Sale of single-tenant industrial warehouse in northern Connecticut closes

MORRISTOWN, N.J., August 17, 2022 – JLL Capital Markets announced today that it has closed the sale of 293 Ella Grasso Turnpike, an industrial warehouse totaling 85,000 square feet in Windsor Locks, Connecticut.

JLL marketed the property on behalf of Sapient Equities.

293 Ella Grasso Turnpike is fully occupied by Iron Mountain Information Management, a subsidiary of Iron Mountain. Sitting on 4.746 acres the property is located near Interstates 84 and 91, as well as numerous U.S. and state highways, such as US-5, US-44 and CT-2. As a result, most of the Northeast can be reached in under two hours, including Boston, Providence, Manhattan, Springfield and Stamford. 293 Ella Grasso Turnpike is also adjacent from the Bradley International Airport. Additionally, the property features ceiling heights of up to 31 feet, 28 tailboard-height loading docks and a rail spur.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Jordan Avanzato, Marc Duval, Nicholas Stefans, Michael Restivo, Jose Cruz, Marion Jones and Josh Stein.

“Over the past 24 months we have seen the Connecticut industrial market rapidly expand and attract nationally based e-commerce driven companies due to the well-established labor market, affluent demographics and its excellent position to access both the New York and Boston MSAs,” said Avanzato.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Sapient Equities focuses its investments in the Northeast and Mid-Atlantic Regions. Sapient is focused on deals in the $5 to $50 million dollar range with a viable path to robust “value-add” and opportunistic returns through fastidious, creative asset management.