Hartford Business Journal

HARTFORDBUSINESS.COM | JUNE 12, 2023 7 DEAL WATCH: BUYERS & SELLERS 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: E1-197483 S1-406020 P1-290301 SM1-975 MC-1134 Sandhu would purchase the prop- erty from Dipentima if the project is approved by the town WEST HARTFORD West Hartford officials and devel- opers recently celebrated the official opening of 540 New Park, a $20 million, transit-oriented, mixed-use apartment development that is already fully leased. The property, at 540 New Park Ave., is home to 52 residential housing units — 41 of which are for those earning no more than 60% of the area median income. Amenities include a fitness center. The complex was developed by Trout Brook Realty Advisors, the development arm of the West Hart- ford Housing Authority, along with National Housing Trust Communities. It was financed with state and federal low-income housing tax credits and by M&T Bank. The mixed-use property is within walking distance to the CTfastrak bus station on New Park Avenue. KILLINGLY A company affiliated with interna- tional pharmacy and healthcare giant Walgreens Boots Alliance sold its 460,362-square-foot Killingly ware- house for $48.07 million in April. Walgreen Eastern Co. Inc., head- quartered in the Walgreens corpo- rate campus in Deerfield, Illinois, sold the 33-year-old warehouse on 32 acres at 30 Forbes Road to Rim Properties 1. The buyer is affiliated with San Diego-based Realty Income Corp., a real estate investment company listed on the S&P 500. Realty Income said it has 12,400 commer- cial properties under long-term, net-lease agreements serving more than 1,259 clients. Walgreens is leasing back the Kill- ingly property under a 15-year agree- ment that began April 13, and which offers six, five-year extensions. WINDSOR A large warehouse in Windsor will soon have a new neighbor. Condyne Capital Partners built the first phase of the Baker Hollow Logistics center at 105 Baker Hollow Road in 2022. It includes a 165,625-square-foot building occu- pied by Safelite Auto Glass. The Braintree, Massachusetts- based company also has an agree- ment to purchase the neighboring 20.6-acre property at 205 Baker Hollow Road, where it plans to build a 185,600-square-foot facility. The high-bay industrial building will feature 32-foot clear heights, 36 dock doors, one drive-in door and 45 trailer parking spaces, with an option to add an additional 58 trailer spots. The project will break ground in late 2023, and is expected to be completed by the second quarter of 2024, Condyne said. The company has contracted with Polar Design Build for construction, and Maugel DeStefano Architects is designing the building. The area has been a hotbed of warehouse development, with other companies — including Amazon, Trader Joe's, Pepperidge Farms, Tire Rack and Home Goods — recently opening warehouses nearby. CHESHIRE A limited liability company affil- iated with Macy's recently sold a 318,092-square-foot Cheshire building housing one of its fulfillment centers for $25.2 million. Ohio-based Macy's Logistics LLC in May sold the 37-year-old building at 475 Knotter Drive to New York City- based Cheshire Industrial Owner LLC. Land records link the buying LLC to Wharton Equity Partners and Rabina Properties, both of New York City. The buyers took out a $17.68 million mortgage from the Washington Trust Co., in Westerly, Rhode Island. Cheshire Economic Develop- ment Coordinator Andrew Martelli said the property hosts a fulfillment center servicing Bloomingdale's and Macy's customers. He said there has been no indication the sale will impact operations at the site, or the hundreds of people employed there. FARMINGTON Farmington's Planning and Zoning Commission has approved a 25-unit residential subdivision at 8517 and 8518 Morea Road, near the Bristol line The subdivision, proposed by Carrier Group Inc., had been hotly contested by neighbors who feared it would disturb woodlands, cause traffic problems and change the neighborhood's character. The property is owned by the Estate of Marian D. Cardone, Mary T. Petrucci, Nancy Fetera and Teresa Lattizori. Under the proposal, more than 76% of the 87.7-acre site would remain undeveloped open space. The 25 lots will sit on 20.9 acres. The Baker Hollow Logistics Center in Windsor. PHOTO | CONTRIBUTED

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