Snowball Developments

Snowball Developments is excited to present 200 Prestige Park in East Hartford CT as a value-add industrial investment opportunity at a compelling purchase price of $73 PSF and a total basis of $95 PSF. Key features of the asset and offering are below:

• Asset totals 81,250 SF on 3.25 acres that is a functional, modern industrial design with 27’ clear heights, 18 docks, efficient loading
• Immediate access to I-84, I-91, and regional logistics infrastructure
• Single-tenant asset which simplifies the business plan and is easily sub-divided into three (3) or four (4) units however larger suites are currently commanding premium rents
• Short-dated lease term offers a near-term value creation event. ATD is projected to vacate at expiration, enabling re-tenanting at market rents with typical concessions and limited downtime
• Immediate income with compelling upside, producing Year 1 NOI of $426,250 ($5.21 PSF) and a 7.16% going-in cap rate. Stabilized cash flow reaches $757,451 ($9.27 PSF), supporting an 9.74% Yield-on-Cost
• The business plan should be executed within three (3) years allowing for a recapitalization or sale. 

This acquisition would mark Snowball's seventh (7th) property under management in the Greater Hartford market since March 2022 with additional clustered investments in pursuit. Since our initial acquisition, we have been pleasantly surprised at the vigor of the leasing market, and combined with a lack of new supply, has sustained >10% market rent growth in each of the past 3 years. Highly functional Class B assets such as 200 Prestige Park can be improved aesthetically to attract higher quality tenants while the current leasing profile ensures steady income to support acquisition financing.