Eastern Foundation Selling Main St Building

The Eastern Conn State University Foundation has put up for sale a Main Street building given the university by Lester and Bod Foster. The four story building was , for years, the home of Willimantic Trust Company. Currently the main floor and part of the second is occupied by the State of Ct. Department of Social Services.

The commercial real estate firm, O,R&L is marketing 650-670 Main Street with a Call for Offers with all offers due by 5 PM on January 14, 2014. 

There is no minimum bid set for this building.

I attempted to contact The Foundation. but my queries were ignored by  foundation director. Ken DeLisa. I contacted ECSC President Nunez and received a reply from Atty Justin Murphy, V.P. and legal council of the Eastern Foundation. While he refused to answer my primary question: why was the building for sale, he did say the foundation was, "exploring the possible sale" of the Main St property.

(See letter and building fact sheet below)

John Monaghan

windhamweek.blogspot.com

Letter from Foundation attorney

To MeDeLisa, Kenneth (Institutional Advancement)

Dec 9, 2013

Mr. Monaghan,

Your email requesting information regarding the ECSU Foundation’s decision to explore the possible sale the property on the Main Street known as the Foster Building was forwarded to me as VP and legal counsel to the ECSU Foundation, Inc.

I am not sure of the basis for your request for this information but the ECSU Foundation, Inc. is a private non-profit foundation and we do not make it our practice to discuss or justify  the business decisions of the Foundation with third parties. Any and all decisions of the ECSU Foundation, Inc. Board of Directors are made by the Board of Directors based on what they believe to be in the best interest of the Foundation in order to fulfill our mission of supporting Eastern Connecticut State University.

Any and all future inquiries regarding this matter should be directed to me and not to the University’s office of Institutional Advancement.

Sincerely,

Justin

BUILDING INFORMATION:

GROSS BLD. AREA: 42,172± SF

NET RENTABLE SQ. FT: 38,896± SF

NUMBER OF FLOORS: 4 + partial basement

FLOOR PLATE SIZE: 9,724± SF

CONSTRUCTION: Masonry and steel frame

ROOF: Flat with built up surface

YEAR BUILT: 1975

BASEMENT STORAGE: Yes

OCCUPANCY: 33% month to month

MECHANICAL EQUIPMENT:

AIR CONDITIONING: Central air

TYPE OF HEAT: Forced hot air, oil fired

SPRINKLERED: No

ELECTRIC SERVICE: Four (4) 2,500 amp mains

ELEVATOR(S): 1 (3,500 lb. capacity)

LIGHTING: Florescent and incandescent

OTHER: 5,000 gallon underground heating fuel storage tank

SITE:

SITE AREA: 0.77± acres

ZONING: B-1 Downtown Business District

PARKING: 30 spaces plus on street

SIGNAGE: Directory

VISIBILITY: Excellent on Main Street

HWY.ACCESS: Rt. 6 and Rt. 66

FRONTAGE: 490' on Main Street

TRAFFIC COUNT: 15,500 ADT

UTILITIES:

SEWER: City

WATER: City

GAS: Available

TAXES:

ASSESSMENT: $1,541,920

MILL RATE: 38.67

TAXES: $59,626.05

COMMENTS:

Building 33% leased on a month to month basis. The State of Connecticut Dept. of Social Services occupies 14,600 square feet on the first and part of the second floor month to month at a rate of $12.75 per square foot on a gross basis with the landlord paying all operating expenses.

Security cameras and swipe card entry. Fire hose systems.