Regal Ventures, Snowball Developments and Devli Real Estate Acquire Windsor, Conn., Industrial Property for $13 Million
A joint venture of Regal Ventures, Snowball Developments and Devli Real Estate has acquired 600 Day Hill Road in Windsor, Connecticut, a single-tenant industrial property on approximately 30 acres. The property sold for $13 million, and Regal Ventures is managing the investment.
The acquisition expands the Regal Ventures industrial portfolio into the Greater Hartford market and is the firm's first industrial investment in Connecticut.
600 Day Hill Road: Property and Tenancy
The Windsor property totals 186,603 square feet and is 100% leased to the Spencer division of Howden USA Companies, a wholly owned subsidiary of Chart Industries. The tenant, historically known as the Spencer Turbine Company, has occupied the facility since the mid-1970s. Its lease runs through November 2034. The building was constructed in 1975.
Spencer manufactures industrial blowers, vacuum systems and gas-pressure boosters used in industrial processes and wastewater treatment. The lease is structured as an absolute-net lease, under which the tenant is responsible for property upkeep, including structural repairs. The seller was Industrial Lease II PropCo LLC, which acquired the property for $10.43 million in January 2018.
The $13 million sale price equates to roughly $69.65 per square foot based on the 186,603-square-foot figure. Public property data lists the building at 187,992 square feet, which would imply approximately $69.15 per square foot.
Joint Venture Structure and Investment Approach
The acquiring group combines three firms: Regal Ventures, Snowball Developments and Devli Real Estate. Regal Ventures is managing the investment. The deal combines long-term tenancy, current cash yield and future value-creation optionality.
The buyer group is evaluating development potential on unused portions of the nearly 30-acre site, which could support expansion, additional industrial development or other site improvements, subject to zoning, infrastructure and market demand. The group expects Spencer to remain at the facility given its specialized equipment and long operating history at the site.
Public land records show entity-level ownership interests in the property, including a Devli-affiliated entity at 52.51%, a Florida investor entity at 21.04%, a Regal-affiliated entity at 20.2%, Samer Batraki LLC at 3.27% and Snowball Developments LLC at 2.98%. Those figures reflect recorded entity ownership and may not represent the economic allocation among the joint venture's principals.
Greater Hartford Industrial Market Context
The deal comes as Greater Hartford's industrial market shows signs of rent recovery. CBRE reported that average asking rents rose 2.3% quarter over quarter to $7.41 per square foot in the first quarter of 2026, reversing a downward pricing trend that began in late 2024.
The Windsor property is located near Bradley International Airport, a logistics and manufacturing access point for the Hartford region.
Outlook
For Regal Ventures, the Windsor acquisition establishes a presence in Connecticut and the Greater Hartford industrial market. The asset pairs a lease running through November 2034 with a site large enough to support potential future development, giving the joint venture both an income-producing property and land that could be developed.
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