Affiliate of Cornerstone Realty, Inc. purchases 355,000 s/f regional food distribution facility

According to CBRE/NE, a major regional food distribution center has been purchased by an affiliate of Waterbury based Cornerstone Realty, Inc., a real estate investment firm specializing in industrial and warehouse facilities. The 355,000 s/f building is comprised of high-bay freezer, refrigerated and ambient distribution space. The building will be repositioned for single or multi-tenant use and is currently available for lease. The first phase of a substantial capital improvement plan is underway and is scheduled to be completed over the next few months. The 55-acre property is located at Exits 39 & 41 off I-91. CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis — N.E. Partners, LP, a CBRE Joint Venture has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. The firm serves real estate owners, investors and occupiers by offering strategic advice and execution for: property leasing and sales, property facilities and project management, corporate services, debt and equity financing, investment management, valuation and appraisal, research and investment strategy, and consulting.