A Boston-based real estate investment firm recently paid $36.05 million for a 419,108-square-foot portfolio of aging industrial properties in East Hartford as part of a series of Northeast acquisitions tied to a newly launched investment fund.
In deeds recorded July 23, an affiliate of Seyon Group acquired 11 manufacturing, office and storage buildings dating from 1964 to 1987 on about 28.8 acres clustered along Prestige Park Road and Prestige Park Circle. The deal also included two vacant industrial parcels totaling 9.56 acres.
On Tuesday, Seyon announced the launch of a new investment fund and disclosed three acquisitions totaling more than 625,000 square feet in Connecticut, Maryland and Massachusetts, including the East Hartford portfolio.
Founded in 2017, Seyon said it specializes in acquiring, repositioning and operating multi-tenant industrial properties, particularly small-bay industrial buildings. The company says it owns more than 40 properties totaling more than 5.5 million square feet.
The acquisition was financed in part with a $29 million mortgage with Warren, Pennsylvania-based Northwest Bank.
The other purchases were in Maryland and Massachusetts.
Seyon said the new investment fund will continue targeting supply-constrained, infill industrial markets throughout the Northeast, including the greater Boston, Philadelphia and Washington, D.C., regions.
Seyon said it acquired the properties for less than what it would cost to build comparable facilities today. The company also said existing lease rates are below current market levels and that tenants have occupied the properties for an average of more than 10 years.
The sellers were a group of limited liability companies sharing a Monsey, New York address and represented by Joseph Brachfeld.
The East Hartford acquisition includes:
- 22 Prestige Park Circle – a 35,577-square-foot, 1969-vintage office building on 2.69 acres.
- 60 Prestige Park Road – a 48,098-square-foot, 1983-vintage manufacturing building on 2.73 acres.
- 91 Prestige Park Circle – a 40,998-square-foot, 1987-vintage, manufacturing building on 2.72 acres.
- 100 Prestige Park Road – a 28,012-square-foot, 1968-vintage, storage building on 2.25 acres.
- 110-112 Prestige Park Road – a 12,080-square-foot, 1964-vintage, manufacturing building on just under 1 acre.
- 111 Prestige Park Road – a 12,840-square-foot, 1964-vintage, storage facility on 1.5 acres.
- 121 Prestige Park Circle – a 38,420-square-foot, 1974-vintage, storage facility on 1.68 acres.
- 130 Prestige Park Road – a 37,044-square-foot, 1965-vintage, storage facility on 2.46 acres.
- 226-262 Prestige Park Road – A 61,463-square-foot, 1964-vintage, storage facility on 4.85 acres.
- 265 Prestige Park Road – a 47,832-square-foot, 1969-vintage storage facility on 3 acres,.
- 284-310 Prestige Park Road – a 56,744-square-foot, 1968-vintage storage facility on 3.99 acres.
- 30 Prestige Park Road – 7.99 acres of vacant industrially zoned land.
- 41 Prestige Park Circle – 1.57 acres of vacant industrial land.
