100 Precision Drive in Shirley, New York — Courtesy: Woodmont Industrial Partners
By Joshua Burd
Woodmont Industrial Partners has expanded its out-of-state holdings with the addition of a 130,565-square-foot industrial property on Long Island.
The firm, an affiliate of Fairfield-based Woodmont Properties, announced Thursday that it has acquired 100 Precision Drive in Shirley, New York, a community in the town of Brookhaven. Located on Long Island’s South Shore, the vacant single-story complex is less than a half-mile from the Long Island Expressway and was built in 2002.
Woodmont noted that the property sits on 12.65 acres and has a partial mezzanine level, with 25-foot clear ceiling heights and 325 parking spaces. The firm now plans to make a series of key infrastructure and building improvements that will bring the property to modern specifications.
The improvements include a new ESFR sprinkler system, new roof, installation of LED lighting and new dock doors, along with other upgrades.
“With the demand for quality and well-located industrial properties at an all-time high, we’ll continue to strategically invest our capital in port/intermodal areas around the country,” said Eric Witmondt, principal of Woodmont Industrial Partners.
Terms of the acquisition were not disclosed.
Woodmont highlighted the property’s location on the southwest intersection of Precision Drive and Ramsey Road. The firm has retained JLL as its leasing agent, touting the property as being ideal for a last mile user looking to service the Long Island market.
“Our mission is to continue to grow our portfolio of value-add industrial assets in markets throughout the U.S. where we see great potential. 100 Precision Drive fits extremely well with our model and requirements,” said Anthony Amadeo, vice president of Woodmont Industrial Partners. “The property is well located off the main thoroughfare in a tight market with low vacancy rates. As we embark on our capital improvement plan, we look forward to transforming this property into a Class A industrial facility that will be suitable for various users.”
Woodmont Industrial Partners hopes to acquire an additional 2 million square feet of existing value-add opportunities and/or land for development within the next 12 months in major transportation corridors, according to a news release. The company has purchased and sold nearly 4 million square feet of industrial space over the last several years.