Hartford Business Journal

HARTFORDBUSINESS.COM | FEBRUARy 20, 2023 7 DEAL WATCH | BUYERS & SELLERS NY investor adds 120,000-sq.-ft. South Windsor warehouse to fast- growing CT inventory C ontinuing a buying spree of Connecticut industrial properties that began last year, Brooklyn-based real estate investor Snowball Developments has paid $9 million for a nearly 120,000-square-foot industrial building on 12 acres in South Windsor. Snowball bought the property at 555 Nutmeg Road North from a collection of five limited liability companies. The building currently hosts tire distributor Max Finkelstein Inc., and the selling LLCs all tie back to the company, which was family-owned until recently, said Snowball Developments President Brian Ker. About a year ago, tire distributor U.S. AutoForce acquired Astoria, New York-based Max Finkelstein Inc. for undisclosed terms. U.S. AutoForce has signed a short-term lease to stay at the South Windsor property, Ker said. He hopes to convince the company to remain long term, but the property has value either way. Ker noted South Windsor currently has a moratorium on new warehouse construction, which is increasing demand for pre-existing logistics space. Ker said he plans to "spruce up" the 42-year-old warehouse with new paint, parking-lot repairs and other cosmetic upgrades. Snowball may build additional loading docks as well, he said. "It probably needs a couple hundred thousand dollars of TLC," Ker said. HARTFORD Rensselaer Polytechnic Institute has put its Hartford campus up for sale, according to listing broker CBRE. The property, at 275 Windsor St., includes an eight-story classroom building and amphitheater, which previously housed the school's graduate center for working professionals pursuing advanced education. The campus is currently closed to students. The school, which has refocused its Hartford campus in recent years, plans to look for a new location with smaller space that provides both remote and in-person classroom opportunities. "With the sale of our building, we look forward to finding a new physical Hartford location that is better aligned to our current needs," said Aric Krause, dean of academic and administrative affairs at Rensselaer. The 12.7-acre site also includes a four- story parking garage and surface parking lot, totaling more than 860 spaces. CBRE said that increased demand for multifamily housing in downtown Hartford, along with easy access to the city's central business district, positions the site, located near Dunkin' Park, for mixed-use redevelopment. WETHERSFIELD A local couple is looking to convert a historic Wethersfield building – with a long history of varied uses – back into mixed-use residential and retail. Michael and Kathleen Clarke, owners of One Hope LLC and the property at 133 Main St., are seeking a special permit to convert part of the property from residential to mixed-use. The 1.66-acre property, located in the Village Business District, consists of three structures: a 2,820-square-foot residence and 1,440-square-foot office building, both built in 1787; and a 528-square- foot garage. The special permit would allow the Clarkes to reduce the residential area to 1,500 square feet on the second floor, and make three retail storefronts over 1,317 square feet on the main level. "We are looking to rent the spaces to small business owners who would add retail options to our business district," such as artisans, housewares or a clothing store, Michael Clarke said. 555 Nutmeg Road North, South Windsor. PHOTO | COSTAR The company that builds and installs the critical systems in virtually every type of facility is the same company you can rely on to maintain them. For over 50 years, our clients have trusted us to deliver end-to-end facilities solutions, so they can focus on their core business. Experts in: Facilities Services, Preventive Maintenance Programs, Onsite Operations & Maintenance NEMSI SERVICE SOLUTIONS INCREASE PRODUCTIVITY. REDUCE COSTS. 860.871.1111 Toll Free: 800.741.6367 nemsi.com MECHANICAL | ELECTRICAL | PLUMBING | SHEET METAL | BUILDING AUTOMATION | FACILITIES SERVICES License #'s: E1-0125666 S1-302974 P1-203519 F1-10498 SM1-192 MC-1134

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