Shelbourne affiliate purchases Berlin industrial property
COSTAR
128 Old Brickyard Lane in Berlin
Lakewood Associates LLC has sold a 140,000-square-foot industrial manufacturing building at 128 Old Brickyard Lane in Berlin to Glen Park Capital Partners, an affiliate of major downtown Hartford landlord Shelbourne Global Solutions, for $7 million.
Shelbourne announced the purchase and partial leaseback on Wednesday.
“The sale illustrates the high demand for industrial and flexible assets in CT and Shelbourne’s continued investment in Connecticut’s commercial and industrial assets,” the company said.
While Lakewood Associates will lease back part of the property, the remainder of the industrial space is 100% leased to various tenants, according to Shelbourne.
The transaction is the second in a series of proposed purchases of industrial/commercial properties in Connecticut, Shelbourne said.
The industrial warehouse market across the country, particularly in Connecticut, has attracted large institutional Investors, Shelbourne said. While assets less than 200,000 square feet are still below the radar, they are just as attractive, the company added.
“We have been following this market very closely and believe that it is a sector that will continue to be aggressively pursued by investors,” said Gary Tress, managing member of Glen Park Capital Partners.
Benjamin Schlossberg, managing member of Shelbourne, said the company plans to upgrade the property and to construct a new industrial building spanning 40,000 square feet.
Earlier this month, Shelbourne announced that Glen Park was buying a 57,234-square-foot commercial printing facility, home to Trumbull Printing, at 205 Spring Hill Road in Trumbull.
Trumbull Printing, a subsidiary of Hersam Acorn Newspapers - which published weekly newspapers in Fairfield County that were sold to Hearst in 2018 - agreed to lease the building from Glen Park.
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