West Hartford, CT JLL Capital Markets has closed the $11.2 million sale of a 111,507 s/f, fully leased light industrial warehouse.
JLL marketed the property on behalf of the seller, LM Real Estate Partners. A private investor purchased the asset.
The light industrial warehouse is situated on 7.36 acres at 141 South St. in an infill location with access to major roadways, including I-84 and 91, which serve densely populated and affluent local and regional submarkets.
Completed in 1990, the property is home to nine tenants and features a 22-foot ceiling height, 16 loading docks, 10 drive-in doors and a 20% office finish. The property has attracted tenants by offering well-maintained, mid-size suites with flexible unit sizes, great access and a deep workforce.
The JLL Industrial Capital Markets team representing the seller was led by directors Jordan Avanzato and Marc Duval, senior managing director Jose Cruz and associate Nicholas Stefans along with vice chairman Rob Kossar and executive vice president James Panczykowski.
“We continue to see demand for well-positioned light industrial warehouses with a focus on transportation/logistics services,” Avanzato said. “Going forward, we see a strong tailwind behind e-commerce as demand has increased, which will further fuel the industrial sector.”
This specific offering provided a unique blend of stability and rent growth potential with a strong and diverse tenant roster featuring a mix of both local and national corporations.”