NY realty investor pays $5.7M for S. Windsor distribution center

Connecticut’s hot industrial real estate market is getting interest from outside investors. 

New York City-based Ultimate Realty has made its first Connecticut purchase, paying $5.74 million for a distribution center in South Windsor, the company confirmed.

The 256,000-square-foot property at 1640 John Fitch Blvd., is 96% leased, according to Ultimate Realty Principal Michael Sabbagh.

The seller was Connecticut-based Cohen Properties LLC, whose principal is Mark Cohen, property records show.

 The property’s lead tenant is J&J Tri-State Delivery Service Inc., which occupies more than half of the building. NEHDS Logistics also is a tenant. 

Sabbagh said his firm launched an industrial real estate platform earlier this year that is focused on buying last-mile distribution centers, which have become one of the hottest commercial realty sectors in central Connecticut, with the growth of Amazon and other online retailers. 

Ultimate Realty so far has purchased about 1.2 million square feet of industrial space nationwide and plans to launch a $100 million fund for additional deals, said Sabbagh, who added his firm is interested in more Connecticut acquisitions. 

Brokerage firm Sentry Commercial represented the seller in the deal.