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County Industrial Market Finishes on Up Note
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Business New Haven
3/19/2001
By: BNH
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New Haven County's industrial real-estate market finished 2000 in the industrial market, mostly due to activity in the northern suburbs. According to Cushman & Wakefield's Marketbeat Series Year-End 2000 Report. New Haven County recorded nearly 4.0 million square feet in lease and sales activity during 2000, with the overall vacancy rate holding steady at 20 percent.
New Haven has 45.5 million square feet of industrial inventory, nearly half of which is warehouse/distribution space. Cushman & Wakefield reports that “The northern suburbs of North Haven, Hamden, Wallingford, Cheshire and Meriden dominated the region, and together account for 58 percent of the county's total industrial inventory.”
The New Haven industrial market remains predominately owner-occupied. However, there were several major sales in the past year. Hamden-based 1350 Capital Drive Association purchased five buildings on Plains Road and Capital Drive in Wallingford and on Elm Street in North Haven. One of the year's largest transactions, the total of 410,000 square feet went for $10.7 million, with 72 percent already leased at the time of the sale.
Cushman & Wakefield pointed out that, “Despite the relatively flat vacancy, the market remains optimistic by increasing rates. At year-end 2000, the average asking rate reached $4.71 per square foot triple-net, representing a 7.0 percent increase of the past two years.”
Some of the major transactions in 2000 include lease agreements: Copper & Brass Sales locating in Wallingford, BKM Total Office in Orange; and Alexion Pharmaceuticals in Cheshire. Major sales included Elm City NPI Associates' purchase of property in Wallingford/North Haven for $6,749,949 and West Johnson Cheshire LLC's purchase in Cheshire for $5,800,000. Tiffany Association LLC purchased property in Branford and Lucky Star Hamden purchased in Hamden.
The only significant completed construction project Cushman & Wakefield listed in New Haven County for the year was 4 Research Drive in Woodbridge, a 33,000-square-foot structure.
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