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Note
Property Overview
Price/Rent PSF Inquire
Asset Type Industrial
Trade Type Sale
SQ. FT. Available 62,500
Date Available 11/28/2018
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Description

Location
The subject property is located within one of the most desirable upscale towns in the Greater Hartford marketplace. West Hartford has been transformed over the last twenty years and is considered “the place to be” by a mixture of young professionals who move to the community for the vibrant nightlife and proximity to Hartford. Additionally families are drawn to the town, given the nationally recognized school system.

The subject property is located within the Elmwood section of West Hartford. The major commercial corridor traversing the neighborhood is CT RT 529 aka New Britain Avenue. The subject enjoys significant frontage along New Britain Avenue which has a traffic count of 20,100 vehicles per day. The site also has secondary frontage along South Street which has a traffic count of 6,900 vehicles per day,

The site benefits from its location proximate to the CTfastrak busway located across New Britain Avenue at the intersection with New Park Avenue. The CTfastrak busway is a new $567,000,000 commuter transit route along the Amtrak rail line connecting New Britain and Hartford. This was designed and constructed to alleviate commuter traffic along I-84 located within 1.5 miles of the subject and spur transit oriented growth near bus-stop locations.

Within the Elmwood neighborhood are located national retailers such as Home Depot, BJ’s Wholesale, Walmart, Aldi’s, Price Rite, Autozone and Pep Boys. Given the strict zoning controls within the town of West Hartford, it is likely that the Elmwood section is the only area in which self-storage could locate. There are only two other storage facilities in West Hartford, CT Self Stor, a highly successful regional operator who owns an existing facility along New Park Avenue and U-Haul, an old converted industrial facility on the Newington town line, south of the subject with a “walk-up” second level.


Sale
The subject property is located at 1031 New Britain Avenue in West Hartford, CT. The building was most recently used as a health club. There are two parcels containing 2.3 acres and .88 acres. Current ownership has secured approvals and permits to convert the existing pre-cast concrete building of four floors to 45,240 NRSF of climate controlled storage, 2,035 NRSF of specialized private and wine storage, 895 NRSF of rental offices. The owner is in the process of obtaining final approvals for an additional 11,900 NRSF of traditional non climate-controlled storage in 53 drive up units. The gross potential income for all components is estimated to be $1,160,995 annually.
This will be a state of the art facility with excellent visibility and access in an urban infill location and market with high barriers to entry.

Location

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