Cushman & Wakefield Arranges Long Island Industrial Portfolio Interest Sale
Cushman & Wakefield
Commercial real estate services firm Cushman & Wakefield provided advisory services in the recent sale of a 50 percent interest in a 3.6 million-square-foot, 38-building industrial portfolio in Nassau and Suffolk Counties. A team of investment sales specialists based in East Rutherford, N.J., and Queens, N.Y., represented the ownership – a joint venture of FBE and Cammeby’s – in the $135 million transaction.
Located throughout Nassau and Suffolk Counties, the portfolio is close to 90 percent occupied by tenants including Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday, among many others. It includes a mix of industrial, office and R&D properties with varying levels of office finish, and clear heights ranging from 14 to 28 feet. The structures were developed between 1955 and 2000; many of the properties feature substantial renovations and upgrades, and continued innovation is planned by the portfolio’s new manager – Milvado Property Group – which features a dynamic, experienced team that is at the forefront of commercial real estate in the region.
“This is a distinctive portfolio in a densely populated, affluent market,” noted Cushman & Wakefield’s Gary Gabriel, who headed the assignment with Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Stephen Palmese. “The buildings all are well-located for last-mile and e-commerce distribution capabilities throughout Long Island and the five boroughs of New York City,” added Schmidt.
Long Island boasts a population of 5,632 persons per square mile and average household income of $124,770. “Within this context, many of these buildings are ideally situated for conversion based on their locational attributes,” Palmese said. “For example, those proximate to train stations could be adapted for retail or multifamily, and others could be repurposed for in-demand medical uses. Several of the properties have excess land for dedicated parking, which could be subdivided and sold as hotel or retail pad sites.”
Evelyn Weiss Francisco,