615 West Johnson Ave. in Chesire, Connecticut — Courtesy: Newmark Knight Frank
By Joshua Burd
Capital markets brokers based in Newmark Knight Frank’s Rutherford office have inked the sale of a six-building, 788,000-square-foot industrial portfolio in Connecticut.
The firm announced the sale on Tuesday after marketing the buildings on behalf of a major financial institution and procuring the buyer, Sky Management Services. Terms were not disclosed.
The properties, which span the towns of Meriden and Cheshire, include:
- 160 Corporate Court in Meriden, a 241,000-square-foot facility that is fully leased to Sports Direct, the largest United Kingdom sports retailer
- 550 Research Pkwy. in Meriden, a 338,000-square-foot facility that is fully leased to Medline Industries, the largest private provider of medical supplies and solutions in the U.S., and Fosdick Fulfillment, a global logistics firm
- 611-617 West Johnson Ave. in Cheshire, a four-building, 209,000-square-foot complex that is 52 percent leased
The NKF capital markets team of Kevin Welsh, Brian Schulz and Jason Emrani, who are based in Rutherford, handled the assignment in collaboration with Matt O’Hare of CBRE’s New Haven office, the firm said in a news release. The NKF debt and finance team of Jordy Roeschlaub, Dustin Stolly and Robert Tonnessen also secured acquisition financing for the purchase.
“The portfolio is located at the midpoint of the Boston-NYC corridor, an ideal location for regional distribution, with building features that accommodate a variety of uses including E-commerce, light manufacturing and distribution,” said Schulz, managing director with NKF. “Sky will benefit from reliable in-place cash flow, demonstrated by an average historical occupancy of 19 years for the two largest tenants, with increasing yields and substantial value enhancement through the lease up of the Cheshire asset.”