Ceruzzi Holdings LLC (Ceruzzi) is pleased to announce the purchase of approximately four acres of land in Stonington, Connecticut in conjunction with Readco,LLC (Readco).
In August 2018, Ceruzzi and Readco received approvals for the development of a 25,000-square-foot medical office building for Hartford HealthCare at 350 Liberty Street (Route 2), near the Rhode Island border. Construction of the facility commenced in September 2018 and is expected to be completed in summer 2019.
“The Ceruzzi team is excited to be working together with Readco on this important property development for Hartford HealthCare,” said Art Hooper, President of Ceruzzi Properties. “This new facility will allow the healthcare organization to address the crucial health needs of residents and tenants within the surrounding area more effectively.”
“We are looking forward to moving into our new space in the Pawcatuck section of Stonington,” said Shawn Mawhiney, spokesman for Hartford HealthCare. “Ceruzzi and Readco are helping us build a modern, state-of-the-art health center that will include primary care, physical rehabilitation and specialty care, all services needed in the community. We are very pleased with the project’s progress thus far and are happy that this long-vacant property will be utilized in a positive way. It’s a very important development for patients, the town and surrounding communities.”
Hartford HealthCare is an integrated health system in Connecticut that includes a tertiary-care teaching hospital and trauma center, an acute-care community teaching hospital, an acute-care hospital and trauma center, three community hospitals, Connecticut’s most extensive behavioral health network, a large multispecialty physician group, a regional home healthcare group, an array of senior care services, a large physical therapy and rehabilitation network, LIFE STAR helicopter services and an accountable care organization. It also includes more than 160 outpatient locations across Connecticut.
About Ceruzzi Holdings LLC
Ceruzzi Properties is a full-service real estate company with expertise in a wide range of real estate operations including ownership, leasing, management and development for residential, retail, office and hotel projects. Ceruzzi Properties has developed several successful high-rise residential projects in Manhattan including a 71-story condominium at 50th Street and Lexington Avenue as well as a 20-story mixed-use luxury condo building at 86th Street and Lexington Avenue. The firm has also developed mixed-use residential projects in White Plains as well as eight student housing projects at major universities totaling over 6000 beds.
Since 1988, Ceruzzi Properties has successfully developed over 15 million SF of apartments, hotels, offices, shopping centers and apartments units throughout the United States. The firm has successfully completed over 500 commercial leases and has developed relationships with national retail and hotel brands including Target, Costco, Stop & Shop, Wal-Mart, Lowes’s Home Improvements, Merrill Lynch, JP Morgan-Chase, Fidelity, Ritz Carlton Hotels and Hilton Hotels. The company has partnered on development projects with Vornado, Starwood, SMI, Kuafu and Inland Real Estate. Ceruzzi Properties was created in 1988 by its late founder Louis L. Ceruzzi, Jr.
About READCO LLC
READCO is the development arm of the READCO Portfolio companies. Similar toCeruzzi Holdings, READCO Portfolio owns, operates and provides strategic planning and investment management services to institutional investors and corporate users in healthcare, multi-family, entertainment, industrial and retail sectors throughout the Eastern United States. This is READCO’s second collaboration on an off-campus medical facility within the HHC network, having completed a similar facility in Wallingford, Connecticut several years ago, also completed with Ceruzzi Holdings’ participation. READCO has been an active player in implementing healthcare real estate projects throughout Connecticut in recent years, having completed two state-of-the art ambulatory surgery center/medical office combination complexes in the past 12 months.
