Seyon Group has closed a $28.1 million loan from Northwest Bank to acquire Prestige Park, a 428,000-square-foot industrial campus in East Hartford, Connecticut. The deal values the 11-building warehouse complex at $37 million.
Northwest Bank funded roughly 76 percent of the acquisition price, leaving Seyon Group to cover approximately $8.9 million in equity. The property comprises 11 separate warehouses spread across the industrial park.
East Hartford's industrial market remains active for investors seeking warehouse and light manufacturing space in the Hartford metro area. The Prestige Park acquisition adds to Seyon Group's portfolio of industrial assets in Connecticut and the Northeast.
For industrial tenants in the region, the transaction signals continued investment in warehouse space. New ownership often brings operational changes, lease terms renegotiation, or capital improvements. Existing occupants should prepare for potential contact from Seyon Group's management team regarding lease renewals or facility upgrades.
For investors, the deal demonstrates lender appetite for industrial real estate financing in secondary markets. Northwest Bank's willingness to advance $28.1 million shows confidence in the Connecticut warehouse sector, even as broader commercial real estate faces headwinds. The 76 percent loan-to-value ratio reflects typical lending standards for stabilized industrial properties.
The acquisition follows years of sustained demand for last-mile warehouse space in the Northeast corridor. E-commerce and supply chain reshoring have supported valuations across Connecticut's industrial parks. Seyon Group's purchase of Prestige Park at $37 million signals the current market's appetite for multi-building industrial campuses that offer diversified tenant bases and stable cash flow.
For sellers, this transaction establishes recent benchmark pricing for large Connecticut industrial portfolios. The deal provides comparable data for owners evaluating disposition strategies across Hartford's industrial markets.