CHESHIRE, CT- Preferred Real Estate Investments Inc., headquartered in suburban Philadelphia, has purchased the 527,000-sf Cheshire Distribution Center here from Oaktree Capital Management. The West Johnson Avenue site changed hands in a $22.5-million deal.
The firm closed on the transaction on Dec. 20 and since has signed a lease with Federated Department Stores for 258,000 sf of space. The lease began on Jan. 1. Other tenants at the fully leased complex include ESPN, Roadway and fashion retailer H&M. Sean Duffy, senior director with Cushman & Wakefield's Hartford office, represented the seller and procured the buyer.
"We fully expect that the existing tenants will continue their occupancy through the balance of their leases," Preferred's CEO Michael O'Neill says. "Additionally, bringing Federated in as a tenant has helped substantially increase the market value of the property."
The property is located on 83 acres off of Interstate 84 and is about 30 miles from Hartford, 90 miles from New York City, 100 miles from Providence and 120 miles from Boston. The property contains 388,346 sf of high-bay distribution warehouse space, 74,544 sf of cross-dock space and approximately 64,100 sf of office space.
Preferred is a privately held commercial and industrial real estate developer based in Conshohocken, PA. The company has a portfolio of more than 12 million sf valued at more than $1 billion.
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