A construction supply company with more than 60 locations across the United States has sold its East Hartford headquarters for $11.5 million.
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A construction supply company with more than 60 locations across the United States has sold its East Hartford headquarters for $11.5 million.
According to a deed recorded in early September, NEFCO sold its 39-year-old warehouse at 411 Burnham St. to a group of six limited liability companies, all linked to Baltimore-based Derek M. Selig. The 138,974-square-foot facility sits on nearly 10 acres.
The purchasing entities also secured an $8.2 million mortgage from Manhattan-based Amalgamated Bank.
Selig is associated with two companies that, in 2022, acquired a 49,959-square-foot industrial building in Bristol for $3.6 million.
An attempt to reach Selig was not immediately successful Monday morning.
Founded in 1981, NEFCO employs more than 1,500 people. The company supplies contractors with tools, jobsite delivery and engineering services, as well as specialty fabrication and assembly of construction materials.
Land records show the new owners are leasing the Burnham Street property back to NEFCO.
In a statement to the Hartford Business Journal, NEFCO confirmed it is remaining in its office and warehousing space in East Hartford. The company described the recent sale as a "routine real estate transaction" that would strengthen its balance sheet and allow it to anticipate future needs.
"There is no change in the day-to-day business, staffing or best-in-class customer service," NEFCO's statement reads. "NEFCO remains firmly committed to the area and the communities we serve."
The sale comes amid an ongoing expansion of the company.
In October, the company announced the acquisition of Big D Tool Center, a construction supply company in Dallas. The acquisition gave NEFCO its fifth location in Texas. The previous month, NEFCO opened a new branch in North Charleston, South Carolina, extending its presence in the Southeast.
