Wharton Industrial, Rabina Buy Central Connecticut Industrial Warehouse for $25M
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.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.