BY ANDREAS YILMA
CITIZENS NEWS
BEACON FALLS — A New Jersey-based real estate firm acquired a distribution facility for over $4 million last month.
Devli Real Estate, of Weehawken, N.J., acquired a 176,000-square-foot building on a 32-acre lot at 158 Pines Bridge Road. The closing date was June 24, according to the real estate firm’s news release.
“We are proud to expand our presence in Connecticut with 158 Pines Bridge Road in Beacon Falls. This acquisition adds to our growing portfolio and demonstrates our commitment to further expand in the state,” Devli Real Estate Chief Investment Officer Mark Devli said.
The closing price was $4.25 million according to the town clerk’s office.
The property was acquired with 100% occupancy and aligns with the firm’s strategic investment in higher-growth industrial markets.
The region’s low vacancy rates, rising rents, and positive absorption underscores the growth potential for industrial assets in the market, the release states.
Devli Real Estate continues to seek acquisition opportunities in the state.
The warehouse is strategically located close to the Route 8 corridor which provides convenient access to major interstates connecting to Boston and New York City. Legal services were provided by Winne Banta Basralian & Khan.
“We extend our gratitude to Lenny Pierce, David Coffman, Christopher Crowe, and the team at JLL for facilitating this transaction. Our success is ultimately rooted in these relationships as we continue to expand and deepen our footprint in the region,” stated Edwin Lebron at Devli Real Estate.
