CT tops in Winstanley’s $124M realty deal
One of New England’s biggest commercial landlords is deepening its bet on the U.S. future of electronic and rapid commerce with its $124 million purchase of a pool of warehouse-distribution properties primarily in northern Connecticut and southern Massachusetts.
Winstanley Enterprises announced its acquisition this week of 10 commercial properties, including toy-block maker Lego’s U.S. headquarters building in Enfield (300 Shaker Road), from Los Angeles realty investor Hackman Capital Properties LLC.
“We think this group of properties … would be a good, strategic fit for the investments we’re making in Connecticut,” said Adam Winstanley, a principal in the family owned developer based in Concord, Mass.
In Connecticut, Winstanley owns a number of office, commercial-industrial, and retail properties. It opened last year the towering, gleaming $200 million New Haven office tower that houses headquarters for Alexion Pharmaceuticals.
In Windsor, Winstanley owns acreage already zoned and approved for a multi-phase, residential-commercial development known as Great Pond. Adam Winstanley said that project is slated to break ground this spring on the first development, a 300-unit apartment community.
Winstanley did not break out the pricetag of each property acquired from Hackman Capital, but said they include in Connecticut:
- Bloomfield (one property): 74 Griffin Road South, a 450,000-square-foot lumber warehouse fully leased to Home Depot.
- Enfield (five properties): 300 Shaker Road, Advanced Auto Parts’ approximately 500,000-square-foot northeast distribution facility; 99 Print Shop Road, a 75,000-square-foot medical-manufacturing building fully leased to Cirtec Medical; 100 Print Shop Road, a 600,000-square-foot office-warehouse/distribution facility fully leased to Lego and Coca-Cola Bottling; 555 Taylor Road, Lego’s 100,000-square-foot current U.S. headquarters; 561 Taylor Road, Lego’s former 8,000-square-foot daycare facility now leased to a third party.
- Plainfield (one property): A vacant, 530,000-square-foot warehouse-distribution building at 85 Moosup Pond Road. Staples previously occupied the building for seven years, vacating it last year.
Winstanley’s Massachusetts purchases include:
- Chicopee (two properties): 1040 and 1045 Sheridan St., both industrial buildings, each with about 65,000 square feet. 1040 Sheridan is leased to custom manufacturer MedPlast; 1045 Sheridan houses restaurant chain Friendly’s distribution center.
- Westfield (one property): 111 Southampton Road, a 600,000-square-foot distribution facility fully leased to Excel Logistics/Ed Hollingsworth.