Manchester distribution warehouse sells for $12M, more than 3X 2018 price
CoStar
100 Sanrico Drive, Manchester, CT
A roughly 190,000-square-foot logistics building in Manchester recently sold for $12 million, far surpassing the $3.62 million it fetched when it last traded hands in 2018.
A limited liability company tied to New York real estate investor SkyRem sold the 1986-vintage warehouse on 10 acres, at 100 Sanrico Drive, for $12 million to New Jersey real estate investor B&D Holdings, according to a deed recorded on April 14.
B&D’s principals include founder and CEO Martin Segal, Rob Logan and Danny Harrison. The roughly 14-year-old company claims a portfolio of 230 commercial properties totaling 9.7 million square feet in more than 37 states. While it has some legacy retail properties, the company is predominantly invested in industrial sites, which is its singular focus for new acquisitions, said Jack Shulman, senior vice president for acquisitions in the Northeast.
B&D Holdings took a $9.5 million mortgage on the property from Ameritas Life Insurance Corp., of Lincoln, Nebraska. It matures on May 1, 2030.
The building is currently leased entirely to TJX Corp. subsidiary HomeGoods.
Shulman said his company was drawn to a unique building that offers 45-foot ceiling heights through about 55,000 square feet and 22-foot heights throughout the remainder of the building. This will help the building stay competitive with area class A structures if the current tenant ever vacates, he said.
B&D has “a few” legacy buildings in Connecticut, but there is a “very strong” potential for that inventory to grow as the company has a keen interest in the greater Hartford and Stamford markets, Shulman said.
In Manchester, B&D will perform cosmetic upgrades for its existing tenants, Shulman said.
The property was listed by Michael Restivo and David Coffman of JLL.
Most Recent
Most Recent
0 Comments