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Bristol Net-Leased Industrial Property Exchanges Ownership for $5M
Marcus & Millichap has brokered the sale of Metal Finishing Technologies, a 69,494-square-foot net-leased property located in Bristol, CT, for just over $5 million.
Laurie Ann Drinkwater and Seth Richard in Marcus & Millichap’s Boston and Manhattan offices listed the property on behalf of the seller, a private investor, and secured the buyer. Susan Bands, Connecticut Broker of Record, assisted in the transaction.
“The opportunity represented a compelling blend of tenant security, long lease term and high return when compared against the overall net leased and industrial markets,” said Drinkwater. “That combination is what led the purchaser to acquire this property as the replacement in his 1031 exchange.”
The 1969-constructed facility has an operating history of nearly 75 years, with more than 50 years of operation at the site. The building underwent a renovation in 2020 and includes three dock high tailboard loading doors and three drive-in doors.
- ◦Sale/Acquisition
