February 9, 2018
Deal Watch Today

Ford resets auto-parts hub to Windsor

IMAGE | Contributed
IMAGE | Contributed
Artist's sketch depicts a similar design landlord Griffin Industrial Realty plans for Ford Motor Co.'s new distribution-warehouse in Windsor.

One of Connecticut's largest landlords will begin construction by this spring in Windsor on a new auto-parts distribution-warehouse for Detroit automaker Ford Motor Co., officials and regulatory filings say.

Griffin Industrial Realty, a New York company with operating headquarters in Bloomfield, has gotten all necessary town approvals and has requested building permits for a 234,000-square-foot warehouse at 220 Tradeport Drive, in Griffin's New England Tradeport, Windsor officials said Friday.

A Griffin executive declined comment Friday. However, the landlord, without naming Ford, details some of the building's plans in its latest annual report filed this week with the Securities and Exchange Commission.

Ford did not immediately respond to a request for comment.

According to Griffin's 10-K filing, the landlord and "an investment grade company" as tenant last October signed a 12 -year lease, with renewal options. Jim Burke, Windsor's economic-development director, confirmed the tenant is Ford, which occupies a similar-sized parts-distribution facility at 110 Old Country Circle, in neighboring Windsor Locks.

There, Ford warehouses automotive parts for distribution to its dealer network throughout the Northeast, Burke said.

In return, Griffin agreed to invest around $17.5 million to erect the 220 Tradeport building, the filing states. Meantime, Griffin has pending a request for a $13.8 million mortgage from insurer State Farm to cover construction costs. Once Ford occupies the building before yearend, the loan converts to a 15-year nonrecourse mortgage, bearing a 4.51 percent interest rate, the filing says.

Griffin also granted Ford an option on a 54,000-square-foot addition that would extend its lease by at least another decade, the filing says.

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