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New York & Tri-State  + Long Island  + Industrial  |  March 24, 2021
Paul Bubny
By: Paul Bubny

Repositioned LI Industrial Sells to BlackRock

Woodmont Industrial Partners, an affiliate of Woodmont Properties, closed the sale of 100 Precision Dr. in the Town of Brookhaven on Long Island’s South Shore. A 130,565-square-foot Class-A industrial facility, the property was purchased for approximately $30.7 million by BlackRock Real Assets on behalf of one of its institutional clients. 

The investment will provide BlackRock Real Assets’ client with a fully repositioned logistics facility on a long-term lease to a Fortune 500 multinational technology company. Woodmont acquired the 19-year-old property in August 2019 and executed an extensive capital improvements program.

“When we first acquired the property we knew it had incredible potential, but we also knew it would require a strategic transformation to create a Class-A industrial facility that would attract quality tenancy,” said Eric Witmondt, CEO at Woodmont Properties. “Today, we’re proud of the final product and the national logistics tenant it ultimately attracted.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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