The Seyon Group has completed an acquisition financing worth $28.1 million for the purchase of an eleven-building industrial campus in East Hartford, Connecticut. Northwest Bank provided the loan for Seyon Group's $37 million acquisition of the 428,000-square-foot Prestige Park property.
The eleven warehouse buildings that comprise the industrial park were previously owned by investors associated with Barrington TIC, Market Street TIC II, ACG Prestige Acquisitions and JR Prestige Spe entities, according to East Hartford city records.
Transaction and Brokerage Details
Newmark brokered the financing with a team consisting of Chris Kramer, Timothy O’Donnell, Max Ralby, Conor Reenstierna and Amel Vernon. Brian Schulz, Managing Director at Newmark, arranged the sale and represented the seller, whose name was not disclosed by the brokerage firm.
Prestige Park is located on an almost 29-acre site, six miles east of downtown Hartford. It comprises a mixture of single-tenant industrial buildings, with medium and shallow bays. According to Newmark, the industrial park is approximately 94 percent leased to tenants from the manufacturing, research and development, warehousing and distribution sectors. The site also includes two developable plots for future expansion options.
Requests to Northwest Bank and Seyon Group initially went unanswered.
Key Individuals Involved
- —Chris Kramer (Newmark)
- —Timothy O’Donnell (Newmark)
- —Max Ralby (Newmark)
- —Conor Reenstierna (Newmark)
- —Amel Vernon (Newmark)
- —Brian Schulz (Newmark)
