Waterbury lease billed as the largest industrial real estate deal in Connecticut this year

Avison Young has arranged a 214,000-square-foot lease at 130 Huntingdon Ave. in Waterbury, which the company said was the largest industrial lease transacted in Connecticut this year.

The property was previously owned by Illinois Tool Works and was recently purchased and converted to a class “A” industrial building by River Bank Construction, who leased it an undisclosed Fortune 500 energy company. River Bank Construction was represented by Avison Young’s Norwalk office, with Sean Cahill, principal and managing director, and David Sherman, principal, negotiating the transaction. The tenant was represented by Cushman & Wakefield.

“The Connecticut industrial market continues to remain robust in terms of tenant demand for quality space,” said Cahill. “However, new supply is limited, and the repositioning of 130 Huntingdon is a great example of older properties being given new life through renovation and adaptive reuse. The rent premium that must be achieved for new construction is above what most local/regional tenants are willing to pay in Connecticut. Therefore, retrofitting older industrial buildings allows the developer to be more competitive.”