Contact: Rob Montesi
East Hartford, CT – March 2021 – Goman+York Property Advisors has helped their client, Rug Pad USA, locate and successfully negotiate the purchase of 100 Marketing Drive in Suffield, CT for $10.6 million.
Senior Vice President Rob Montesi of Goman+York Property Advisors managed the buyer’s side of the transaction, which started with a search focused in a 25-mile radius around the company’s current main facility in Ansonia, CT. Given Rug Pad USA’s strategy to quickly address its steep growth trajectory, the right property simply wasn’t available in that area, and the search expanded, even into eastern New York state. To build new would have been too time-consuming, and the costs considerably higher than purchasing an existing building.
Rug Pad USA’s Co-Owner, Karl Froelich said, “Rob came to me with this property he felt I needed to consider. It meant moving our base of operations 60 miles away, which would have a significant impact on our staff; but the property’s positive attributes were clear. Aside from it being close to the airport and major interstates, we could tap into the Hartford-Springfield workforce. The town of Suffield welcomed us with open arms since the first meeting initiated by Goman+York. We are excited to make this our home and hope it will be a long and mutually beneficial relationship. As it turns out, most of our team has decided to make the move with us, too.”
100 Marketing Drive was built in three phases, the first in 2005, and the last in 2015, with approximately 150,000 square feet of mostly air-conditioned warehouse and 50,000 square feet of mezzanine office, featuring 22 dock-high and 3 drive-in doors. It sits in the Bradley Airport Development Zone, and within Suffield’s Planned Industrial Development zone, featuring attractive tax incentives. Previously used as headquarters for the marketing displays firm for which it was built, the property was under foreclosure with multiple lien-holders, making for a rather complicated and lengthy purchase and sale process.
Amodio & Co. represented the seller, Marketing Research Park, LLC in the deal.
Started in 2012, by Karl Froelich and Will McDonald, Rug Pad USA employs over 100 people, manufacturing custom-cut pads for carpet, laminate, stone, tile, and other types of flooring. All of their products, proudly made in the USA, are available direct to consumer at RUGPADUSA.com, as well as through sites such as Amazon and Wayfair.
GOMAN+YORK Property Advisors LLC works at the leading edge of real estate and economic development. Our team of experienced, proven industry experts, led by principals R. Michael Goman and Tom York, formulates real-world market-driven solutions for public, nonprofit and private organizations. Goman+York delivers expert advice and high-value services to provide customized and cost-effective solutions in the delivery of real property engagements. New England-based in East Hartford, CT, with regional offices in Greenville, SC; Dallas, TX; and Phoenix, AZ, GOMAN+YORK’s reach is nationwide. Visit: www.gomanyork.com