Wharton Industrial and Rabina Properties have jointly acquired 320,000 square feet of industrial warehouse at 475 Knotter Drive in Cheshire, CT for $25.25 million. Financing was provided by Washington Trust.  

The purchase, executed via a sale leaseback with Macy’s Inc., retains Macy’s as the sole occupant for Bloomingdale’s distribution. A capital improvement program is planned for the post-lease term.  

“What attracted us to this opportunity was the ability to buy a great building below replacement cost in an excellent location,” said Peter C. Lewis, chairman and founder of Wharton Industrial. “Furthermore, we entered into an attractive leaseback that provides positive leverage in the near term at a rent that is below market.”