Industrial property refers to buildings like manufacturing plants, distribution warehouses, showrooms, and temperature-controlled facilities. They have a separate space on zoning maps and stand at a safe distance from residential or commercial properties because of their specific nature of work. Connecticut has several industries like manufacturing (10%), construction (10.8%), transportation, and warehousing (4%), all of which require substantial infrastructure to run or operate. It also witnesses around 2.4 billion USD$ worth of industrial construction per year.
If you are involved in these industries and are looking for an industrial property for sale CT, these are some things you should pay attention to before proceeding to invest. However, it is advisable to purchase a property with the help of a real estate brokerage firm since they possess the experience and information related to the various processes involved. Here are some of the factors to consider before purchasing a property.
The Total Size of the Property
You might start by considering the property’s total size, depending on the scale of operations, the number of people employed, machinery, and your requirements. You must have sufficient storage and operational space for daily operations while avoiding a property with excess space that you won’t be utilizing since that would be a waste of money. Industrial buildings are of different types, like manufacturing facilities (heavy and light assembly), storage and distribution buildings (distribution warehouses, general warehouses, and truck terminals), and flex space buildings (data centers and showrooms). Each of these has a different size to fulfill a specific purpose.
Analyze the Industrial District It Falls Under
It would help to analyze and considerthe industrial district the property falls under before buying it. Almost all cities in Connecticut have zoning regulations that divide industrial districts into light and general and have zoning regulations attached to them. For example, if your property falls under IL-40 Light Industrial District, the minimum lot area should be 40,000 square feet with a maximum building coverage of 30%. It also has specific rules for each product type. Suppose you are running a fuel cell power generating plant. In that case, you must have a six-foot fence with no outside storage of materials.
The Property’s Parking Space
Most industrial buildings have two parking spaces per 1,000 square feet of the total area. The parking space should have sufficient length and width to enable a car owner to park and remove their vehicle without removing another one. You should also be aware of the parking regulations beforehand. Some cities in Connecticut, such as Danbury, have stringent parking rules in place. For instance, the law prohibits you from parking your vehicle inside the perimeter planting strip while prohibiting off-street parking of motor vehicles in any industrial district.
Ensure It Has Good Connectivity to the Highway
Before purchasing the industrial property for sale in Connecticut, it is advisable to check whether it is connected to the I-84 highway in Connecticut, ensuring ease of travel and easy accessibility. The I-84 refers to an East-to-West interstate highway that runs across the cities of Hartford, Danbury, Union, and Waterbury in the state. If the industrial property stands close to this highway, it will provide you access to transportation routes.
The Taxes Involved
The Connecticut General Statutes Section 12-64 (a) mentions industrial property as real property subject to taxes, which the government determines by an income approach to valuation. You must ask your real estate broker how much taxes you would have to pay every year before deciding since you will already be making a significant investment by buying the building.
Consider Its Layout and Features
You might also consider asking the brokerage firm about the property’s layout and features and if those meet your requirements. Without those facilities, your employees will face a lot of inconveniences involving daily operations and might even have issues with the work conditions. The buildings should have facilities like a relaxation area, pantry, board rooms, elevators, and conference rooms.
How Does Hiring a Real Estate Firm Help You?
As mentioned above, hiring a real estate brokerage firm in Connecticut will give you the benefit of experience they possess in this industry. Their professional team will offer you the best advice regarding a property, the latest real estate trends in a particular city or area, and why you should purchase a specific property. You can also depend on them to handle the documentation process and all the necessary negotiations with the seller, thus making the entire process completely smooth and hassle-free.
These are some details you must pay attention to before buying industrial property for sale in CT to ensure you receive the best value for your money and that excellently serves your business requirements. It is crucial to have a suitable space for your industrial needs, whatever those might be.
Thanks to towercorp.com for consulting.
