Hartford-Area Macy’s Warehouse Trades in Sale-Leaseback
Cushman & Wakefield advised Snowball Developments in obtaining acquisition financing of $23,700,000 for 301 Governors Hwy., a 507,733-square-foot industrial property in South Windsor, CT, within the Hartford metro area. The loan was provided by Prime Finance.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Jeff Dybas, Alex Lapidus and Meredith Donovan represented the borrower. The property, previously owned and fully occupied by Macy’s, has been leased back to Macy’s by Snowball Developments in a sale-leaseback.
“This transaction underscores the strategic value of 301 Governors Highway within the Eastern Hartford submarket,” said Dybas. “With its single-tenant absolute net lease and sale-leaseback rent, the property presents significant upside potential. The extensive 38-acre site and ample trailer parking further distinguish it in a supply-constrained market.”
According to Cushman & Wakefield, the Eastern Hartford submarket boasts a low vacancy rate of 1.4%, with no speculative developments on the drawing board.
