Boston-based Albany Road Real Estate Partners has purchased a portfolio of seven industrial properties in Connecticut from Massachusetts commercial landlord Winstanley Enterprises for $35.2 million. Totaling 330,000 square feet, the seven-building portfolio consisting of the Inwood and WinBrook business parks was purchased by Winstanley in 2003 and 2008 respectively. The CBRE Hartford Capital Markets team of Patrick Mulready and John McCormick represented Winstanley in the deal; Albany Road's representation was not disclosed.
The four buildings Winstanley sold at 30, 50, 65 and 70 Inwood Road total 161,883 square feet and are fully leased to tenants, including Henkel, HESCO, NuMotion, Physicians for Women's Health and ALARM New England, brokers said. Demian Gage, CFO of Winstanley Enterprises, commented on the disposition saying, "The team at CBRE did a great job conducting a thorough marketing process. They provided exceptional advisory services throughout the process and played a key role in closing a complicated, multi-building sale."
Pat Mulready, Senior Vice President at CBRE/New England, also commented on the sale saying, "The Portfolio was well-positioned for sale by Winstanley, with a diverse, strong credit-tenant rent roll; enabling Albany Road RE to acquire an institutional-quality group of assets to add to their growing Connecticut portfolio."
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