🔒Otis sells Bloomfield facility for $16.5M, leases it back through 2027

Farmington-based elevator and escalator maker Otis Worldwide has sold its 188,430-square-foot industrial and office building in Bloomfield for $16.5 million, while arranging to remain in the property through 2027. According to a deed recorded Wednesday, Otis sold the 39-year-old facility on 18.53 acres at 212 West Newberry Road to Bloomfield Holdings LLC. The buying entity lists a business address in Monsey, New York, and is headed by Ahron Rosengarten of Brooklyn, state business records show. Rosengarten has led partnerships that have invested in several commercial properties in Connecticut in recent years, though the Bloomfield acquisition appears to be his largest in the state to date. Attempts to reach Rosengarten on Thursday were not immediately successful. The Bloomfield property houses Otis’ customer service center for the United States and Canada, along with light manufacturing related to its service, repair and modernization operations. In an emailed response to questions, Otis said it has agreed to lease back the building through 2027 to ensure continuity of operations. “We have announced to our colleagues that we are looking at ways to optimize our real estate footprint in the state to meet current and future business needs,” Otis said in a statement. “We continuously assess our business operations and explore opportunities that support our strategic initiatives, help us grow and better serve our colleagues and customers and operate more efficiently.” Otis added that the effort is aimed at ensuring its Connecticut facilities are modern, designed for current and future needs, and equipped with technology that supports productivity. Otis placed the Bloomfield property on the market about seven months ago. The listing was handled by Jay Wamester and Sean Kumnick of Colliers. Rosengarten’s past Connecticut deals include two South Windsor properties acquired in 2022: a 10,080-square-foot medical office building acquired for $1.5 million and a 10,050-square-foot office and professional services building across the street that sold for $1.1 million. Rosengarten, in a 2022 interview, said he and partners had also invested in properties in Danbury and Milford. Rosengarten, at the time, said his partners had previously focused on New Jersey before shifting their attention to Connecticut.