MORRISTOWN, NJ, October 1, 2021 – JLL Capital Markets announced today that it has completed the $ 50 million sale of a 237,600 square foot Class A industrial distribution center to 4320 Veterans Memorial Hwy. in the Long Island community of Holbrook, New York.
JLL marketed the property on behalf of the seller, Drake Real Estate Partners and Pacer Partners. Invesco Real Estate, the global real estate investment manager, purchased the asset.
The facility was completed in 1962 and is part of the national headquarters campus of Nature’s Bounty, a global manufacturer, distributor, distributor and retailer of more than 16,000 products across 20 brands, including vitamins, nutritional supplements, sports and active nutrition and beauty products. . The building has clear heights ranging from 18 to 30 feet, 37 loading docks, offices and a large parking lot.
Located on 11.05 acres, 4320 Veterans Memorial Hwy. is found in the dense and populated Ronkonkoma / Bohemia Industrial submarket, one of Long Island’s most sought after submarkets. Adjacent to Long Island MacArthur Airport on the Veterans Memorial Highway, the facility provides easy access to Long Island’s two most important arteries, Interstate 495 (Long Island Expressway) and Route 27 (Sunrise Highway), which provide immediate east-west access to New York’s boroughs and the eight million people who live on the island.
The JLL Industrial Capital Markets team representing the seller was led by Senior Managing Director Jose Cruz; senior managers Marc Duval, Jordan Avanzato and Tyler Peck; and director Nicholas Stefans.
âLong Island is one of the fastest growing industrial markets in the Northeast due to its strong demographics and market fundamentals,â said Duval. “We have focused on bringing capital to the Long Island market as the demand drivers are poised to support further growth.”
âDrake is pleased to have executed his business plan of leasing the building at full occupancy, and with the tremendous growth in rental rates in the Long Island industrial market, our buyer is poised to benefit from a second act and get more out of the hike, âJonathan said. Garonce, partner of Drake Real Estate Partners, majority owner of the selling entity. “We strongly believe in this market and continue to find exciting new opportunities.”
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.
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