By Joshua Burd
A nearly 100,000-square-foot light industrial property on Long Island has changed hands for $13.75 million, in a deal arranged by JLL’s Morristown-based capital markets team.
Brokers with the firm represented a private seller in the transaction at 303 Smith St. in Farmingdale, New York. According to the team, the property is 92 percent leased and contains 76,000 square feet of warehouse space and less than 20,000 square feet of office space.
JLL’s Jose Cruz, Jordan Avanzato, Marc Duval, Mike Kavanagh and Nick Stefans, along with Andrew Scandalios, brokered the sale of multitenant building.
“The Long Island industrial market is rapidly expanding and attracting a flood of institutional capital as well as nationally based e-commerce tenants,” Avanzato said. “Over the last 12 months, we have seen nearly 25 percent rent growth and significant leasing velocity for last-mile light industrial facilities in Nassau County.”
Sitting on four acres, the 96,600-square-foot property is less than two miles from the Long Island Expressway, with features such as clear heights of up to 24 feet, two drive-in doors, 10 tailgates and a freight elevator. The seller acquired the property in 2004 from The New York Times and has made significant capital improvements, including installing solar power and a new roof.
