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Jones Lang LaSalle ("JLL") on behalf of Sansone Group (the "Sponsor" or “Sansone”), is pleased to present the opportunity to enter into a forward purchase commitment for a ground-up, Class A industrial development in the fast-growing region of Connecticut & Western Massachusetts. The Property, Metro Park North, is a 120-acre site strategically located adjacent to Route 5 and I-91, less than a 15-minute drive north and south to Springfield, MA and Hartford, CT, respectively. Becoming increasingly relevant as neighboring markets such as Boston face continued supply constraints, this central location boasts competitive proximity to key interstate arteries throughout the Northeast U.S. as well as a young and highly educated workforce. Metro Park North is one of very few remaining large tract sites in the market, and industrial users will find this development the ideal location to move product quickly throughout the Northeast, while reducing unwanted travel costs that come with being associated closer to major metropolitan areas such as Boston and New York City.
The 120-acre site has had full approvals in place as of Q1 2021 for plans including 500,000- and 100,000-square-foot facilities. The plans shown in this Offering Memorandum are alternatively based on an initial 410,455-square-foot facility, which would require a 30-60 day administrative approval period. Metro Park North allows for an industrial campus design that features an initial Building A totaling 410,455 square feet of cross-docked space with 40' clear heights, ample parking (1.17/1,000 SF) and loading capacity, and 81 additional trailer parking spots. Additionally, the master plan allows for future development opportunities on the western half of the site. The industrial campus is designed to offer optimal flexibility in any leasing scenario, serving larger users over 350,000+ square feet and to accommodate the needs of smaller users in the +/- 100,000-square-foot range. The entire site is zoned light industrial, with construction slated to commence in Q2 2022.
Superior Distribution Capabilities: Metro Park North is less than one mile from Route 5 and I-91, providing the critical ability to seamlessly service much of the Northeastern United States via direct connections to I-84, I-90, and I-95. 32% of the U.S. population is reachable within an eight-hour drive of the project. Additionally, Bradley International Airport provides worldwide connectivity and is located just a nine-minute drive from the site.
Robust Labor Pool: Metro Park North enjoys access to a young and highly educated labor pool, seeded by a substantial presence of tech and aerospace manufacturing. 39.9% of the available workforce within a 10-mile radius holds at least a bachelor's degree, versus the national average of 34.0%.
Hartford, a City Decorated with Accolades: The Hartford MSA continously ranks in the Top 10 nationally as a best city for millenials, tech & innovation, and job placement in general. Hartford also offers a 21% and 34% cost discount to Boston and New York City, respectively.
Dynamic Industrial Park Design: High amenity, master planned industrial park with cross-dock design at Building A and future development capabilities on the west half of the site, a favorable car parking ratio of 1.17/1,000 SF at Building A and state-of-the-art property specifications.
Thriving Industrial Market: The Connecticut and Western Massachusetts industrial market has thrived in the wake of the COVID-19 pandemic, with an ever-growing e-commerce presence driving demand. Vacancy rates are hitting all-time lows, and rental rates continue to rise as investors grapple for industrial zoned land that is becoming increasingly more difficult to procure.