that purpose.
Kenneth Labbe
1345 Silas Deane Highway Assemblage, Wethersfield, Connecticut – Retained KFC
3.82-acres of Land Total; 2.94-acres Available for Ground Lease and Development
0.56-acre to 1.50-acre sub-parcels planned as small commercial subdivision, condominium or planned unit development (PUD) Retained Properties –The current plan of development assumes that the KFC Restaurant and this office building will be retained in their current physical form. The office building is being offered as a multi-tenant office building which will require Town approvals and physical updates to the building. The KFC is to remain “as is where is” as far as we can see. This office building and the quick serve restaurants are on a common commercial condominium parcel.
Retained Land and Buildings South Pad – 0.88-acres
Parking – Existing Office Building – Surface – 19 parking spaces or 4.52 per 1,000 square feet parking ratio Parking – Existing KFC – Surface – 24 parking spaces or 8.0 per 1,000 square feet parking ratio
1345 Silas Deane Highway Assemblage, Wethersfield, Connecticut – Retained Office Building
Nick Scata is the owner and developer of the property in this offering. The Scata Family has owned property at this location for several generations back to the family’s farm and farm stand at the site. A number of family members join Nick in the ownership and decision making about the property’s future. Nick graduated from Bryant University 1985, worked in public accounting from 2001-2007 and has owned Tower Energy, a home heating oil company since 2007. The company provides home heating oils services to a wide footprint of cities in central Connecticut. Nick’s mother, brother, siblings and generations of the family join him in the benefits of this ownership.
Kenneth Labbe
Qualifications – Co-sponsorship – Nick Scata
Kenneth Labbe is a 30-year veteran of commercial real estate with a diversified background in development, structured finance, principal, brokerage, and advisory roles. In real estate development, Mr. Labbe worked as a key person with Excel Realty Trust, a leading national real estate owner that grew to a $3.5-billion shopping center REIT. As a privately held company now, the principals of Excel are willing to back Mr. Labbe on current net leased pursuits among others. In structured finance roles, he has worked in principal and intermediary roles for the placement of debt and equity capital.
A NAI Global branding affiliation and platform enables a national and global platform. NAI Global’s parent company has $6.0- billion in assets under management and diversified service offerings (brokerage, finance, special servicing and more). Mr.
Labbe led real estate advisory services business units for two Big 6 firms, most notably Deloitte’s Los Angeles office. Working with national and international clients, he has a track record of diversified real estate role offerings closing transactions throughout the country.
