Five-Property Portfolio Sold in Connecticut

Totaling 410,020 sf, the portfolio was sold for $10.6 million to Hamden, CT-based 1350 Capital Drive Associates LLC, which is headed by a local jewelry concern. Four properties are in the Wallingford area: 20, 22 and 30 North Plains Industrial Rd and 20-68 Capital Drive. Also included was 200 Elm St. in North Haven. CB Richard Ellis and CBRE/Whittier Partners represented the seller.

Jeff Dunne, team leader of CB Richard Ellis’ Tri-State Investment Team, says, “There was significant interest in the portfolio, mostly by local groups who saw the upside potential in the portfolio’s vacancy rate of 28%. The buyer knows the market and should do well with the purchase as evidenced by the leasing activity that occurred between contract signing and closing.”

Earlier this year, CB Richard Ellis brokered the sale of a 619,000-sf industrial portfolio in Hartford for First Industrial Realty Trust. The Tri-State Team also handled the sale of a 148,267 sf-industrial portfolio in Northern New Jersey on behalf of Keystone Property Trust.