**Hartford-Area Macy’s Warehouse Trades in Sale-Leaseback**
Cushman & Wakefield advised Snowball Developments in securing $23.7 million in acquisition financing for a 507,733-square-foot industrial property at 301 Governors Highway in South Windsor, Connecticut, part of the Hartford metro area. The loan was provided by Prime Finance.
A Cushman & Wakefield Equity, Debt & Structured Finance team comprising John Alascio, Jeff Dybas, Alex Lapidus, and Meredith Donovan represented the borrower. The property, previously owned and fully occupied by Macy’s, has been leased back to Macy’s by Snowball Developments in a sale-leaseback agreement.
“This transaction underscores the strategic value of 301 Governors Highway within the Eastern Hartford submarket,” said Dybas. “With its single-tenant absolute net lease and sale-leaseback rent, the property presents significant upside potential. The extensive 38-acre site and ample trailer parking further distinguish it in a supply-constrained market.”
According to Cushman & Wakefield, the Eastern Hartford submarket has a low vacancy rate of 1.4%, with no speculative developments currently planned.
