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Hartford-Area Industrial Secures Renewal from Major Tenant
Snowball Developments, as acting manager of 555 Nutmeg Owner Limited Partnership, secured the lease renewal of its major tenant at 555 Nutmeg Rd. N. in South Windsor, CT, within the Hartford metro area. Lease terms were not disclosed.
Ownership will invest significant capital to modify the property to eliminate an obsolete garage area and double the number of loading docks to 14 modernized truck-level positions and two drive-in doors. Additional improvements include repaving the site and adding structural concrete pads.
Construction management will be overseen by Lincoln Property Company and Clark Construction Inc, with Aldrich Construction Company acting as general contractor and Design Professionals, Inc. handling the civil engineering and planning. Ownership has tapped JLL to secure permanent financing for the asset, which includes additional funds to construct an expanded parking facility for 75 trailer spaces or use as an outdoor storage yard. JLL arranged the acquisition of the property in 2023.
- ◦Lease
