MERIDEN — A Philadelphia-based management and renewable energy investment firm recently bought two commercial buildings on Research Parkway and Corporate Court for $33 million cash.
Sky Management Services LLC announced Monday that it has purchased 550 Research Parkway for $18 milllion, one month after buying 160 Corporate Court for $15 million. Corporate Court runs between Research Parkway and Thorpe Avenue.
Renewable energy is a large component of Sky Management Services business and the company outfits its buildings with solar power generation. The company has offices in Philadelphia and New York City, and a portfolio of renewable energy projects in New Jersey.
“We were looking to get into the market,” said company founder Alex Dembitzer. “It’s very difficult to find good real estate here, so we find hard-to-get good sites. These are great sites near fantastic transportation, great tenants that provide a valuable service.”
Medline occupies 225,000 square feet and is the primary tenant at 550 Research Parkway. It was formerly Applicare before being acquired several years ago. The company provides medical supplies and solutions in the U.S. The building is also the home of Fosdick fulfillment center, who uses it as a key warehouse facility.
“Both Medline and Fosdick have major industrial operations they are running here thanks to easy access to highways, New York City and Boston,” Dembitzer said in a press release announcing the sale. “We see the potential to expand our solar power program here to help the companies reduce their carbon footprints and supply the majority of their onsite electrical consumption while improving the community surrounding the building.”
The building is situated on 25.19 acres and can accommodate a variety of uses including internet commerce, light manufacturing, and distribution.
“When we first looked at the building on Research Parkway, we knew that it would make a great addition to our portfolio,” said Marc J. Civitillo, managing director for acquisitions at Sky Management. “The tenants clearly care about the Connecticut community, and we believe everyone will benefit from a long-term partnership that brings a focus on sustainability.”
Both buildings will feature improvements in the form of two megawatt solar installations, adding four megawatts of renewable energy generation.
Sports Direct is the sole tenant at 160 Corporate Court, and the headquarters for Bob’s Stores and EMS Sports.
City Economic Development Director Juliet Burdelski said she was unaware of the two sales but assumed it was a lease buyback.
Sky Management is also finalizing a deal to buy a 209,000 square feet in four buildings at 611-617 West Johnson Ave. in Cheshire. Tenants include Fosdick, Trinity Solar, Abilities Without Boundaries, and others. About 70,000 square feet of flex space is available for rent. More details on the deal are forthcoming, a company spokesman said.