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February 18, 2025

Brooklyn-based investor acquires two South Windsor warehouses for $45.12M

CoStar 1640 John Fitch Blvd, South Windsor
By Michael Puffer

Brooklyn-based Snowball Developments recently paid $45.12 million for two South Windsor warehouses, adding to its growing portfolio of central Connecticut industrial properties. 

A limited liability company affiliated with Snowball paid $27.85 million for 301 Governors Highway and two abutting properties in a sale recorded by the town on Feb. 5. The sale included a 507,000-square-foot, 52-year-old warehouse with 26-foot wall heights and 35 acres. 

The seller was Macy’s Logistics LLC, of Springdale, Ohio. The property has been leased back to Macy’s. 

CoStar
301 Governors Highway, South Windsor

In a sale recorded Jan. 29, another Snowball-affiliated LLC paid $17.27 million for a 257,000-square-foot warehouse on 12 acres at 1640 John Fitch Blvd. This warehouse was completed in 1970 and features 17-foot wall heights. 

This property was sold by a group that includes four limited liability companies based in Brooklyn: Spier Holdings LLC (Michael Sabbagh), TDE 1 LLC (Michael Sabbagh), John Fitch Boulevard Sabbagh LLC (Joe Sabbagh) and Sabbagh Brands LLC (David Sabbagh). Other former partial owners include Eli Sabbagh and Talia Toussie. 

"For the past three years, Snowball Developments has been aggregating indusrial assets across central Connecticut with the Hartford submarket as its highest priority," said Brian Ker, Snowball's president. "We are therefore extremely proud to have acquired, along with our partners, these two significant properties in South Windsor. Situated on over 50 acres, these assets increase our Connecticut leasing footprint to nine assets spread over 1.5 million square feet." 

A nearly $37 million loan from Prime Finance helped Snowball finance both purchases. 

Real estate services firm Cushman & Wakefield, on Tuesday, announced it acted as exclusive advisor to Snowball in securing a $23.7 million loan from Prime Finance for the purchase of 301 Governors Highway. The property was fully leased back to Macy’s, according to Cushman. 

John Alascio, Jeff Dybas, Alex Lapidus and Meredith Donovan from Cushman & Wakefield worked on the deal. 

According to Cushman & Wakefield, the eastern Hartford submarket boasts a low industrial vacancy rate of 1.4%, with no speculative developments planned, ensuring continued demand for industrial space.

Newmark spearheaded efforts to secure a $13.2 million portion of the Prime Finance loan, to be applied to the purchase of 1640 John Fitch Blvd. 

"It was a great acquisition for the Snowball Developments team and it speaks to their expertise within this submarket, their ability to see value in this submarket and scale their portfolio," said Max Ralby, senior managing partner with Newmark. 

 

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