Business Center sold for $28m.

Jeffrey Dunne, Patrick Bisceglia and Jeffrey Oram of CB Richard Ellis' New York Tri-State Investment Team recently collaborated with William Bronson of CBRE's Hartford office to represent Bristol Industrial Associates LLC, an entity controlled by the Praedium Group, LLC, in the sale of the Bristol Business Center for $28.3 million.

The team was also responsible for procuring the buyer, a joint venture between Hudson Realty Capital and Savanna Partners.

Bristol Business Center, located at 780 James P. Casey Road in Bristol, Connecticut, is a 1.163 [+ or -] million s/f single-story industrial building with 45' by 40' column spacing and 58 docks (eight drive-ins) on a 178.55 [+ or -] acre site. At the time of sale, the building was 67.3% occupied by high-quality tenants including Firestone Building Products, Arett Sales Corporation), and MDF, Systems Inc. Firestone, who uses the space to manufacture and distributeroofing material, has been in the space since 1997 and Arett Sales, who warehouses and distributes lawn and garden products, has been expanding there since 2000.

Commented Dunne, "The Bristol Business Center is a highly attractive investment opportunity for a variety of reasons. In addition to its stable in-place income from a high quality tenancy, the property offers substantial upside through the lease of vacant space. These factors can be leveraged to lease up vacant space and escalate rents to generate substantial upside."