Improvements to the Building Include 2 Megawatt Solar Installations

Sky Management Services, LLC, announced today that it has purchased 550 Research Parkway in Meriden, Connecticut. The building is a mission-critical manufacturing facility for Medline, the largest privately-held provider of medical supplies and solutions in the U.S., and is also a key warehouse facility for Fosdick Fulfillment Corporation, a global logistics company specializing in direct response television, Internet E-commerce, print advertisements, sweepstakes, and rebates. The purchase price for the building was $18 million.

“This is our largest purchase in Connecticut to date in terms of square footage, and it showcases our commitment to the state,” said Alex Dembitzer, founder of Sky Management Services (http://www.dembitzer.com/about-alex-dembitzer/). “Both Medline and Fosdick have major industrial operations they are running here thanks to easy access to highways, New York City, and Boston. 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 E-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.”

This is Sky Management’s second investment in Connecticut. The first, 160 Corporate Court in Meriden, Connecticut, was purchased in February 2018 for approximately $15 million. Both buildings will feature improvements in the form of two megawatt solar installations, adding four megawatts of renewable energy generation to the state of Connecticut (https://www.skypwr.com/alex-dembitzer).

Sky Management is actively acquiring and developing properties in the Northeast United States. For more information, contact Marc Civitillo at marc@skyrem.com. 

About Sky Management Services, LLC

Sky Management Services, with offices in Philadelphia and in New York City, is a privately funded and managed real estate company which owns and operates a large, diversified portfolio of properties in the United States. As a principal for its own account, Sky’s combination of creativity and entrepreneurism allows it to develop innovative solutions to maximize property value. To learn more, visit www.skyrem.com.