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Web Site: http://www.PropertyPolitics.com
P.O. Box 426, Essex, CT 06426 - 0426
Tel: (860) 767-8999

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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Property Politics, the real estate development and ...

April 22, 2007

Prior to his relocation to Essex, Wayne D'Amico was a longtime resident of Meriden, CT. In addition to his local businesses, Mr. D'Amico was particularly active in civic affairs. His ongoing prominence in the central Connecticut marketplace is largely attributable to the reputation he established both professionally and through his involvement with numerous civic and economic development groups. Recognizing that it can take many years of nurturing relationships and evaluating alternative investment and development scenarios, Mr. D'Amico's persistence is a quality that has brought great results to his clients as evidenced by the recent "trifecta" of deals consummated in three central Connecticut communities described below.

On September 28, 2006, Mr. D'Amico and his client, Tall Properties, LLC, closed on the purchase of a $600,000, 4.77acre parcel of undeveloped land in this central Connecticut office and industrial park located in Middletown, CT. The site, which features frontage on I-91, is located just south of Aetna's 1,400,000sf division headquarters facility. The parcel was purchased by the owner of contiguous property, with the intention of complementing its CenterPoint Executive Park, an extensively renovated 33,000sf "Class A" office property that enjoys 100% occupancy. D'Amico has worked with the CenterPoint team for over three years, helping the owner to reposition the property from a tired, single tenant back office building to a multi-tenant "Class A" facility with unique premium flair. D'Amico remains a part of the future development team, currently establishing plans for an expansion of over 100,000sf. Michael Gallon with Reno Properties represented the Seller.

In November, 2006, Mr. D'Amico represented 321 Kensington Ave LLC, in the sale of a vacant 2.84 acre parcel of land located at the intersection of Kensington & Bailey, immediately north of Westfield Shoppingtown Meriden. The $400,000 lot is being contemplated for various uses including a prospective day care center or residential development facilitated through 1031 exchange. D'Amico has represented the Seller for several years in the disposition of this asset during which time the municipality had studied and authored re-zoning plans for the neighborhood designed to increase the retail opportunities. The failure of the City to implement these plans ultimately clashed with the Seller's timeline and the parcel was sold within the limitations of its "by right" development potential.

Representing client/buyer Balzano, et al, Mr. D'Amico negotiated the February 8, 2007 acquisition of a 3.059 acre parcel for $370,000 located across from Bristol Myers Squibb's Wallingford, CT R&D facility. This parcel is situated in the Medway Business Park originally developed by FIP in the early 1980's. The IX zone within which it is located provides for a myriad of office and industrial uses. This property was purchased by an investment group that was also involved in D'Amico's redevelopment of the "dark" Wallingford Wal-Mart store which recently reopened as a new 170,000sf Lowe's Home Improvement Center. Plans for the property have not yet been announced. Anthony Napolitano, MAI, Broker of Cornwall Realty Group, Cheshire CT represented the Seller in the transaction.

Wayne D'Amico, CCIM, is president, principal and founder of Property Politics, a real estate consulting firm specializing in real estate development, brokerage and advisory services to national, regional and local clients. Based in Essex, Conn., and a division of the A.L. Better Co., Inc., the firm's services include: Strategic planning for property ownership and development; Site reconnaissance and assembly; Property tax assessment validation and reduction; Commercial and investment brokerage; Economic development strategies; and valuation and litigation support. In addition to membership in the International Council of Shopping Centers, D'Amico also holds the CCIM Institute's Certified Commercial Investment Member (CCIM) designation, a certification held by only 6 percent of North America's estimated 125,000 commercial real estate professionals. For more information about Property Politics, please visit www.PropertyPolitics.com

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