4C — March 16 - 29, 2018 — Pennsylvania — M id A tlantic
Real Estate Journal
www.marejournal.com
P ennsylvania Company also purchases Sports Direct, Bob’s Stores, & EMS HQ building in Connecticut Sky Management expands CT portfolio with addition of 358,000 s/f building in Meriden
h i l a d e l p h i a , PA — Sky Manage- ment Services, LLC has purchased 550 Research Parkway in Meriden, CT. The building is a mission-critical manufacturing facility for Medline, the largest privately- held provider of medical sup- plies and solutions in the U.S., and is also a key warehouse facility for Fosdick Fulfillment Corporation, a global logistics company specializing in direct response television, Internet E-commerce, print advertise- ments, sweepstakes, and re- bates. The purchase price for the building was $18 million. “This is our largest purchase in Connecticut to date in terms of square footage, and it show- cases our commitment to the state,” said Alex Dembitzer , founder of Sky Management Services. “Both Medline and Fosdick have major industrial operations they are running here thanks to easy access to highways, New York City, and Boston. We see the potential to expand our solar power program here to help the com- panies reduce their carbon footprints and supply the ma- jority of their onsite electrical consumption while improving the community surrounding the building.” The building is situated on 25.19 acres and can accommo- date a variety of uses including E-commerce, light manufac- turing and distribution. “When we first looked at the building on Research Parkway, we knew that it would make a great addition to our portfolio,” said Marc Civitillo , manag- ing director for acquisitions at Sky Management. “The tenants clearly care about the Connecticut community, and we believe everyone will benefit from a long-term part- nership that brings a focus on sustainability.” This is Sky Management’s second investment in Connect- icut. The first, 160 Corporate Court in Meriden, Connecti- cut, was purchased in Febru- ary 2018 for approximately $15 million. Both buildings will feature improvements in the form of two megawatt solar installations, adding four megawatts of renewable energy generation to the state of Connecticut. Sky Management is actively acquiring and developing prop- erties in the Northeast United States. P
550 Research Parkway in Meriden, CT
160 Corporate Court in Meriden, CT I-691.
In a second transaction, Alex Dembitzer , founder of Sky Management Services, LLC announced that the com- pany has purchased 160 Cor- porate Court in Meriden, CT, for $15 million. The building is the headquarters and main distribution center for sports and outdoor retailers Bob’s Stores and EMS (Eastern Mountain Sports) which are owned by Sports Direct, the largest sports retailer in the U.K. “This is the first of what we hope will be many investments in Connecticut,” said Dembitz- er. “We love the location of this building and are looking for-
ward to a long-term relation- ship with Sports Direct, Bob’s Stores, and EMS. We are also planning a number of physical and environmental improve- ments to the facility, including the installation of solar panels to reduce the carbon footprint of the businesses’ operations.” The 260,000 s/f facility is fully occupied by Sports Direct, which has a long-term lease in place. The building has served as the headquarters for Bob’s Stores since 1991. The facility is well-located at the midpoint between New York City and Boston with easy access to I-91, the Wilbur Cross Parkway (CT Route 15), CT Route 66 and
Emrani of NKF’s Tri-State Capital Markets Team in col- laboration with Matt O’Hare from CBRE ’s New Haven office. About Sky Management Services, LLC Sky Management Services, with offices in Philadelphia and in New York City, is a privately funded and managed real estate company which owns and operates a large, diversified portfolio of proper- ties in the United States. As a principal for its own account, Sky’s combination of creativity and entrepreneurism allows it to develop innovative solutions to maximize property value. n
“The purchase of the build- ing in Meriden suited our strategic acquisition plan per- fectly,” said Marc Civitillo , managing director for Acqui- sitions at Sky Management. “We are dedicated to identify- ing warehouse, distribution, and office buildings that have large footprints that can sig- nificantly benefit from our social mission to reduce the environmental impact of our buildings.” Representing the institu- tional seller in the transac- tion was Newmark Knight Frank’s (NKF) KevinWelsh, Brian Schulz and Jason
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