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Avison Young arranges largest industrial lease in Connecticut for 2023
November 2, 2023
214,000-sf class A facility leased by Fortune 500 energy company
Norwalk, CT – Avison Young has arranged a 214,000-square-foot (sf) lease at 130 Huntingdon Avenue in Waterbury, CT on behalf of developer River Bank Construction to a Fortune 500 energy company. The transaction represents the largest industrial lease in Connecticut year to date. The property, previously owned by Illinois Tool Works, was recently purchased and converted to a class “A” industrial building by River Bank Construction.
River Bank Construction was represented by Sean Cahill, Principal and Managing Director and David Sherman, Principal, both of Avison Young’s Fairfield/Westchester Office in Norwalk, CT. The tenant was represented by Cushman & Wakefield.
“Our goal was to assist our client in securing a credit tenant who would utilize the entire property and help the developer navigate the underwriting of the project,” said Sherman.
The transformation of the property includes new high efficiency boilers, replacement of the concrete flooring, addition of new loading dock doors, new security fencing, energy-efficient LED lighting, new sprinkler systems, and more. Waterbury is one of the older industrial markets in the country and remains attractive through an abundance of skilled labor for manufacturing and warehousing.
“The Connecticut industrial market continues to remain robust in terms of tenant demand for quality space. However, new supply is limited, and the repositioning of 130 Huntingdon is a great example of older properties being given new life through renovation and adaptive reuse,” added Cahill. “The rent premium that must be achieved for new construction is above what most local/regional tenants are willing to pay in Connecticut. Therefore, retrofitting older industrial buildings allows the developer to be more competitive.”
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