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Metropolitan Realty Associates has received a $33.2 million loan to refinance a last-mile distribution facility in Connecticut.
The Joe Farkas-led MRA and Clarion Partners acquired the 304,249-square-foot distribution facility on 63 acres at 456 Sullivan Ave. in South Windsor for $50 million in Feb. 2021. The size of the building was 224,000 square feet when it was first constructed in 2012 and expanded by about 80,000 square feet three years later by the tenant FedEx Ground Package System.
At the time of the acquisition, Clarion reported that the tenant had “nearly 10 years” remaining on its lease term, though Farkas declined to comment on the property’s occupancy.
Webster Bank provided the refinancing which paid off the existing mortgage held by Bank of America from the time of acquisition, according to a company statement.
“Webster Bank’s new loan underscores the strength of this property and the South Windsor/Hartford market,” Farkas, CEO and founder of Metropolitan Realty Associates, said in the statement.
The property has 31.5-foot clear ceiling heights, 42-foot by 48-foot column spacing, 99 dock bays, 72 trailer spaces, 75 long-trailer spaces, and 344 car parking spaces, designed to accommodate a distribution hub for e-commerce operations, according to MRA.
“The sustained popularity of e-commerce and the need for efficient last-mile distribution continue to drive demand for well-located logistics assets,” Farkas said, “and the financial success of the facility validates our investment strategy in high-quality, cash-flowing assets with credit tenants in prime logistics corridors which further enhances the stability and long-term value of 456 Sullivan Avenue.”
Christopher Kramer, Christopher Lozniak, Ryan Bub and Jack Fenton of Newmark‘s New York Debt and Structured Finance Team represented MRA in the transaction.
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David Winzelberg
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