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HARTFORD-HRPT Properties Trust has acquired an industrial portfolio of 13 buildings in Central Connecticut for $97 million. The deal, encompassing almost 1.5 million sf of industrial/flex real estate product, is a new record for this area, local brokers say.

The 13-building I-91 Industrial Portfolio was sold by Winstanley Enterprises LLC of Concord, MA. John McCormick and Patrick Mulready of CB Richard Ellis’ Hartford Investment Properties Group, along with Timothy Fegan of the firm’s New Haven office, represented Winstanley in the deal and also procured the purchaser.

“North of Fairfield County, there has never been as large a commercial transaction as this,” Mulready says.

The I-91 portfolio totals 1,456,805 sf. More than half of the industrial and flex properties are located in Wallingford. The property grouping also has locations in: East Windsor, North Haven, Berlin and Orange. The portfolio’s largest tenants are the Baran Institute of Technology, which leases approximately 280,000 sf of space, and fulfillment firm Hartford Direct, which leases about 250,000 sf.

Mulready says the portfolio was on the market for sale for about a month and attracted significant institutional interest. “We collected about 14 bids,” he notes.

“HRPT has acquired a portfolio of meticulously maintained, institutional quality properties with a diverse tenant base,” Mulready says. “At the time of the sale, this portfolio was 98% leased. More importantly, the geographic location of these assets enables HRPT to significantly expand its presence in the region, particularly in Wallingford’s premier Barnes Park.”

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