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An Astoria-based limited liability company recently paid $1.5 million for a 14,000-square-foot industrial building and 4.6 acres of land along Sullivan Avenue and Schwier Road in South Windsor.
Kuhns Family Properties LLC sold the metal-sided building and property at 405 Sullivan Ave. – along with two adjacent parcels fronting on Schwier Road – to 405 Sullivan Avenue Industrial LLC in a deal recorded by the town on July 7.
The buyer shares an Astoria, New York address with the Criterion Group, a real estate investment group. Criterion, on its website, said it has grown since 2002 by focusing on properties with overlooked value. The company says its portfolio today includes apartments, self-storage, warehousing, industrial yards and truck parking throughout the U.S.
Attempts to reach a Criterion representative were not successful.
Another limited liability company sharing the same Astoria address recently paid $1.7 million for a 19,500-square-foot building and 15 acres of land at 101 Brookside Lane in East Hartford. That deal was recorded by the town on June 7.
The listing broker was David P. Murdock of Sentry Commercial.
Murdock said the building was fully leased with two tenants at the time of sale. The two adjacent vacant parcels on Schwier Road -- each just over an acre -- made the package particularly attractive, Murdock said.
The building on Sullivan Avenue is currently occupied by construction equipment selling and renting company East Rock Equipment Inc., as well as USA Ninja Challenge, an obstacle course training gym for children.
Murdock said recent interest rate hikes have made margins tighter for investors, putting downward pressure on prices, but that the market for industrial remains robust in Connecticut. Values remain high because of a continuing shortage of available industrial space and the relative affordability when compared to Massachusetts and New York markets, Murdock said.
"I get calls from investors every day, they are looking to place their money somewhere," Murdock said.
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