Hartford real estate company Staypoint Properties recently paid $1.62 million for two adjacent Hartford industrial buildings totaling nearly 30,000 square feet.
In separate transactions logged by Hartford on July 5, McGuire Properties, of West Hartford, sold a 41-year-old, 17,825-square-foot warehouse at 485 Ledyard St,. for $1 million, and a 55-year-old, 10,956-square-foot warehouse at 500 Ledyard St., for $625,000 to limited liability companies affiliated with Hartford-based Staypoint.
Joseph Sullo, founder of Staypoint, described the purchases as solid investments offering an ability to add value.
“Staypoint Properties is decisively expanding its industrial footprint across Hartford County,” Sullo said. “The recent acquisitions of properties at 485 and 500 Ledyard St. demonstrate our commitment to investing in Hartford’s growth, further solidifying our presence in the region’s thriving industrial real estate market.”
The property at 485 Ledyard St. includes 1.4 acres. The neighboring building sits on a little more than half an acre. Both properties are leased to long-term tenants.
According to an advertisement by Colliers International, the building at 500 Ledyard St. has been leased by Electrical Wholesalers since 2013, and the current lease extends to 2025. The larger building at 485 Ledyard is leased until 2027 to an HVAC equipment and parts supplier.
Nicholas Morizio, president of Colliers in Hartford and New Haven, represented the seller. The properties attracted multiple offers, leading to a sale that was “almost an auction,” he said.
“It’s a good value and the prices for industrial real estate are still strong,” Morizio said.
