JLL completes New England Tradeport Shallow Bay Portfolio sale

Hartford, CT JLL Capital Markets completed the sale of the New England Tradeport Shallow Bay Portfolio, a collection of nine shallow bay and light industrial buildings comprising 641,631 s/f in Hartford County.

JLL represented the seller, INDUS Realty Trust, in the transaction.

The portfolio features tenant quality with 98% occupancy across 19 tenants spanning diverse industries including e-commerce, logistics and distribution, automotive, manufacturing and food production. The assets average 71,292 s/f with a weighted average clear height of 25 ft. and were built in 1997 on average. The portfolio offers a balanced mix of single-tenant, two-tenant and multi-tenant buildings with suite sizes ranging from 5,000 to 58,000 s/f.

The portfolio is located adjacent to Bradley International Airport across East Granby, Windsor and Bloomfield. Located within the New England Tradeport industrial park, the portfolio benefits from direct access to interstates 91 and 84, enabling efficient distribution to serve 41 million people within a four-hour drive radius.

Most properties within the portfolio are located in the Bradley Airport Development Zone, which provides qualifying tenants with enterprise zone tax incentives. The assets are also situated within Foreign Trade Zone 71, offering duty management advantages for importers, exporters and logistics companies.

The JLL Capital Markets team representing the seller included senior managing director John Huguenard, managing director Michael Restivo, senior director David Coffman and director Tommy Hovey. managing director Shawn McMahon provided local leasing and sales support and will manage leasing for the portfolio going forward.

“Hartford County has established itself as a prominent hub for e-commerce, third-party logistics and manufacturing companies due to its excellent labor market access, central Northeast location and proximity to Bradley International Airport,” said Restivo. “This portfolio's functional design and prime location position it well to capitalize on the continued outperformance of shallow bay properties.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.