141 South St. in West Hartford, Connecticut — Courtesy: JLL
By Joshua Burd
A team of Morristown-based brokers with JLL has completed the sale of a nearly 112,000-square-foot light industrial building just outside Hartford, Connecticut.
The firm’s New Jersey capital markets team announced Thursday that it represented the seller, LM Real Estate Partners, in the transaction at 141 South St. in West Hartford. A private investor acquired the fully leased, 111,507-square-foot property for $11.2 million.
“We continue to see demand for well-positioned light industrial warehouses with a focus on transportation/logistics services,” said Jordan Avanzato, a director with JLL. “Going forward, we see a strong tailwind behind e-commerce as demand has increased, which will further fuel the industrial sector.”
Avanzato brokered the sale alongside Director Marc Duval, Senior Managing Director Jose Cruz and Associate Nicholas Stefans, along with Vice Chairman Rob Kossar and Executive Vice President James Panczykowski. Matthew Schiller of Murphy Schiller & Wilkes LLP represented the buyer.
In a news release, JLL said the 20-year-old warehouse sits on 7.36 acres in an infill location with access to major roadways, including interstates 84 and 91. The property, which serves densely populated and affluent local and regional submarkets, is home to nine tenants and features a 22-foot ceiling height, 16 loading docks, 10 drive-in doors and a 20 percent office finish.
“This specific offering provided a unique blend of stability and rent growth potential with a strong and diverse tenant roster featuring a mix of both local and national corporations,” Avanzato added.