A five-story building on Hartford's Constitution Plaza has been vacant for three years, and up for sale for almost as long, but it is now set to go to auction.
Once the home of the Travelers Education Center, and also once under consideration as a location for the downtown UConn campus, the building is now for sale for a $500,000 starting bid. The current owner is 200 Constitution Plaza LLC, which took over the building in a 2012 foreclosure.
The decision to put the building up for bidding is the result of the successful auction of another building, CityPlace II, according to CBRE-New England’s John M. McCormick. CityPlaceII, a downtown Hartford 18-story office tower, was also a foreclosed property, and was finally brought a price of $19.6m.
CBRE is a commercial real estate company, and McCormick is its executive VP, and says the auction will be conducted online. He also notes that the project known as Downtown North is moving ahead, and is proving that development can attract capital to Hartford. Downtown North includes a brewery, apartments, grocery store, and minor league ballpark, and has a budget of $350m.
The building owner might consider working with a postcard printing company to create a card to be mailed to commercial realtors in the region, urging them to consider presenting the opportunity to their clients.
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