JLL closes $11.2M sale of West Harford industrial facility
The fully leased property serves the densely populated and affluent submarkets of the New York metropolitan area
MORRISTOWN, N.J., April 30, 2020 – JLL Capital Markets announced today that it has closed the $11.2 million sale of a 111,507-square-foot, fully leased light industrial warehouse in West Hartford, Connecticut.
The light industrial warehouse is situated on 7.36 acres at 141 South St. in West Hartford in an infill location with access to major roadways, including Interstates 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,” he added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About LM Real Estate Partners
Founded in 2015 by Jared Marcus and John Livanos, LM Real Estate Partners is a fully integrated commercial real estate operating company specializing in the acquisition and operation of industrial real estate. LM is responsible for all aspects of capital raising, acquisition, leasing and property management of warehouse-distribution focused industrial properties. LM has acquired and manages 1.1 million square feet of industrial real estate.