A deal that was more than two years in the making, the sale of the 1.2-million-square-foot Bristol Logistics Center for $79.25 million marked the second-highest price paid in a real estate transaction in the Hartford market in 2022, earning the sale a 2023 CoStar Impact Award for the sale/acquisition of the year in Hartford, as judged by real estate professionals located in the market.
The sale of the property — at 780 James P. Casey Road in Bristol — about 20 miles southwest of Hartford — to New Jersey-based real estate investment firm Treetop Development, is occupied by three companies, with Firestone Airide and Navarro Trucking as its major tenants.
Commercial real estate firm Newmark began marketing the property, which was built in 1967 and renovated in 1990, during the pandemic in 2020. The team conducted tours of the property via drones, giving interested buyers expansive views of the 139 acres and the permitted areas of the building, and quickly assessed that its greatest asset is its access to rail.
Without that rail access, the cost of freight to ship materials for the tenants would've been costly and time-consuming, according to Newmark.
According to CoStar records, only one other sale in the Hartford market topped the $79.25 million price tag — the sale of The Pavilions apartment complex at 345 Buckland Hills Dr. for $210.8 million, or $226,180 per unit.
About the Project: The 1.2-million-square-foot industrial complex at 780 James P. Casey Road in Bristol, Connecticut, sold in October and ranked as one of the largest commercial real estate deals in Greater Hartford for the year. The buyer was Treetop Development, a Teaneck, New Jersey-based real estate investor and developer.
What the Judges Said: "Large industrial complex housing three companies; underscoring economic vitality in central Connecticut." — Arthur Ross, executive managing director, Newmark
"Sale that directly impacts stability in the market, as this property is an employment base for the region." — John J. Galvin, owner and principal, Galvin Appraisal LLC
"The transfer of the Logistics Center was very significant in building size, land size and value for our marketplace. In addition, the marketing process for this type of facility during this COVID period was impressive. This was a time when there was so much uncertainty with lenders, default concerns, conserving cash, tenants being closed and not paying rent. Ultimately the industrial market emerged safely and heated up quickly with vacancies decreasing and rents climbing quickly. Big risks, big rewards!" — Daniel Rosow, broker and chief executive officer, Real Estate Advisory Group
"This sale brings a needed capital infusion into an aging property in a desirable submarket with high barriers to entry and low supply. It also demonstrates the elevated confidence in multifamily investments in suburban Hartford." — Joseph Beaudoin, director of acquisitions, Lexington Partners
"Impressive in many ways — first off, the sheer size of the deal and the inevitable transformation of Bristol once the center is fully operational." — Mark Greenberg, owner and principal, Mark Greenberg Real Estate
"The industrial sale, was a much more complicated transaction with far fewer eligible purchasers." — Peter D'Addeo, owner and principal, CSR Commercial Services Realty
They Made It Happen: Jeffrey Fishman, vice chairman; Cory Gubner, executive managing director; James Tribble, managing director; and Alex Haendler, director, of Newmark.
