Developer makes ‘major’ purchase in Northeast

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Preferred Real Estate Investments Inc. has acquired The Cheshire Distribution Center in Cheshire, Conn. The value of the transaction was not disclosed. Oaktree Capital Management sold the 527,000-square-foot property, which located on West Johnson Avenue spanning 83 acres. At the time of sale, ESPN, Roadway and fashion retailer H&M occupied 75 percent of the building. Since the acquisition, Preferred has signed a lease with Federated Department Stores for the remaining 25 percent of the space. The lease period began on Jan. 1, 2006. "This is an important acquisition of a major distribution center in the Northeast," said Michael O'Neill, CEO of Preferred Real Estate Investments. "We fully expect that the existing tenants will continue their occupancy through the balance of their leases. Additionally, bringing Federated in as a tenant has helped substantially increase the market value of the property." Specific features of the facility include: 388,346 square feet of high-bay di...