Description

Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative for the fee simple interest of 41 Progress Drive (the “Property”), located in Manchester, Connecticut. The Property is a 69,000 square foot manufacturing facility 100% leased to Enjet Aero with 8 years of term remaining, presenting the rare opportunity to acquire a fully leased light manufacturing property with a sticky tenant in an expanding submarket.

Enjet Aero specializes in machining, fabricating, forming & delivering parts and assemblies for the aerospace industry. In 2022, they acquired Spartan Aerospace, the Property’s prior owner-occupier. Following the acquisition, Enjet Aero has demonstrated strong commitment to the facility through substantial capital improvements, including a brand new roof, parking lot repairs, upgraded flooring and lighting, and new exterior signage. Enjet Aero benefits from Connecticut’s position as a powerhouse aerospace and defense market, ranking 1st nationally for aircraft engine and engine parts manufacturing and 5th in aerospace and defense economic value ($25.2B). The concentration of aerospace talent and infrastructure within CT, anchored by industry leaders including Pratt & Whitney, Raytheon, and Sikorsky, creates exceptional barriers to entry and reinforces long-term tenant stickiness within this mission-critical sector.

The Property is strategically positioned in Hartford County between I-84 and I-384 within Manchester’s industrial park, which is over 91% occupied. Hartford County serves all affluent population bases throughout the Northeast at a significantly lower basis compared to major gateway markets such as Boston, New York, and New Jersey. The excellent labor market access, central northeast location, and proximity to Bradley International Airport established Hartford County as a prominent hub for e-commerce, third party logistics, and manufacturing companies. The record-breaking levels of tenant demand within the market, challenging entitlement process and lack of speculative construction in the pipeline will drive continued strength of market fundamentals.

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