Cheshire, CT Sky Management Services, LLC has purchased 611-617 West Johnson Ave. This property is a four building flex complex totaling 210,000 s/f, with all four buildings adjacent to one another. Sky is conducting an aggressive capital improvement and marketing program at the site and is seeking to secure new tenants by offering very competitive leasing terms, while remaining dedicated to the retention of existing tenants.
“We are pleased to acquire our third property in Connecticut, which is extremely well located with a distinguished tenant roster,” said Alex Dembitzer, founder of Sky Management Services. A tenant very important to Sky for its positive social impact is Abilities Without Boundaries. Abilities Without Boundaries is a non-profit that helps individuals with intellectual and developmental disabilities lead a more productive and fulfilling life. “In an effort to further our positive social impact, we have agreed to expand Abilities Without Boundaries by doubling their current space as well as making a significant grant to the organization to assist in fulfilling their important mission,” said Alex Dembitzer.
Additionally, Sky plans to add a rooftop solar project to the site, in conjunction with its Meriden, CT solar project. ‘’We are excited to collaborate with our corporate tenants to collectively reduce our carbon footprints and further support the goal of sustainability and resiliency; this project is in addition to five large solar projects currently being developed by Sky,’’ said Erich Schwer, Sky’s renewable energy acquisitions team lead.
NKF Capital Markets’ Kevin Welsh, Brian Schulz and Jason Emrani, in collaboration with CBRE’s Matt O’Hare, represented a major financial institution in the sale. NKF’s Jordy Roeschlaub, Dustin Stolly and Robert Tonnessen also secured acquisition financing.
The area is a strong market for industrial and flex properties. The Cheshire Properties are located halfway between Hartford, CT and New Haven, CT and a few minutes away from I-84, which connects Cheshire to the rest of New England and the tri-state area. The Cheshire properties are also in close proximity to the I-91, which leads into I-95, spanning the entire east coast.
Sky Management Services, with offices in Philadelphia and in New York City, is a privately funded and managed real estate company which owns and operates a large, diversified portfolio of properties in the United States. As a principal for its own account, Sky is actively acquiring in New England and throughout the east coast.
