New Haven, CT – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the sale of 100-102 Wheeler Street, New Haven, CT, an approximately 133,650 square foot industrial property located directly in the Port of New Haven. The deal closed at $21,437,000, at a six percent cap rate. The sale set a cap rate record for all industrial properties sold in the New Haven MSA.
Matthews™ represented the seller who was interested in selling the property to profit on the asset’s increased value due to new leases, capital improvements, and high demand for industrial service facilities (ISF). The client looked to invest in a more passive form of investment after the sale.
“The Wheeler Street complex was a once-in-a-lifetime opportunity for industrial investors,” Rapoport said. “It is a fully NNN asset and one of the only privately owned port properties in the country. It also includes a diversified income stream coming from the buildings, outside parking, and waterfront portion.”
The buyer, New York-based Criterion Group LLC, bought the industrial complex at a price with a substantial upside due to the storage capabilities and redevelopment opportunities of the investment.
“Most properties that are in Ports around the nation are owner-operator and rarely hit the market,” Bean said. “The Port of New Haven is the largest port in Connecticut and provides a significant amount of employment within the city. With the correct investments in the property, it can make the port a more competitive location for ships to dock and transport cargo, bringing more revenue to the city.”
For more information, please visit www.matthews.com. Sold in conjunction with Broker of Record, Kyle Matthews, Lic. Number REB.0790986 (CT).
About Matthews™
Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.
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