Treetop Pays $79M for Hartford-Area Industrial Asset

780 James P. Casey Road. Image via Google Street View

Treetop Development has purchased a 1.1 million-square-foot industrial asset in Bristol, Conn., for $79.3 million. Newmark worked on behalf of the seller, BLDG Management, which used a $55.5 million loan originated by Signature Bank, to acquire the property, CommercialEdge data shows.

BLDG Management acquired the property back in 2008 for $60.5 million, according to the same source.

Treetop has plans for new 250,000-square-foot industrial building at the site, or a 250,000-square-foot addition to the existing structure, the Hartford Business Journal reported. This plan will only be finalized by the first quarter of 2023. The company is looking forward to expand its presence in the Greater Hartford area, the same source indicates.

Bristol Logistics Center is located at 780 James P. Casey Road and is composed of three industrial buildings totaling 1.1 million square feet, equipped with a total of 43 dock high and 30 grade level loading doors. The asset also provides direct rail access, distribution, manufacturing and warehouse space, and is 93 percent occupied. The tenant roster at the property includes Arett Sales, Firestone, ClarkDietrich and Navarro Trucking, according to CommercialEdge data.

Bristol Logistics Center is situated on a 179-acre lot, close to U.S. Route 6 and Interstate 84, some 3 miles from downtown Bristol, 20 miles from Hartford, Conn., and within 33 miles from North Haven, Conn. Newmark’s team formed of Vice Chairman Jeff Fishman, Executive Managing Director Cory Gubner and Director Alex Haendler negotiated on behalf of BLDG Management.

Another recent significant Northeast deal is Bridge Logistics’ acquisition of a two-building industrial asset, totaling 170,000 square feet in Linden, N.J. The seller was Embee Associates and the property last traded in 1999.