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Real estate development and advisory firm specializing in complex real estate development, brokerage and consulting. Dealing in the "politics" of transactions, best positioning clients for success.
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An underutilized Washington Street site will soon ...
September 11, 2006
An underutilized Washington Street site will soon become home to Middletown's newest Dunkin' Donuts store. Mattabesset Realty, LLC, the real estate investment group associated with the regional Dunkin' Donuts franchisee, has acquired 595, 601 and 613 Washington Street for $1 million and plans a 6,700-square foot building that will house a Dunkin' Donuts on the site, said Wayne D'Amico, President and Principal of Essex-based Property Politics. D'Amico represented Mattabesset Realty in the transaction."We worked well over a year on this site," D'Amico said. "This location was particularly challenging, as it is an odd-shaped parcel. There were also unusual complexities to accommodate the seller's remaining interests in the contiguous site and improving its access by �re-planning,' or re-subdividing what were four individual parcels into two parcels. We also had some site contamination issues needing remediation prior to closing."
The property, which encompasses three parcels totaling 1.63 acres, currently houses an empty service station, a former Enterprise Rental location, and a Pizza Hut restaurant. The tenants will be relocating to make way for the redevelopment.
In addition to the Dunkin' Donuts, which will feature a drive-thru window, the building will include 3,720 square feet for retail or office use. The Washington Street site will become the city's sixth Dunkin' Donuts in Middletown.
Mattabesset brought D'Amico on board after working with him on a previous property tax appeal, said Michael Batista, vice president of operations for the regional Dunkin' Donuts franchisee and managing member of Mattabesset. Additionally, Batista said D'Amico's practice lent itself to what they were trying to accomplish.
"Some of the best locations where we have been able to open restaurants on have really come from knocking on doors rather than waiting for a �for sale' or �for lease' sign to pop up," Batista said. But finding a suitable site, he said, then making it work, would require some effort.
Based in Meriden, Batista's group owns and operates 20 Dunkin' Donuts outlets in central Connecticut, including stores in Meriden, Cheshire, Durham, Middletown and Cromwell. The group also expects to open a seventh restaurant in Middletown this year.
"This wasn't just a come in, sign and make the deal happen," he said. "There was quite a bit of work that Wayne helped us out with."
"This takes what was an underutilized piece of property and positions it for attractive re-use," D'Amico said. "The city of Middletown was extremely cooperative in the planning and approvals process, which also included BL Companies, of Meriden, as the site engineer for Mattabesset. All the way around, this project worked out well."
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