The Sabbagh family’s Ultimate Realty is pushing into the industrial sector, adding another 480,000 s/f to its portfolio.
The New York-based investment company has acquired 1640 John Fitch Boulevard, a 260,000 s/f, fully occupied last mile distribution center in South Windsor, CT (pictured top).
Ultimate paid $5.7 million, or $22 psf, for the facility in an off-market transaction. The seller was Cohen Properties LLC and Readycapital was the lender on the deal.
Built in 1970 and renovated in1987, the property features 96 exterior door docks and 100 parking spaces. It is situated within close proximity to the New York, New Haven and Hartford Railroad and a 25-minute drive from Bradley International Airport. Neighboring industrial tenants include Hyundai, Aldi, Macys and Fedex.
In the second deal, Ultimate acquired 851 East Maple Street, a 230,000 s/f distribution facility in Winter Garden, Fl.
Located on 18.5 acres, the property has 30 ft. clear heights, 12 loading docks, rail access and two drive in doors.
Ultimate paid $6.5 million for the property in an all cash transaction with Crown Holdings. The company plans to invest $3 million upgrading the building, which includes 8,115 s/f of office space.
David Murphy and Monica Wonus from CBRE are marketing the site for lease as an industrial facility available for immediate occupancy.
“We are bullish on the industrial market and see highly attractive fundamentals coming out the distribution sector,” said Michael Sabbagh, principal of Ultimate Realty, which recently closed on the acquisition of a 500,000 s/f vacant shopping mall in Macon, GA, which it is currently redeveloping as an industrial facility.
“The digital-first economy continues to stress the ability of companies to deliver goods in a timely fashion. With e-commerce expected to more than double last year’s levels, it will apply upward pressure on rents as tenants compete to locate near large population centers.”