Windsor Business Sheds Light On $13M Deal

WINDSOR, CT — The manufacturer occupying the industrial property at 600 Day Hill Road has a lease through November 2034, according to a new statement from the investment firms that bought the site earlier this month.

Regal Ventures, Snowball Developments and Devli Real Estate formally announced the acquisition Tuesday. The sale itself was reported earlier this month: the buyers paid $13 million for the nearly 30-acre property, according to Windsor land records cited by the Hartford Business Journal.

The building is fully leased to the Spencer division of Howden USA Companies, which makes industrial air and gas handling equipment. Spencer has operated at the Windsor site since the mid-1970s, the buyers said. They said the company has made substantial improvements to the building for its manufacturing and testing work.

“The long-term committed tenant, attractive cash yield, and the optionality to explore multiple value-creation strategies make this an ideal addition to our growing industrial portfolio,” said Sean Dainese, managing partner of Regal Ventures, which is managing the investment.

The buyers also see potential in the land around the existing building. Snowball president Brian Ker described the parcel at the corner of Day Hill and Marshall Phelps roads as a long-term opportunity. In the earlier report, Ker estimated that roughly 40 percent of the site was excess land, though the owners had announced no specific construction plan or timetable.

The new statement describes the building as 186,603 square feet. Earlier reporting based on property records listed it at 187,992 square feet. The firms did not explain the difference. Their statement did not disclose a price or seller; the earlier report identified the seller as Industrial Lease II PropCo LLC.

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