A 1.15 million sq. ft. industrial property in Bristol, Conn. has fetched $28.30 million. On Tuesday, Hudson Realty Capital LLC bought the Bristol Business Center from a joint venture between Praedium Group and Savanna Partners.
The partners have owned the single-story property since June 2003. The property sits on a 179-acre parcel of land. The industrial property features 58 loading docks and eight drive-in docks. A rail spur also terminates at the rear of the property, making it easier for tenants to off-load freight cargo.
“The provided strong current return from the solid tenants with long-term leases in place,” says Chris Hughes, a principal at Manhattan-based investment firm Praedium Group.