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Seyon Group secures $28.1M acquisition loan for East Hartford campus
The 428,000-square-foot Prestige Park industrial site is about 94 percent leased and includes two land parcels for potential expansion.
Seyon Group has secured $28.1 million in acquisition financing to buy an 11-building industrial campus in East Hartford, Connecticut, Commercial Observer reported. The loan from Northwest Bank supports Seyon Group’s $37 million acquisition of the Prestige Park property, a 428,000-square-foot complex.
Commercial Observer said the warehouses that make up the campus were previously owned by investors tied to entities including Barrington TIC, Market Street TIC II, ACG Prestige Acquisitions, and JR Prestige Spe, according to East Hartford town documents. Newmark negotiated the debt for the transaction and also arranged the sale representation for the seller, which was not disclosed by the brokerage firm.
Prestige Park sits on nearly 29 acres about six miles east of Downtown Hartford, Commercial Observer added. The campus includes a mix of single-tenant, mid-bay, and shallow-bay industrial buildings, and is described as roughly 94 percent leased to manufacturing, research and development, warehouse, and distribution tenants.
The property also contains two developable land parcels that could support future expansion options, according to Newmark as cited by Commercial Observer.