Fully leased property in New Hartford, Connecticut, acquired by investors
Two private investors have purchased a 59,153-square-foot industrial property at 29 Industrial Park Road in New Hartford, Connecticut, for $4.25 million, equating to approximately $72 per square foot.
Originally built in 1979, the property was fully occupied by Shuretape Technologies at the time of sale. The deal reflects a net operating income of $446,250 and a capitalization rate of 10.5%.
The property was previously owned by Rutsky, who operated Syntac Coated Products at the site before selling the business in 2017 to North Carolina-based Shuretape Technologies. Rutsky retained ownership of the real estate until completing this transaction.
According to CoStar data, the buyers purchased the property as part of their strategy to grow their real estate holdings in Connecticut.
For the Record:
Jake Elkins and John Harris of Binswanger represented the seller.
Source: Original reporting by Brandi Taylor, CoStar News.
