The industrial building at 55 Corneau Way in South Windsor has reportedly sold for $1,225,000. CoStar reports the transaction took place on August 17, 2017 with a capitalization rate of 12.5%.
The buyer and seller in the transaction are BHD 55 Realty LLC and Gould Family Properties V LLC, respectively. The property was listed for approximately 192 days on-market, and settled at 17% below its initial asking price of $1,475,000.
The 31,404 square foot industrial building was built in 1986 and sits on 14.5 acres of land next to the Interstate-291 and U.S. Route 5 merger. Historically, the facility has been used as a manufacturing site and boasts over 3,000 square feet of designated office space, 22′ clear heights, and multiple drive-in doors at the front, side, and rear of the building. The property sold with a 10 year double-net (NN) lease in place by Sunbelt-Turret Steel, a wholly- owned subsidiaries of Ryerson, Inc. The building was then subleased to PAR Electric, a division of Quanta Services.