Snowball Developments recently paid $17.45 million for four warehouse properties in Windsor, East Hartford and New Haven, continuing a four-year buying streak of industrial properties ready for reinvestment. The latest purchases bring the Manhattan, New York-based industrial real estate investor’s Connecticut portfolio up to 13 properties, with four more in New Jersey, for a combined total of about 2 million square feet. “We’ve been busy,” said Brian Ker, the company’s president. In deeds recorded in March, Snowball acquired three properties from affiliates of New Canaan-based real estate investor Luzern Associates. These include: A 25,202-square-foot, 2001-vintage industrial building on 2.13 acres at 90 John W. Murphy Drive in New Haven. The metal-sided building has 18-foot wall heights. A 40,328-square-foot, 1989-vintage industrial building on 3.1 acres at 104 John W. Murphy Drive in New Haven. This metal-sided building also has 18-foot wall heights. A roughly 60,000-square-foot, 2002-vintage warehouse on 8.5 acres at 770-790 Marshall Phelps Road in Windsor. Municipal records show Luzern had acquired these properties for $12.8 million in 2020 and 2022. Snowball borrowed $9.55 million from Charlotte, North Carolina-based Starwood Mortgage Capital LLC, secured with a mortgage on the properties it acquired from Luzern. Ker told the Hartford Business Journal his company also, in March, paid $3.25 million for a warehouse at 10 Eastern Park Road in East Hartford. The 40,050-square-foot, concrete-and-cinderblock warehouse was completed in 1967 and sits on 2.18 acres. It is also adjacent to an 87,525-square-foot warehouse Snowball acquired for $5.95 million a little more than a year ago.
Snowball Developments grows CT industrial footprint with $17.45M in acquisitions
