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CRE Veteran Urges Connecticut to Accept $2B Sale-Leaseback Offer
CRE veteran Greg Kraut, who also serves on Westport, CT’s legislative body, is urging the state of Connecticut and its capital city, Hartford, to embrace a proposed $2-billion sale-leaseback of state-owned and occupied property. Bloomberg News reported last week that the proposal came from Chicago-based Oak Street Capital.
“This will specifically prevent any further tax on our residents, improve our credit rating, lower our borrowing cost, adequately fund our pensions and position Connecticut for growth,” said Kraut, formerly with Avison Young and now with developer K Property Group. “This is a smart measure for desperate times—our federal government, Fortune 100 companies and other states have been proactively and frequently completing these transactions for the last 20 years.”
Kraut cited the state of Arizona, which closed a budget gap with a $3.2-billion SLB. He told Bloomberg that he had no financial stake in Oak Street’s plan.
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