Photo courtesy of Regal Ventures, Snowball Developments and Devli Real Estate
The owners of a large industrial building in Windsor have sold to a joint venture after a nearly nine-year hold.
Affiliates of Regal Ventures, Snowball Developments and Devli Real Estate bought 600 Day Hill Road from an LLC that shares an address with Melville, New York-based Global Securitization Services for $13 million on Aug. 27, according to a warranty deed filed with the Windsor town clerk’s office. Industrial Lease II Propco LLC bought the facility in January 2018 for $10.43 million. The three buyers are also located in various parts of the New York City metro area.
New Jersey-based Valley National Bank provided a five-year, $8.9 million mortgage for the deal, filings with the town clerk’s office show.
The single-tenant building is 187,992 square feet in size, sits on 29.69 acres and was built in 1975, town property records state. The site is in the middle of Windsor’s industrial district, a short drive from Exit 38A on Interstate 91, one exit south of Bradley International Airport and four exits north of the I-91/I-84 interchange in downtown Hartford.
It’s fully leased to Howden, a maker of compressors, steam turbines and other heavy industrial equipment and formerly known as the Spencer Turbine Company. The lease runs through 2034, the buyers said in an announcement.
Regal Ventures is managing the asset, the buyers said, and had bought industrial assets in Pennsylvania and Virginia earlier this year. Town property records show the affiliate of Devli Real Estate involved in the deal is 600 Day Hill Road’s majority owner.
“We are delighted to partner with Snowball Development and Devli Real Estate on our first industrial acquisition in the Greater Hartford market,” Sean Dainese, managing partner of Regal Ventures, said in a statement. “The long-term committed tenant, attractive cash yield, and the optionality to explore multiple value-creation strategies make this an ideal addition to our growing industrial portfolio.”
In a statement, Snowball Developments President Brian Ker said his firm was motivated to join the deal by the “incredible long-term potential” of the 30-acre property and the “strong and growing cash flow” thanks to the current, long-term tenant. Mark Devli, chief investment officer of Devli Real Estate, said in a statement that 600 Day Hill Road fit into his company’s search for assets with “long-term, credit-worthy tenants in supply-constrained corridors.”
