Overview:
Stone Bridge invested in 295 Ella Grasso Turnpike, Windsor Locks, CT, a 450,625 square foot industrial property that is 100% leased to three tenants. Permasteelisa, the largest tenant, is a multinational company that makes curtain walls for major buildings worldwide. The second largest tenant is Multi- Mode, a logistics company. The third tenant is Thrift books, an online book re-seller.

There is near term tenant rollover at the property, which is both an opportunity and a challenge. We started addressing that issue the day after closing on the purchase.

We were attracted to this property given its excellent location next to Bradley International Airport in the Hartford CT/Springfield MA market, the functionality of the space for the tenants, including a substantial outdoor storage area, and the overall health of the local industrial market. We were able to buy this well below replacement cost, which adds a measure of safety to the investment.