● MARCUS & MILLICHAP
Normandy closes on LIC development site
Marcus & Millichap has closed on the $31.9 million sale of 25-11 49th Avenue in Long Island City to a joint venture partnership between Keystone Equities and Normandy Real Estate Partners.
Jonathan Eshaghian of Marcus & Millichap’s Brooklyn office, and Jakub Nowak represented the sellers, Howard and Scott Weinstein, owners of Candid Litho printing, which was the largest tenant in the building.
Eshaghian and Nowak also procured the buyers, who plan to transform the 109,200 s/f industrial building and utilize the air rights to create and 11-story office building spanning 238,000 s/f.
“Long Island City is well positioned for growth, especially in light of New York’s $650 million bioscience initiative, which is attracting life science startups that need space,” said Eshaghian.
According to city records, Normandy and Keystone has secured a total of $81 million to close the sale and fund the conversion.
● CUSHMAN & WAKEFIELD
North Shore retail offering
Cushman & Wakefield is marketing a fully-leased, 33,400 s/f retail and office plaza at 1015-1019 Fort Salonga Road in Northport, NY, for sale at $14.6 million.
Benjamin Efraimov, Daniel Abbondandolo and Kevin Schmitz are leading the marketing efforts on behalf of the seller, Harbor Park Realty.
“The North Fort Town Plaza is a trophy investment property for a savvy North Shore investor,” said Efraimov. “With the neighborhood’s growing demand for high-quality market-rate housing, the best use of this property is a long-term repositioning to a 3-story mixed-use building with retail on the ground floor and apartments above.”
The property comprises of a 33,400 s/f, two-story retail and office strip with a boutique grocery store, gourmet pizzeria, several local retail businesses and professional offices. There are 146 parking spaces on a lot that totals 3.7 acres and offers 360 ft. of frontage on Fort Salonga Road.
● CUSHMAN & WAKEFIELD
Last mile asset fetches $15M
A two-building industrial asset in Franklin Twp. has traded in a $15 million sale orchestrated by Cushman & Wakefield’s East Rutherford, N.J., investment sales team.
Greek Development purchased 400 & 500 Apgar Drive from High Street Realty. The 170,500 s/f “last-mile” asset is 91 percent occupied by 11 tenants.
Gary Gabrielrepresented the seller and procured the buyer with team members Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew MacDonald, supported by industrial leasing specialist Andrew Siemsen.
“400 & 500 Apgar Drive are strategically located within a mixed-use business park less than one mile from I-287 Exit 12, offering exceptional labor access and proximity to the New Jersey Turnpike/I-95 and the East Coast’s largest port,” Schmidt noted.
“This property historically has enjoyed high occupancy and tenant retention rates. It offers stable cash flow and upside via increasing rents to market and leasing two vacant units.”
“This asset was a good fit for our portfolio and our strategy of long-term investment,” said David Greek, director of acquisitions, Greek Development. “We feel the Franklin submarket will continue to experience strong growth in the near future and the unit sizes in these buildings represent a niche of the industrial market that is currently underserved.”
“As space tightens all along the N.J. Turnpike, the Upper 287 region has become increasingly popular among industrial tenants and investors alike,” MacDonald noted. “They are capitalizing on the region’s location along the Boston/Washington D.C. corridor, just 40 miles southwest of Manhattan and 60 miles northeast of Philadelphia – enabling