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A Compendium of Property & Capital News
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Jul 22
A Compendium of Property & Capital News

Winstanely Enterprises Acquires $2 Million Square Ft J.C. Penney Property

July 02, 2018 - By The Real Reporter
Jc Penney Warehouse, Manchester, CT

MANCHESTER, CT– Winstanley Enterprises, of Concord, MA has acquired the J.C. Penney distribution warehouse facility for $70 million. The site is located at 1339 Tolland Turnpike in Manchester, CT with convenient interstate highway access present, connecting future tenants to the largest metropolitan hubs in the Northeast.

Adam Winstanley, a Principal of Winstanley Enterprises, elaborated on the achievement. “This facility is one of the largest distribution warehouses on the Eastern Seaboard, and we are very excited to breathe new life into the property,” extolled Winstanley. “We look forward to working closely with the community, creating new local jobs and offering distribution tenants a top-tier facility centrally located here in Manchester,” added Winstanley.

The development team of Winstanley Enterprises shared several existing interior features of the warehouse, including 40-foot by 40-foot column spacing and 28-feet of height clearance, making it an ideal location for large distribution or manufacturing tenants seeking over 500,000 square feet of space. Winstanley Enterprises plans to make significant investments in the property including a new roof, building exterior enhancements, site and signage improvements, LED lighting, updated mechanical systems, and a new EFSR sprinkler system. The improvements are estimated to cost approximately $40 million.

J.C. Penney has operated at the Manchester distribution center since the early-1980’s, and as part of the acquisition will continue to operate in their existing footprint in the short-term. The department store company is planning to downsize to a 600,000 square-foot portion of the building.

In addition to this space, Winstanley owns and operates over four-million square-feet of manufacturing/warehouse space in Connecticut. The majority of the locations are along the I-91 distribution corridor. Properties include a 1,079,000 square-foot distribution facility in Windsor Locks leased to Stop & Shop; several locations in Enfield including a 500,000 square-foot Advanced Auto Parts northeast distribution center, a 600,000 square-foot office-warehouse/distribution facility leased to Lego and Coca-Cola Bottling, and an existing one-million-square-foot distribution facility on nearly 325 acres on Bacon Road; a 450,000 square-foot lumber warehouse leased to Home Depot in Bloomfield; a 168,000 square-foot state-of-the-art distribution center leased to Arrow Electronics in Windsor; and a 530,000 square-foot building in Plainfield with plans to convert into distribution facilities for Staples and Morgan Truck Body.