156 River Rd 35,000 SF 78% Leased Flex Building Willington, CT 06279 $1,500,000 ($42.86/SF) 6.67% Cap Rate

RATIONALE FOR SALE & PRICING:
The Mill Works property has been continuously owned and operated by two generations of the Buccino family for over 60 years. At this time, we are seeking to transition ownership to the “right” passionate individual or organization who will continue the legacy of innovation for years to come.
A professional property appraisal was completed in 2015, resulting in a property value of $1,300,000. In 2023, a market value assessment was completed by a real estate professional which resulted in a market value of $1,500,000. Based on these analyses, we believe a range of $1.3M – $1.5M is a reasonable price range for this property. We are most interested in a timely direct sale. Due to personal and health related factors, we are happy to review all serious offers and willing to consider flexible terms. Comprehensive list of facility improvements, financial data, historical designations, etc. available to serious buyers.

FACILITY DETAILS AND DESCRIPTIONS:
The Mill Works facility was originally home to the Gardiner Hall Jr Company, the first spooled thread manufacturer in the US, operating from 1860-1954. In 1962, the property was purchased by the Buccino family; and has served as home for a variety of creative business applications from manufacturing / R&D concerns and retail establishments to professional offices and fine art studios; and most recently a cultural organization offering a performance venue and event space, history museum and community art gallery.
The Mill Works, a historic landmark in Willington, CT, offers over 30,000 square feet of unique and inspiring workspace. The facility includes 21 built-out suites ranging in size from 150sf to 3,800sf; and a separate 1,500sf townhouse apartment for landlord occupancy onsite. The property also includes 3 rentable outbuildings; and a dedicated fire reservoir serving a dry sprinkler system installed throughout the facility. Our workspaces combine wood and brick with an abundance of natural light and water views to provide an inspirational environment for creative thought. This historic setting enhanced with current technology offers a peaceful and productive workplace where ideas become reality.
The Mill Works facility is located approximately 1-mile from I-84, just minutes from the main University of Connecticut campus in Storrs, CT. Our rural setting and close proximity to major cities provides cultural opportunities and favorable logistics for entrepreneurs and small businesses.
Distance to Major Cities:
Hartford, CT - 20 minutes
Springfield, MA - 45 minutes
Worcester, MA - 50 minutes
New Haven, CT - 1 hour
Providence, RI - 1 hour
Boston, MA - 1 ¾ hours
Albany, NY - 2 hours
New York, NY - 2 ½ hours