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November 18, 2022

Massive Bristol industrial property sells for $79.25M; future development eyed

COSTAR Bristol Logistics Center at 780 James P Casey Road.

A New Jersey-based real estate investment firm bullish on Connecticut has paid $79.25 million for a sprawling industrial complex in Bristol. 

The 1.2-million-square-foot Bristol Logistics Center at 780 James P Casey Road sold in October. It’s likely to be one of the largest Greater Hartford commercial real estate deals of the year. 

The buyer was Treetop Companies, a Teaneck, New Jersey-based real estate investor and developer. 

Adam Mermelstein, a managing member of Treetop, said Friday morning his company had previously invested in Connecticut, but this is the only property it currently owns in the state. It is looking at other deals in Greater Hartford, he said.

His firm purchased the Bristol property as an investment. It is currently 95% occupied with tenants that include Firestone Building Products, ClarkDietrich Building Systems and Arett Sales.

Mermelstein said his firm is eyeing a future addition to the 139-acre property. That could include a new 250,000-square-foot industrial building built on-site, or a 250,000-square-foot addition to the existing building. 

Those plans won’t be finalized until sometime in the first quarter of 2023, he said.  

“We think Connecticut has room for growth in logistics and distribution,” Mermelstein said. “We think it’s an underserved market.” 

Mermelstein said his firm was attracted to Connecticut by its proximity to major highways and ability to pull workforce from several markets.

As part of its purchase, Treetop Companies took out a $55.5 million mortgage from Signature Bank, land records show. 

The seller was New York City-based BLDG Management Co.

Jeff Fishman, Jim Tribble, Cory R. Gubner and Alex Haendler of real estate firm Newmark brokered the deal. 

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