Kripes Road Industrial Complex Sold for $3.88M

Kripes Road Industrial Complex Sold for $3.88M

The industrial complex located on Kripes Road in East Granby, CT has sold for $3,879,680. The transaction occurred on September 7, 2017 after nearly a year of being available on-market. Based on the stated $326,000 NOI in the initial listing and closed sale price, the property sold approximately at an 8.4% capitalization rate.The sale consisted of two properties:

  • 25-27 Kripes Road: 17,765 square foot, single-tenant industrial facility on 3.98 acres
  • 29 Kripes Road: 31,706 square foot multi-tenant flex building on 14.85 acres

The recorded seller, Airport Business Center III LTD, has owned the properties since they were constructed in the mid-1980’s. The true buyer in the transaction is O & G Industries, a construction services provider and real estate investment company based in Torrington. The buyer has played key roles in hundreds of construction projects ranging from state-funded civil construction to retail properties, and were particularly attracted to the Kripes Road properties for their potential for further development.¬†Other desirable features of the properties are their ideal locations less than 2 miles from CT Route 20 and Bradley International Airport, as well as being five miles from Exit 40 of Interstate-91.