MANCHESTER: Winstanley Enterprises, LLC of Concord, MA has acquired the two million square J.C. Penney distribution warehouse facility located at 1339 Tolland Turnpike for $70 million from J.C. Penney.
Winstanley Enterprises says it plans to renovate the interior and exterior of the facility and transform the location into a bulk warehouse and distribution center.
“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,” said Adam Winstanley, a principal of Winstanley Enterprises. “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.”
Winstanley Enterprises is one of the largest owners and operators of warehouse and distribution space on the East Coast, bolstering their portfolio to over 10 million square feet with this acquisition.
Winstanley Enterprises plans to make 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 $40 million.
“The existing building has some very marketable layout features, access to rail and a centralized location,” said Winstanley. “We feel strongly that the capital infusion our team is committing to this property will draw high-quality tenants to occupy portions of the warehouse.”
J.C. Penney has operated at the Manchester distribution center since the early 1980s, and as part of the acquisition will continue to operate in their existing footprint in the short-term, until downsizing to a 600,000 square foot portion of the building to better fit their needs.