NKF Capital Markets announced that Kevin Welsh, Brian Schulz, and Jason Emrani of the firm’s Tri-State Capital Markets Team in collaboration with Matt O’Hare from CBRE’s New Haven office, represented a major financial institution in the 100 percent interest sale of three industrial assets totaling 788,000 square feet, located in Meriden and Cheshire Connecticut. The team was also responsible for procuring the buyer, Sky Management Services, based in New York. NKF Capital Markets’ Debt & Structured Finance team of Jordy Roeschlaub, Dustin Stolly, and Robert Tonnessen also secured acquisition financing for the purchase.
The properties in the portfolio include:
- 160 Corporate Court, Meriden, CT – 241,000-sqaure-foot facility featuring 27’ ceiling heights and 1 per 4,641-square-foot cross dock loading that is 100% leased to Sports Direct, the largest UK Sports Retailer
- 550 Research Parkway, Meriden, CT – 338,000-square-foot facility that is 100% leased to Medline Industries, the largest private provider of medical supplies and solutions in the U.S., and Fosdick Fulfillment, a Meriden, CT based global logistics company
- 611-617 West Johnson Avenue, Cheshire, CT – A four building 209,000-square-foot industrial complex situated on 19.2 acres that is 52% leased to a diverse base of tenants, providing substantial upside with flexibility to capture a wide array of tenant demand
“The Portfolio is located at the midpoint of the Boston-NYC corridor, an ideal location for regional distribution, with building features that accommodate a variety of uses including E-commerce, light manufacturing and distribution,” said Schulz, managing director. “Sky will benefit from reliable in-place cash flow, demonstrated by an average historical occupancy of 19 years for the two largest tenants, with increasing yields and substantial value enhancement through the lease up of the Cheshire asset.”