$135M for 3.6M-SF Industrial Portfolio in Nassau and Suffolk

An investor paid $135 million for a 50 percent interest in a 3.6 million-square-foot, 38-building industrial portfolio in Nassau and Suffolk Counties. Managed by Milvado Property Group, the 38 buildings are close to 90% occupied by tenants including Summit Plastics, Sam Ash, Ultimate Precision Metal, Luminance and Newsday.

“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,” said Kyle Schmidt of Cushman & Wakefield, who with Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Stephen Palmese represented the seller, a joint venture of FBE and Cammeby.

The portfolio also has some potential for redevelopment. “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,” said Palmese.

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