A large commercial building in Cheshire has been sold for nearly $40 million.
The 82-acre site at 181 West Johnson Ave., was sold by New York City-based G&I IX Cheshire LLC to Teaneck, New Jersey-based 181 West Johnson Holding LLC and principals Azriel Mandel and Adam Mermelstein for $39 million in a deal recorded April 5.
The two are founders of Treetop Development, a national real estate investment firm focused on multifamily, low-income housing and industrial investments.
The 527,000-square-foot warehouse, built in 1960 and renovated in 1996, is fully occupied except for roughly 56,000 square feet of vacant space. It houses the regional fulfillment center for Macy’s department store. Â
It has a total appraised value of $21.1 million, with the building appraised at more than $17.4 million.
The property is located on the intersection of interstates 84 and 691, and has approvals for a 300,000-square-foot expansion.
Treetop and its affiliates own 9,000 units and 2.5 million square feet of industrial space.
According to the Treetop website, the company owns properties primarily in the metro New York/New Jersey area, with no properties in Connecticut aside from the newly acquired Cheshire site.Â