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July 26, 2021 / 2021 Power 25 Real Estate

2021 Power 25 Real Estate: Tim Lescalleet

Greater Hartford’s industrial/logistics market has experienced a relative boom this century, with UPS, FedEx, Amazon and others making major investments in modern, often massive facilities built in a wide radius around Bradley International Airport.

While his company isn’t a household name like those giants, Thomas M. “Tim” Lescalleet, executive vice president at Indus Realty Trust (formerly Griffin Land & Nurseries), has played a key role in shaping the sector, including leading the development and expansion of the company’s 600-acre New England Tradeport, adjacent to Bradley International Airport, which has only a few vacant spaces remaining.

Tim Lescalleet

During his 19-year tenure at publicly-traded Indus, the tradeport has grown from less than 500,000 square feet of built facilities to about 4.2 million square feet today.

That growth includes the single-largest deal of Lescalleet’s career — the sale of 113 acres to Walgreens, which invested $175 million to build a 700,000-square-foot regional distribution center that opened in 2009. The tradeport square footage is set to grow further, as Indus is building a 235,000-square-foot warehouse, much of it pre-leased by UPS, to debut in 2022.

In 2013, Indus sold 90 acres on Windsor’s Day Hill Road to Amazon, where the e-commerce giant built a 1.5 million-square-foot distribution center that opened three years later.

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