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Tag: office buildings

  • Inked: Long Island commercial real estate sales and leases | Long Island Business News

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    130 Eileen Way, Syosset

    Total Restoration Industries purchased the 30,500-square-foot building on 1.5 acres at 130 Eileen Way in Syosset for $9.093 million. The company, in business for more than 30 years, specializes in restoring property damaged by fire and smoke, water and flooding and mold remediation. It will be relocating from its current location down the street at 160 Eileen Way. The Syosset property at 130 Eileen Way had been the home of Big Blue Products, a global provider of IT products, computers, laptops, tablets and related parts and accessories. Max Omstrom of JLL represented the buyer, while Jason Miller and Jeffrey Schwartzberg of Premier represented the seller, Alnwick Castle LLC, in the sales transaction.

     

    4250 Veterans Memorial Highway, Holbrook

    MDJ Realty Services, an entity owned and controlled by Michael Broxmeyer and his brother Daniel Broxmeyer, purchased the four-story 145,000-square-foot building on 6 acres at 4250 Veterans Memorial Highway in Holbrook for $13 million. The office building, located at the corner of Veterans Memorial Highway and Johnson Avenue and known as MacArthur Plaza, is 78 percent occupied. The sale price equates to $89 a square foot an in-place cap rate of about 12 percent. Though the Broxmeyers are also executives with Melville-based Fairfield Properties, the Holbrook deal has nothing to do with Fairfield, and the property will be managed by MDJ. Financing for the acquisition was provided by Joseph Fingerman at Peapack Private Bank & Trust. The buyer was self-represented, while Dan Abbondandolo, Joegy Raju and Victor Little of Cushman & Wakefield’s Long Island and Capital Markets team were assisted by C&W’s David Pennetta and Steve Cadorette in representing the seller, CAF Vets LLC, in the Holbrook sales transaction.

     

    60-70 Cleveland Ave., Bay Shore

    ZNM LLC purchased a 41,419-square-foot industrial building on 2.9 acres at 60-70 Cleveland Ave. in Bay Shore for $6.35 million. The building has a 13,000-square-foot mezzanine and 22-foot-high ceilings. Luca Perinuzzi and Ralph Perna of Schacker Realty represented the buyer, while Reid Berch and Joseph Lagano of Avison Young represented the seller, SLMP Facility LLC, in the sales transaction.

     

    21-23 S. Park Ave., Rockville Centre

    Eager Realty LLC, an affiliate of a family-owned real estate investment group, purchased a 2,640-square-foot restaurant building at 21-23 S. Park Ave. in Rockville Centre for $1.675 million. The building is triple-net-leased to The Ivy Kitchen & Bar, which also has a location in Huntington. The sale price equates to $634 per square foot and a 7 percent cap rate. The buyer was self-represented, while Tom Bigansky of North Village Realty represented the seller, CSK Realty Inc., in the sales transaction.

     

    1821 Broadhollow Road, East Farmingdale

    Value Outlet leased a 20,000-square-foot building on 1.13 acres at 1821 Broadhollow Road in East Farmingdale, where it plans to open its first store. The property was the former long-time home of Ashley Furniture.

    The newly minted Value Outlet is an off-price retailer of apparel, footwear, home goods and accessories. The East Farmingdale building is currently undergoing renovations, and the new store is expected to open in the next few months. Luciano Oliverio of Summit Commercial Real Estate represented Value Outlet, while the landlord JSP Realty Group was self-represented in the lease transaction.

     

    48 West Main St., Patchogue

    Tapster, a self-pour tasting room franchise, leased a 4,200-square-foot space at 48 West Main St. in Patchogue. The space was formerly occupied by Pinball Long Island. This will be the first Long Island location for Tapster, a growing franchise that has other locations open in Seattle and Bellevue, Wash., Cleveland, Ohio, Chicago, Philadelphia and Lexington, Ky. Tapster offers a self-serve tasting room model, allowing guests to explore a wide selection of craft beers, wines, cocktails, ciders, kombucha, and non-alcoholic beverages purchased by the ounce. The Patchogue Tapster, owned and operated by franchisee Allison Dee, is expected to open this spring. John Pacifico of NAI Long Island represented the tenant in the Patchogue lease transaction.

     

    365 Oser Ave., Hauppauge

    Boduo International Trade LLC, an affiliate of a supplier of bubble tea ingredients and products, leased a 20,000-square-foot industrial building on 1.14 acres at 365 Oser Ave. in Hauppauge. The company is relocating from its current facility in Farmingdale. Founded in 2014, Boduo International is a subsidiary of Boduo Holding Group, one of the largest milk tea suppliers in China since 2000, according to its website. The company’s product offerings include tea, non-dairy creamer, popping boba, toppings, powder, jam and syrup. Desmond Mullins of Premier Commercial Real Estate represented the tenant, as well as the landlord, Heartland Associates, in the lease transaction.

     

    301 Walt Whitman Road, Huntington Station

    Seven Hearts Realty LLC, an affiliate of a family-owned commercial real estate investment group, purchased the 19,530-square-foot building on 1.2 acres at 301 Walt Whitman Road in Huntington Station for $14.2 million. The acquisition was completed to satisfy the buyer’s 1031 exchange requirement. The Huntington Station property is fully occupied by Barnes & Noble, which leases 14,330 square feet and a T-Mobile store that leases 5,200 square feet. There is parking for 16 vehicles in front and another 50 parking spaces behind the building. The sale price equates to $727 a square foot and a 6.45 percent cap rate. Daniel Abbondandolo, Joegy Raju, Victor Little and Chris Sheldon of Cushman & Wakefield procured the buyer and represented the seller, 301 Route 110 LLC, in the sales transaction.

     

    445 Winding Road, Old Bethpage

    Daniels Real Estate Acquisition Inc., an affiliate of Daniels , purchased the 23,159-square-foot industrial building on 1.5 acres at 445 Winding Road in Old Bethpage for $6.69 million. Paul Leone of CBRE represented the buyer, while Gary Chimeri and Michael Berndt of Paramount Properties Group represented the seller, Quarter to Five Inc., in the sales transaction.

     

    41 Howard Place, Ronkonkoma

    ISP Millwork Inc. leased 9,000 square feet of industrial space at 41 Howard Place in Ronkonkoma. Michael Zere of Zere Real Estate Services represented the tenant, as well as the landlord, 41 Howard Place LLC, in the lease transaction.


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    David Winzelberg

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  • Inked: Long Island commercial property sales total $12.5 million | Long Island Business News

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    55 2nd Ave.,

    Queens-based TempWork Staffing Solutions Inc. purchased the 15,000-square-foot office building on 1.9 acres at 55 2nd Ave. in Brentwood for $5.3 million. The building is about 65 percent occupied, and TempWork plans to occupy about 5,000 square feet of the available space. The company, which also has offices in Elmhurst, Queens, is relocating its Suffolk County office from 2000 Brentwood Road. The sale price equates to a 5.5 percent cap rate. Founded in 2011, TempWork Staffing Solutions offers a variety of services, including seasonal staffing, contingent staffing, payroll services and more. Giuseppe Gregorio, Luca DiCiero and Nick Evangelista of NY Space Finders represented the buyer, while Mario Vigliotta of NAI represented the seller, 157 Cliff Road Partners LLC, in the Brentwood sales transaction.

     

    47 and 57 Hillside Ave.,  28 Locust St.,

    A three-building office portfolio in Manhasset has sold for $3.9 million.

    Mark Udell, the owner of London Jewelers, purchased a three-building office portfolio that totals 11,900 square feet, as well as a 5,000-square-foot parking lot. The properties in the portfolio include a two-story, 7,000-square-foot office building at 47 Hillside Ave.; a 4,000-square-foot office building at 57 Hillside Ave.; and a 900-square-foot office building at 28 Locust St. The building at 57 Hillside Ave. is fully occupied by three tenants and 28 Locust St. is occupied by a single tenant. The second floor of the building at 47 Hillside Ave. is occupied, and the currently vacant first floor will be used by London Jewelers for its jewelry repair operations, according to a broker on the deal. Kyle Crennan, Joe Lopresti and Brian Weigold of JLL represented the buyer, as well as the sellers, MAG Hillside LLC, RJG Hillside LLC, JVG Hillside LLC and DAG Hillside LLC, in the sales transaction.

     

    116-118 Broadway,

    118 Broadway LLC, an affiliate of a Long Island investor, purchased a 5,220-square-foot commercial building on .22 acres at 116-118 Broadway in Lynbrook for $1.75 million. The building, which has office space above three stores, is currently occupied by one tenant, Philly Pretzel Factory. Ron Koenigsberg and Dawn Gingold of American Investment Properties represented the buyer, as well as the seller, Phil Civello, in the sales transaction.

     

    3944-3954 Merrick Road,

    Local commercial real estate investor John DeCrescenzo purchased a 6,576-square-foot retail building on .32 acres at 3944-3954 Merrick Road in Seaford for $1.53 million. The building has two stores that are occupied by a hair salon and a chiropractic office. Ron Koenigsberg and Dawn Gingold of American Investment Properties represented the buyer, as well as the seller, Ryan Crest Corp., in the sales transaction.


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    David Winzelberg

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  • Inked: Long Island commercial real estate deals and leases | Long Island Business News

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    21 Peachtree Court,

    Shield Pharmaceuticals Corp. leased 10,000 square feet of industrial space at 21 Peachtree Court in Holbrook. The Ronkonkoma-based company manufactures and distributes a wide range of store-brand over-the-counter products. Michael Zere of Zere Real Estate Services represented the tenant, as well as the landlord, 21 Peachtree LLC, in the lease transaction.

     

    1817 and 1819 Ave., Deer Park

    Kirk Milan, a Dix Hills-based commercial real estate investor, purchased two mixed-use buildings totaling 6,141 square feet on .18 acres at 1817 and 1819 Deer Park Ave. in Deer Park for $1.5 million. The building at 1817 Deer Park Ave. has four apartments over a store and the building at 1819 Deer Park Ave. has two apartments over ground-floor office space. Both properties are fully occupied. The sale price equates to a 7.52 percent cap rate. Dawn Gingold of American Investment Properties represented the buyer, while Ron Koenigsberg of American Investment Properties represented the seller, DPA Holdings LLC, in the sales transaction.

     

    129 Walt Whitman Road,

    L’Elite Medispa purchased a 2,500-square-foot retail building on .14 acres at 129 Walt Whitman Road in Huntington Station for $1.3 million. The property was formerly occupied by a lighting showroom. L’Elite Medispa is a provider of integrated and wellness services. Jayne Moore of Listing Pro Realty Services represented the buyer, while Scott Harz of Alliance Real Estate represented the sellers, Michael and Elizabeth Bibla, in the sales transaction.

     

    33-35 Sylvester St.,

    Westbury Sylvester Management LLC purchased a 12,508-square-foot industrial building on .52 acres at 33-35 Sylvester St. in Westbury for $3.18 million. The property was formerly owned and occupied by Arkwin Industries, which has another location in Bethpage. Michael Gronenthal of Douglas Elliman Commercial represented the buyer, while Matt Manoogian of CBRE represented the seller, Arkwin Industries Inc., in the sales transaction.

     

    675 Old Country Road, Westbury

    The law firm of Choudry & Franzoni PLLC purchased a 6,768-square-foot office building on .66 acres at 675 Old Country Road in Westbury for $2.3 million. The property was formerly owned and occupied by Pryor & Mandelup LLP. Michael Murphy and Michael Gronenthal of Douglas Elliman Commercial represented the buyer, as well as the sellers, Robert Pryor and Scott Mandelup, in the sales transaction.

     

    2373 Hempstead Turnpike,

    SL54 East Meadow LLC, a Pilates studio, leased 4,000 square feet of retail space at 2373 Hempstead Turnpike in East Meadow. Chris Pesce and Kenneth Hester of Douglas Elliman Commercial represented the tenant, as well as the landlord, Harlington Realty Co. as agent for Picadilly Properties LLC, in the lease transaction.


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    David Winzelberg

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  • Construction firm buys San Jose office complex, eyes unified work hub

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    SAN JOSE — Rosendin Electric, a century-old electrical contractor born out of a San Jose garage in 1919, purchased a San Jose research and office complex known as The Orchards in a deal that enables the firm to gather multiple operations into a unified work hub.

    Barings, a real estate investment firm, was the seller of the 144,900-square-foot two-building property at 3000 and 3030 Orchard Parkway.

    Through the deal, a Barings affiliate was paid $23 million for the buildings and received an additional undisclosed amount paid by two departing tenants to terminate their leases, according to multiple sources familiar with the transaction. The $23 million that Rosendin paid Barings was disclosed in a grant deed filed with the Santa Clara County Recorder’s Office on Aug. 29.

    Newmark commercial real estate brokers Joe Kelly, Jon Mackey, Steven Golubchik and Edmund Najera and Colliers commercial real estate broker Michael Rosendin arranged the transaction.

    The deal is a fresh indicator of heightened interest in purchases or leases of office sites in north San Jose.

    Among the recent deals:

    — In June, E Ink Corp. bought a San Jose office building at 3200 North First St. for $22.7 million in a deal that gives the firm a large space for its operations.

    — Vibrant Wellness paid $17.5 million in September for an office building at 3100 North First St. that the biotech company can use for expanded operations.

    — In January, Goodwill of Silicon Valley disclosed it capitalized on a failed property loan to pave the way for its purchase of a new headquarters site at 1600 Technology Dr.

    — Nvidia in April launched improvements on an office building at 300 Holger Way that will allow room for expansion.

    — Archer Aviation in August leased an office building at 10 West Tasman Dr. that had been taken back by a lender through a loan foreclosure.

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    George Avalos

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  • Offices are ‘once in a generation’ buying opportunities, top developer says

    Offices are ‘once in a generation’ buying opportunities, top developer says

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    It’s been 30 years since the commercial real estate market was this bad—and that represents a generational entry point for investment, according to a top developer.

    The hybrid-work trend and high interest rates have sent commercial real estate values crashing in major cities, with Morgan Stanley warning earlier this year that office prices could face a 30% drop as a result of lower demand.

    But Don Peebles, chairman and CEO of Peebles Corporation, said his company looks to develop when the market supply is tight and buy when it sees exceptional value.

    “And what we’re seeing here in the commercial office space is essentially once in a generation … opportunities to buy,” he told CNBC on Friday. “Nothing like this has happened since the early 1990s.”

    That’s when a banking crisis resulted in hundreds of lenders shutting down, allowing Peebles to acquire some buildings for just 20 cents on the dollar, he added, as properties held by failed savings and loans were liquidated.

    In fact, the acquisitions Peebles Corp. made in cities like Washington, D.C., back then were the foundation that enabled the company to develop in other parts of the country, the CEO said.

    When it comes to today’s commercial real estate market, Peebles estimated that values for commercial office buildings in San Francisco and Washington, D.C., are down 60%-70%, with Los Angeles down 70% or more.

    But Peebles sees a rebound coming that developers can take advantage of, if they have the stomach for it.

    “Those are global cities that will come back at some point in time,” he said. “So you have to have the appetite to buy, understand how to stabilize the assets based on the current income potential, and then wait.”

    To be sure, he expects the market to adjust to the new hybrid-work environment, with the supply of commercial office space declining as many buildings are “converted or repositioned or demolished.”

    That echoes what other observers have said. Fred Cordova, CEO of real estate consultancy Corion Enterprises, said some properties will recover while others will manage to hang on, or not.

    “And then you have the others that are basically worth nothing—the D class,” he told Fortune in February. “Those just have to be torn down. That’s probably at least 30% of all offices in the country.”

    Like Peebles, other players in commercial real estate also see opportunities. For example, Miami-based mortgage lender KDM Financial launched a $350 million fund earlier this year, with a 20% allocation to nonresidential commercial property.

    “I think that I’m a little contrarian in that I continue to believe in office,” KDM Financial CEO Holly MacDonald-Korth said in an interview with Fortune earlier this year. “We’re currently in a trough … But I don’t think that [in the] long term, offices are going away forever.”

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    Jason Ma

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