BRISTOL, CT-The Bristol Business Center, a 1.2-million sf industrial building here, has been sold in a $28.3-million deal. CB Richard Ellis reports that Bristol Industrial Associates LLC, an entity controlled by the Praedium Group LLC of New York City, sold the single-story building to a joint venture of Hudson Realty Capital of Hackensack, NJ and Savanna Partners of New York City. CBRE handled the transaction.
The Bristol Business Center, located on a nearly 179-acre parcel, was 67.3% occupied at the time of sale. The property's chief tenants are Firestone Building Products, which occupies 401,617 sf; Arett Sales Corp., which leases 295,000 sf; and MDF Systems Inc, which houses its operations in 85,647 sf of space at the property.
Firestone, which utilizes its space at the property to manufacture and distribute roofing material, has been located at the building since 1997, while Arett Sales, which stores and distributes lawn and garden products, has been expanding its presence ever since it first took occupancy at the building almost six years ago, CBRE officials note.
CB Richard Ellis' Jeffrey Dunne, Patrick Bisceglia and Jeffrey Oram of its Stamford, CT office worked with William Bronson of its Hartford office in representing the seller. The team was also responsible for procuring the buyer in the deal.
Commenting on the sale, Dunne says, "The Bristol Business Center is a highly attractive investment opportunity for a variety of reasons. In addition to its stable in-place income from a high quality tenancy, the property offers substantial upside through the lease of vacant space. These factors can be leveraged to lease up vacant space and escalate rents to generate substantial upside."
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