Real Estate

Warehouse Sells For $39M In Cheshire

A 527,000-square-foot warehouse in Cheshire has been sold for $39 million, realtors announced.

CHESHIRE, CT — A 527,000-square-foot warehouse in Cheshire has been sold for $39 million, realtors announced.

The sale of 181 West Johnson Avenue (CentConn Logistics) was facilitated by Newmark’s regional team, which included Managing Director Brian Schulz, Executive Managing Director Kevin Welsh, Executive Managing Director Cory Gubner, with leasing support from Executive Managing Director Art Ross and Director Brad Soules, according to a news release.

The team represented DRA Advisors in the sale and procured the buyer, Treetop Companies, the news release states.

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Read more from the news release below:

The Newmark team of Senior Managing Director Ari Schwartzbard and Associate Director Thomas Lubeck arranged life company acquisition financing on behalf of the buyer.

Find out what's happening in Cheshirefor free with the latest updates from Patch.

CentConn Logistics comprises a 527,000-square-foot existing warehouse with 238,668 square feet of fully entitled expansion space. Ownership implemented a value-enhancement plan that consisted of a $2.5 million investment to create new circulation and expanded parking which will drive market rents and retention upon rollover. Located in the New Haven industrial market, CentConn Logistics is poised to benefit from the area’s record low vacancy and surging rent growth with substantial barriers to entry for future big box development.

“DRA Advisors substantially improved CentConn Logistics’ functionality and operational features providing for Treetop to realize long-term appreciation and benefit from the continued growth in the market,” Schulz said.

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