780 James P. Casey Street. Picture through Google Road View
Treetop Improvement has bought a 1.1 million-square-foot industrial asset in Bristol, Conn., for $79.3 million. Newmark labored on behalf of the vendor, BLDG Administration, which used a $55.5 million mortgage originated by Signature Financial institution, to accumulate the property, CommercialEdge information exhibits.
BLDG Administration acquired the property again in 2008 for $60.5 million, in line with the identical supply.
Treetop has plans for brand spanking new 250,000-square-foot industrial constructing on the website, or a 250,000-square-foot addition to the prevailing construction, the Hartford Enterprise Journal reported. This plan will solely be finalized by the primary quarter of 2023. The corporate is wanting ahead to broaden its presence within the Better Hartford space, the identical supply signifies.
Bristol Logistics Middle is positioned at 780 James P. Casey Street and consists of three industrial buildings totaling 1.1 million sq. ft, outfitted with a complete of 43 dock excessive and 30 grade degree loading doorways. The asset additionally gives direct rail entry, distribution, manufacturing and warehouse house, and is 93 % occupied. The tenant roster on the property consists of Arett Gross sales, Firestone, ClarkDietrich and Navarro Trucking, in line with CommercialEdge information.
Bristol Logistics Middle is located on a 179-acre lot, near U.S. Route 6 and Interstate 84, some 3 miles from downtown Bristol, 20 miles from Hartford, Conn., and inside 33 miles from North Haven, Conn. Newmark’s staff fashioned of Vice Chairman Jeff Fishman, Govt Managing Director Cory Gubner and Director Alex Haendler negotiated on behalf of BLDG Administration.
One other current important Northeast deal is Bridge Logistics’ acquisition of a two-building industrial asset, totaling 170,000 sq. ft in Linden, N.J. The vendor was Embee Associates and the property final traded in 1999.
