{"id":1004552759,"date":"2021-10-05T23:21:08","date_gmt":"2021-10-06T07:21:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004552759"},"modified":"2022-12-03T21:41:36","modified_gmt":"2022-12-04T05:41:36","slug":"long-island-warehouse-sells-for-50m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/","title":{"rendered":"Long Island Warehouse Sells for $50M"},"content":{"rendered":"
\"\"<\/a>

4320 Veterans Memorial Highway. Image courtesy of JLL Capital Markets<\/p><\/div>\n

Invesco Real Estate Partners has acquired a 237,600-square-foot distribution center in Holbrook, N.Y., for $50 million. JLL Capital Markets brokered the transaction on behalf of the seller, a joint venture between Drake Real Estate and Pacer Partners.<\/p>\n

Invesco’s acquisition represents a tripling in the asset’s value from 2016, when Center Lanes Partners sold the property for $16.6 million, CommercialEdge data shows.<\/p>\n

Located at 4320 Veterans Memorial Highway on an 11-acre site near the Long Island MacArthur Airport, the property has 18- to 30-foot clear heights, 36 dock-high loading doors and a 150-foot truck court. At the time of the sale, the building was fully leased to Nature\u2019s Bounty, a global producer and distributor of vitamins, supplements and beauty products.<\/p>\n

The distribution center is 3 miles from Interstate 495 and within 50 miles of both Midtown Manhattan and the Red Hook Terminal. J.F.K. Airport is 40 miles from the property via the nearby Sunrise Highway.<\/p>\n

The JLL team that advised the seller included Senior Managing Director Jose Cruz, Senior Directors Marc Duval, Jordan Avanzato and Tyler Peck and Director Nicholas Stefans.<\/p>\n

JLL crossed paths with Invesco Real Estate earlier this year in March, when the company acquired a 1.1 million-square-foot industrial facility<\/a> in Rincon, Ga. JLL arranged the sale on behalf of the former owner, a partnership between Stonemont Financial Group and The Davis Cos.<\/p>\n

A tight industrial market<\/h2>\n

According to a Newmark report, Long Island’s market saw nearly 1.1 million square feet of industrial space change hands in the second quarter at an average of $162 per square foot. The market’s vacancy dropped 40 basis points from the previous quarter, clocking in at 4.4 percent.<\/p>\n

The performance of Long Island’s industrial sector may be tied to both limited inventory and general increase in demand in port markets<\/a>. With port traffic at an all-time high, new supply has fallen behind demand, even impacting availability in markets further inland. New Jersey’s 10.1 million square feet under construction as of August accounted for 1.9 percent of existing stock, according to a recent CommercialEdge report.<\/p>\n","protected":false},"excerpt":{"rendered":"

The facility more than tripled in value since it last traded in 2016.<\/p>\n","protected":false},"author":1366,"featured_media":1004552760,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,1600,21742,10],"tags":[44486,33882,44006,44489],"class_list":["post-1004552759","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-new-york","category-latest","category-northeast","tag-drake-real-estate-partners","tag-invesco-real-estate","tag-jll-capital-markets","tag-pacer-partners"],"acf":[],"yoast_head":"\nLong Island Warehouse Sells for $50M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Long Island Warehouse Sells for $50M\" \/>\n<meta property=\"og:description\" content=\"The facility more than tripled in value since it last traded in 2016.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-06T07:21:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T05:41:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/4320-Veterans-Memorial-Highway-e1633421826913.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"717\" \/>\n\t<meta property=\"og:image:height\" content=\"537\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ioana Muresan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/\",\"name\":\"Long Island Warehouse Sells for $50M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/4320-Veterans-Memorial-Highway-e1633421826913.jpg\",\"datePublished\":\"2021-10-06T07:21:08+00:00\",\"dateModified\":\"2022-12-04T05:41:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/03646a053de86ceb3a62b2e43105f49d\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/long-island-warehouse-sells-for-50m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/4320-Veterans-Memorial-Highway-e1633421826913.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/10\/4320-Veterans-Memorial-Highway-e1633421826913.jpg\",\"width\":717,\"height\":537,\"caption\":\"4320 Veterans Memorial Highway. 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