The Hampshire Companies Sells Four Building, 117,992-Square-Foot Connecticut Industrial Portfolio
Morristown, N.J. (October 12, 2017) -- The Hampshire Companies, a full service, private real estate investment firm, announced the sale of a four-building, 117,992-square-foot industrial portfolio in Connecticut to a private buyer. The portfolio is comprised of two structures totaling 42,500 square feet and 3,000 square feet at 55 Old Ridgebury Road in Danbury, a 22,138-square-foot building at 81 Fuller Way in Berlin and a 50,354-square-foot building at 83 White Oak in Berlin.
Located less than a mile from Interstate 84, 55 Old Ridgebury Road includes two properties on 5.21 acres; a 42,500-square-foot flex, research and development building fully leased by Praxair Inc. and a 3,000-square-foot maintenance building fully leased by Carmine Labriola Contracting. The larger building was constructed in 1968 with renovations taking place in 1985, 2007 and 2016 and includes 120 parking spaces, 13’-4” ceilings and two elevated loading docks with hydraulic levelers. The maintenance depot, constructed in 1981 with renovations in 2014 and 2016, is ideally suited to its current use as a garage with four overhead drive-in doors and 15’ ceilings.
81 Fuller Way is a single-story industrial building on 1.94 acres built in 1989 with a renovation taking place in 1994 and is fully leased by Space Electronics, the world’s number one manufacturer of aerospace mass properties measurement instruments. The property features 16’ ceilings, 2 loading docks with levelers, 1 drive-in door at grade and 48 parking spaces. The space is located in close proximity to CT Routes 5 and 9 as well as Interstate 91 with direct access to Hartford.
Situated on 3.91 acres in the Riverbend Industrial Park, 83 White Oak Drive is a single-story, industrial facility which was originally built in 1995 with an additional 20,000 square feet of space added in 2002 and renovation taking place in 2010. The property features four loading docks, 24’ ceilings, one drive in door and 11,586 square feet of finished office space on two floors with elevator access. The building is located in the White Oak Industrial Park of Berlin and provides access to I-91 and 84 via Rte. 9. It is currently 100 percent leased by Sportika Exports and subleased to IA Nutrition.
“The scarcity of stabilized investment offerings in Connecticut further highlights the value of this portfolio and we were able to capitalize on this opportunity. The strong interest from the investor community coupled with a still conducive interest rate environment matched perfectly with our disposition strategy related to this portfolio and the investment strategy that guides the Hampshire Generational Fund,” added Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “This portfolio is a perfect fit for the buyer's long-term strategy as they were seeking an investment with a stabilized cash flow and steady annual yields. The buildings' accessibility, the diversity of the tenant pool including several investment grade tenants, reliability of stable cash flow and limited near-term rollover exposure, made this portfolio even more appealing to the buyer.”
Pat Mulready and John McCormick of CBRE New England represented The Hampshire Companies in the transactions.
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