Log In


Reset Password
  • MENU
    Local News
    Thursday, April 18, 2024

    Developer buys Norwich facility leased by FedEx

    Norwich - A New York real estate development firm has purchased the building that houses the FedEx facility in the Stanley Israelite Norwich Business Park for $2.3 million as part of a multiproperty purchase in New England and New York.

    Four State Commercial Developers LLC of Brooklyn, N.Y., purchased the Norwich property at 3 Dominican Drive from Bridgetown LLC for $2.3 million on Feb. 13, according to property transaction records filed in the city clerk's office. The firm took out a $12.1 million mortgage from Bank of America for a series of properties, including the one on Dominican Drive. The sale brought in $11,493 in property conveyance taxes to the city clerk's office.

    The property is appraised for $1.2 million on the city's tax records.

    Aleksander Goldin, president of Four State Commercial Developers, said Thursday that the company purchased five buildings that house FedEx facilities in Connecticut, Rhode Island, Massachusetts and New York. One other Connecticut purchase was in North Haven.

    Goldin said there are no plans for changes in the properties, and the company hopes to keep FedEx as the main tenant for years to come.

    In Norwich, FedEx has a lease that runs through 2022, and the package delivery firm has two options for five-year lease extensions, Goldin said.

    "We certainly hope they stay," Goldin said. "FedEx has a great future."

    Robert Mills, president of the Norwich Community Development Corp., which oversees the business park, said Four State Commercial likely researched the prospects and stability of FedEx's long-term lease and made a good investment.

    The sale follows a flurry of building sales and development projects in the business park over the past two years.

    Dominion, which owns and operates the Millstone nuclear power station, purchased property at 24 Stott Ave. in August 2013. Dominion recently completed a $5 million to $10 million emergency operations center there.

    Last July, Nutmeg Companies purchased property at 9 Wisconsin Ave. for $525,000 and moved its Norwich construction business to the site. In October, the owner of Maple Lane Farms in Preston purchased the long-vacant building at 29 Stott Ave. for $665,000 and is renovating the building to house the Connecticut Currant juice bottling operation.

    And in December, Sheffield Pharmaceuticals in New London purchased the former Decorative Screen Printing building for $3.7 million for use as the company's main product distribution center.

    c.bessette@theday.com

    Twitter: @Bessettetheday

    Comment threads are monitored for 48 hours after publication and then closed.