EAST HARTFORD-A two-year old 1.2 million square-foot warehouse in a logistics and technology park near Cabela's has been sold for $212.64 million to Walmart Fulfillment Services LLC, according to town records.
The warehouse, and an adjacent 1.3 million square-foot warehouse, opened in March, 2024 with Wayfair home furnishings taking the smaller site while Lowe's moved into the larger facility. However, Wayfair never fully occupied its building and sought to sublease it a year later.
The warehouse at 695 East Hartford Blvd., was sold by its developer, Massachusetts-based National Development, and was announced in a joint release with its partner, PGIM, on its website last week.
Andrew Gallinaro, chief investment officer at National Development, said in the announcement that the greater Hartford industrial market continues to face a meaningful imbalance between demand for modern logistics space and the availability of institutional-quality product.
"East Hartford Logistics & Technology Park offers a unique combination of scale, contemporary specifications, and direct connectivity to the I-84 and I-91 corridors, said Gallinaro, who attended a ground-breaking for the development in 2023. "Opportunities with this profile are increasingly limited in the region, making well-located industrial real estate in this corridor a compelling investment."
Soultana Reigle, head of U.S. equity for PGIM's real estate business said in the release that the development's strategic location and state-of-the-art construction have made it an attractive option for big box users in the supply-constrained Northeast industrial market.
"The sale of the first of two buildings in the development marks a significant milestone for our investment strategy and is a testament to our ability to create value on behalf of our investors," Reigle said.
East Hartford Mayor Connor Martin welcomed the news of the sale, saying that it reflects the continued private investment and positive momentum within the logistics and technology park and also represents another step forward in the redevelopment of the Silver Lane corridor.
Those efforts, he said, include Concourse Park on the former Showcase Cinemas site and the Silver Lane Plaza, which has been demolished and awaits mixed use redevelopment.
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