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January 18, 2024

Stanadyne’s former Windsor campus sold; new owner eyes $5M in renovations, property rebrand

Contributed The Connecticut River Business Park in Windsor is the former Stanadyne campus.
By Hanna Snyder Gambini

A national industrial real estate group has purchased the former Stanadyne campus in Windsor and is renovating, rebranding and marketing the multi-building, 740,000-square-foot flex space for multiple new tenants.

Ohio-based IRG Industrial Realty Group LLC in late 2023 paid $250,000 for the 52-acre, three-building site, now dubbed the Connecticut River Business Park, at 90-92 Deerfield Road.

IRG bought the property in a bankruptcy sale, and plans to invest at least $5 million into building improvements and upgrades, IRG Senior Vice President Peter Goffstein said.

The largest building is roughly 500,000 square feet; the second building is roughly 150,000 square feet; and the smallest is 90,000 square feet, with office space and some room for potential research and development. Each building could be occupied by one tenant or subdivided into smaller spaces.

The complex is being offered for lease by JLL property management firm. Goffstein said several prospective tenants have already inquired about the high-demand industrial flex space.

“The property wasn't really available to the market from a multi-tenant standpoint up until the time we purchased it, and we're already starting to get calls from different types of users,” he said. The campus could have as few as three and as many as 12 tenants, he said.

Ideal uses include manufacturing, distribution, assembly, storage, office or laboratory. The property also has the unique feature of a “blast room,”  which is an enclosed area with very thick walls where machinery could run for weeks on end and damage would be contained if the machinery failed, Goffstein said.

Stanadyne is a gas and diesel fuel injection systems manufacturer that was founded in 1876 as Hartford Machine Screw Co., and renamed Standard Screw Co. in 1900. In 2009, Stanadyne announced plans to close its Deerfield Road manufacturing plant and relocate 250 employees to North Carolina.

The company filed for Chapter 11 bankruptcy last year, impacted by the rising costs of variable-rate debt owed to a top creditor, the Wall Street Journal reported.

IRG has a 130-million-square-foot portfolio in more than 30 states, and many properties are older manufacturing sites.

The new owners have started work on the campus, mainly exterior cleanup and security improvements, and will soon start on interior work, which will include wall demolition, lighting work and painting. 

Goffstein said with low industrial vacancies around the nation and Connecticut,  this location checked all the boxes in IRG’s acquisition strategy.

“There is not a lot of available product of this size and at a great location with a cooperative community and with a good labor force right,” he said. Another important element for ideal properties is adequate power supply for potential tenants. 

“It allows us to broaden our marketing reach to manufacturers. That is one of the keys to our overall acquisition strategy of this property and even other properties in the country is to identify properties that have size, power, access and labor.” 

IRG has also purchased properties in Torrington, New Britain, Meriden and East Hartford, including the former Pratt & Whitney aircraft manufacturing facility in Southington.

Windsor Economic Development Director Patrick McMahon said the campus is “incredibly flexible,” and IRG is making “significant upgrades” to all three buildings in order to bring new businesses and innovations to Windsor.

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