MRA Acquires South Windsor Industrial Facility for $50M
Metropolitan Realty Associates (MRA) has purchased 456 Sullivan Avenue, a 304,249-square-foot industrial property in South Windsor, CONN. The sales price was $50 million.
At the time of sale, the property was double net-leased to FedEx, with the global shipping chain using the space as a distribution center for small-package ground deliveries throughout New England. The property is located within the I-91 industrial corridor and is located in between New York and Boston.
Matt Berres and Samer Khalil of Newmark’s Net Lease Capital Markets team brokered the transaction in partnership with Newmark Tri-State Capital Markets’ Kevin Welsh, Brian Shulz and Art Ross. In addition, Newmark’s Dustin Stolly and Jordan Roeschlaub arranged a $32 million acquisition loan through lender Bank of America on behalf of the buyer. Clarion Partners also provided equity for the deal through Clarion Partners Real Estate Income Fund.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector.
Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA.
David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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