2 Bailey Farm Road in Harriman, New York — Courtesy: NAI James E. Hanson
By Joshua Burd
Brokers with NAI James E. Hanson have arranged the sale of a 96,500-square-foot industrial building about 20 miles over New Jersey’s northern border, the firm said Thursday.
The Hackensack-based brokerage said it represented the seller, Why Associates LLC, in the trade of 2 Bailey Farm Road in Harriman, New York. The buyer of the property, which is in the Orange County industrial market, was Contract Packaging Services Inc.
NAI Hanson’s Kenneth Lundberg and Patrick Lennon handled the assignment for the firm. They noted that Contract Packaging Services had recently completed a five-year lease at the property and had the option of purchase at the conclusion of the deal.
“We’re seeing many tenants looking for the option to own,” Lungberg said. “This trend put our client in a favorable position to sell since the tenant has already invested in upgrades to the facility and was in need of more space to meet the needs of their growing business and requires accessibility to its consumer base.”
He added that “Contract Packing Services saw the unique potential of 2 Bailey Farm Road (which) offered the right amount of flexibility for growth in a highly accessible location creating an attractive offer for both the buyer and the seller in this transaction.”
The property is a single-story, single-tenant industrial space on 20 acres with 80 parking spaces and five loading docks that will allow Contract Packaging Services to easily run and expand its food packaging business, NAI Hanson said in a news release. The location also offers the ability to build 100,000 square feet of additional industrial space.
