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Lakewood Associates LLC has sold a 140,000-square-foot industrial manufacturing building at 128 Old Brickyard Lane in Berlin to Glen Park Capital Partners, an affiliate of major downtown Hartford landlord Shelbourne Global Solutions, for $7 million.
Shelbourne announced the purchase and partial leaseback on Wednesday.
“The sale illustrates the high demand for industrial and flexible assets in CT and Shelbourne’s continued investment in Connecticut’s commercial and industrial assets,” the company said.
Shelbourne Global Solutions, Hartford’s largest downtown landlord, is appealing in state court the city’s tax assessments on most of its center-city holdings, including the Stilts Building on Church Street, which has fallen into foreclosure.
Shelbourne has filed at least 14 lawsuits in Superior Court, asking a judge for relief from what it calls “grossly excessive, disproportionate and unlawful” tax assessments that have inflated the values of nearly two dozen properties including major Class A office buildings and led to higher property tax bills.
Benjamin Schlossberg’s New York-based real estate investment and development company Shelbourne Global Solutions has had the biggest impact on downtown Hartford’s commercial real estate market over the past eight years.
Schlossberg’s firm since 2014 has bought hundreds of millions of dollars in real estate downtown including major class A office towers becoming the center city’s most dominant landlord.
Benjamin Schlossberg’s New York-based real estate investment and development company Shelbourne Global Solutions has had the biggest impact on downtown Hartford’s commercial real estate market over the past eight-plus years.
Schlossberg’s firm since 2014 has bought hundreds of millions of dollars in real estate downtown including major class A office towers becoming the center city’s most dominant landlord.