New Haven industrial property sells for $21.44M
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100-102 Wheeler St.
A New York-based investment group has purchased an industrial complex at 100-102 Wheeler St., New Haven for approximately $21.44 million.
The 133,650-square-foot waterfront property features high bay warehouse space and easy port access, according to Matthews Real Estate Investment Services, a commercial real estate investment services and technology firm.
The deal closed at a 6% cap rate, a record for industrial properties in the New Haven area, according to Matthews Real Estate.
Matthews represented the seller, RonSal North LLC, which wanted to profit on the property’s increased value due to new leases, capital improvements and high demand for industrial facilities.
Associate Ryan Rapoport and Senior Associate Kyler Bean of Matthews Real Estate handled the transaction.
“The Wheeler Street complex was a once-in-a-lifetime opportunity for industrial investors,” Rapoport said. “It is one of the only privately-owned port properties in the country. It also includes a diversified income stream coming from the buildings, outside parking and waterfront portion.”
Criterion Group LLC bought the complex. According to an announcement, the property appealed to the buyer partly because of its storage capabilities and development opportunities.
“Most properties that are in ports around the nation are owner-operator and rarely hit the market,” Bean said. “The Port of New Haven is the largest port in Connecticut and provides a significant amount of employment within the city. With the correct investments in the property, it can make the port a more competitive location for ships to dock and transport cargo, bringing more revenue to the city.”
The property has more than 20 tenants, according to Matthews. Examples include White Cap Supply Holdings, Beacon Roofing Supply, SUNOCO, Consolidated Electric Inc., Foundation Building Materials and Havens Garage Door Repair & Install.
Matthews was founded in El Segundo, Calif., and has offices around the country.
Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.
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