CT Office, Distribution Center Changes Hands for $15M

The 260,000-square-foot building in Meriden, Conn., is fully occupied by two companies owned by Sports Direct: Bob’s Stores and Eastern Mountain Sports.

160 Corporate Court in Meriden, Conn.
160 Corporate Court in Meriden, Conn.

Sky Management Services LLC has purchased the headquarters and main distribution center for Bob’s Stores and Eastern Mountain Sports (EMS)—both of which are owned by Sports Direct—located in Meriden, Conn. The asset traded for $15 million in a transaction facilitated by a collaboration of Newmark Knight Frank (NKF) and CBRE.

The property is located at 160 Corporate Court, adjacent to Interstate 91. Routes 15 and 66, as well as Interstate 95 are also nearby, while New Haven, Conn., and Hartford, Conn., are within a 30-minute drive.

Long-term tenant Sports Direct is the sole lessee of the 260,000-square-foot asset. The building has served as Bob’s Stores’ headquarters since 1991.

NKF’s Tri-State Capital Markets team, including Executive Managing Director Kevin Welsh, Managing Director Brian Schulz and Financial Analyst Jason Emrani, worked together with Vice President Matt O’Hare from CBRE’s New Haven office in representing the institutional seller.

“(We) are looking forward to a long-term relationship with Sports Direct, Bob’s Stores and EMS,” said Alex Dembitzer, founder of Sky Management, in prepared remarks. “We are also planning a number of physical and environmental improvements to the facility, including the installation of solar panels to reduce the carbon footprint of the businesses’ operations.”

Image via Google Maps