JV Sells $135M Stake in Long Island Industrial Portfolio
- Feb 06, 2018
A joint venture between FBE and Cammeby’s International has sold its 50 percent interest in a 3.6 million-square-foot, 38-building industrial portfolio in Long Island, N.Y. An investor paid $135 million for the share.
The portfolio spreads across Nassau and Suffolk counties and includes a mix of industrial, office and R&D assets. The properties were completed between 1955 and 2000, and feature clear heights ranging between 14 and 28 feet. Most of the assets underwent various renovations, and the remaining buildings will be upgraded by the recently appointed management company, Milvado Property Group.
A diverse roster of tenants including Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday occupy the properties, which have an average occupancy level of 90 percent. The portfolio also offers redevelopment possibilities, including retail, multifamily or medical uses, while some of the properties have excess land suitable for hotel or retail pad sites.
A Cushman & Wakefield team fronted by Gary Gabriel and comprising Andrew Merin, David Bernhaut, Kyle Schmidt, Brian Whitmer and Stephen Palmese brokered the transaction.
“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,” Schmidt said in a prepared statement.
In another recent deal, Cushman mediated the sale of an industrial portfolio in Northeastern Pennsylvania.
Image courtesy of Cushman & Wakefield