Barbara L. Pearce, Chair and CEO of Pearce Real Estate, is pleased to announce that Senior Commercial Associate Chris Nolan and Senior Commercial Broker Carl Russell were instrumental in the sale this month of a three-building complex on 1.38 acres affiliated with Albertus Magnus College in New Haven.
Nolan and Russell represented the educational institution in the sale of the office spaces and residential student housing properties at 490-492 Prospect Street and 411 Mansfield Street in the heart of the historic Prospect Hill neighborhood. The buyer, NETZ 490 Prospect, LLC., a branch of NETZ Capital Management, was represented by Frank Micali of Capitalize 360 Group, LLC. of Rocky Hill.
The transaction provided a unique investment opportunity for NETZ 490 Prospect, LLC. in the form of a 10-year lease-back term to the college, a business model familiar to NETZ Capital Management. The firm, which boasts broad industry expertise, maintains a robust property portfolio aimed at optimizing commercial real estate investments.
Nolan has served as President of the Commercial Investment Division (CID) of the Greater New Haven Association of REALTORS® (now the New Haven Middlesex Association of REALTORS®) and completed a three-year term as a State Director for the local Association. Nolan was also a founding committee member of The Downtown Real Estate Brokers’ Committee for a Better New Haven.
Chris Nolan can be reached at 203-281-9312 or cnolan@hpearce.com.
Russell is a Certified Commercial Investment Member (CCIM) and a member of the Society of Industrial and Office Realtors (SIOR). He has won multiple awards for his decades-long work in the commercial real estate profession, and he is a well-respected instructor in the National Association of REALTORS®’ Commercial Investment Real Estate CCIM program.
Carl Russell can be reached at 203.783.9999 x102 or at crussell@hpearce.com.
