4320 Veterans Memorial Highway in Holbrook, New York — Courtesy: JLL
By Joshua Burd
A joint venture has sold a nearly 240,000-square-foot distribution center on Long Island for $50 million, in a transaction by JLL’s New Jersey-based capital markets team.
Brokers with the firm represented the sellers, Drake Real Estate Partners and Pacer Partners, in their disposition of 4320 Veterans Memorial Highway in Holbrook, New York. Invesco Real Estate purchased the single-tenant property, which is leased to Nature’s Bounty.
“Long Island is one of the fastest-rising industrial markets in the Northeast due to its strong demographics and market fundamentals,” said Marc Duval, a senior director with JLL. “We’ve been focused on bringing capital to the Long Island market, as the demand drivers are poised to support further growth.”
The JLL team included Senior Managing Director Jose Cruz, Duval, senior directors Jordan Avanzato and Tyler Peck and Director Nicholas Stefans. The firm noted that the facility, completed in 1962, features clear ceiling heights ranging from 18 to 30 feet, 37 loading docks, office space and ample parking.
The building is part of the national headquarters campus for Nature’s Bounty, a global manufacturer, marketer, distributor and retailer of more than 16,000 products across 20 brands, including vitamins, nutritional supplements, sports and active nutrition and beauty products. JLL announced the deal Friday, touting the site’s highway access and proximity to New York City.
“Drake is pleased to have executed its business plan of leasing the building to full occupancy, and with the tremendous rental rate growth in the Long Island industrial market, our buyer is poised to benefit from a second act and enjoy further upside,” said Jonathan Garonce, partner with Drake Real Estate Partners, the majority owner of the selling entity. “We’re big believers in this market and continue to find interesting new opportunities.”