An Idaho-based manufacturer of wood and specialty building products has paid $32.7 million for a 622,262-square-foot industrial building in Newington.
In a deed recorded Aug. 31, limited liability companies affiliated with Woodgrain acquired the 1956-vintage manufacturing building on 47.95 acres at 353-407 Alumni Road, as well as an additional 30 acres of vacant land at 301 and 311 Alumni Road.
The property was sold by New Jersey-based real estate developer and investor Lightstone, which purchased the property for $45 million in 2022. The seller four years ago was an LLC affiliated with New York-based real estate investment and development firm Shelbourne Global Solutions.
Rob Montesi, of Goman + York, represented the Lightstone affiliate in the most recent sale.
Montesi said the deal began with Woodgrain negotiating to expand its 255,000-square-foot leased space in the multi-tenant property.
“It took nearly a year of complex negotiations but both sides came together in a mutual beneficial deal,” Montesi said. That value reflects upcoming capital expenses, he noted.
Montesi has represented the building since 2018 and had it fully leased for a time.
Woodgrain, on its website, describes itself as one of the largest millwork operations in the world. Founded in 1954, Woodgrain is a vertically integrated manufacturer and distributor of wood and specialty building products, including mouldings, millwork, doors, lumber and windows.
The company controls much of its supply chain, including timber acquisition, sawmills, manufacturing, transport and distribution, operating more than 45 manufacturing, warehouse and distribution locations across the U.S. and Chile.
