Former Case Brothers paper mill complex in Manchester sells for $2.9M; redevelopment eyed
COSTAR
5 Glen Road, Manchester.
A Greenwich-based buyer has paid $2.9 million for a 12.89-acre industrial complex in Manchester housing a roughly 125-year-old mill complex.
The property, at 5 Glen Road (also known as 40 Glen Road), had once housed the Case Brothers paper mill. It includes a 60,551-square-foot, two-story brick mill building that dates to 1900, according to town assessing records.
Town records show five more buildings on the property, dating from 1900 to 1985. These include an 800-square-foot warehouse, 1,480-square-foot light industrial building, 9,700-square-foot garage and a 12,750-square-foot, metal-sided warehouse.
A limited liability company operated by Syracuse-based industrial real estate company Ironhorn Enterprises LLC sold the complex to a limited liability company tied to Greenwich-based real estate investors Gary Youm and James Quinn.
Ironhorn paid $1.86 million for the property in 2022, buying it to service transportation company First Student, which leases a portion of the complex, said Jonathan LaSala, Ironhorn’s director of brokerage.
A number of other tenants also lease portions of the property, LaSala said.
The sale of the Manchester complex will help fund Ironhorn Enterprises’ investments elsewhere, LaSala said. It will also release Ironhorn’s involvement with an older, multi-tenant industrial asset. LaSala said his roughly 11-year-old company is primarily invested in larger, more modern assets.
The new owners are interested in a potential redevelopment of the property, he added.
Attempts to reach the new owners were not successful.
Megan Pilla, principal development planner for Manchester, said her department received an inquiry a few weeks ago about development potentials at the site, but no specific plan has been submitted.
Any redevelopment of 5 Glen Road involving changes to the buildings or site layout would require Planning & Zoning Commission approval, she said.
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