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.