After executing a capital improvement program that transformed the property into a Class-A facility and successful lease up to a multinational technology company, the property was sold for $30.7 million.
Located at 100 Precision Drive in the Town of Brookhaven on the South Shore, the property’s location along the Long Island Expressway provides for direct last-mile distribution to the eastern part of the island, one of the most affluent residential populations in the country.
The asset provides BlackRock Real Assets’ client with a fully repositioned, best-in-class logistics facility, on a long-term lease.
“When we first acquired the property we knew it had incredible potential, but we also knew it would require a strategic transformation to create a Class-A industrial facility that would attract quality tenancy,” said Eric Witmondt, chief executive officer at Woodmont Properties. “Today, we’re proud of the final product and the national logistics tenant it ultimately attracted. We’ve also delivered a building that features the best in sustainable practices and helps meet a demand for state-of-the-art distribution centers servicing the Hamptons, Montauk, and broader Long Island market.”
Since acquiring the 12.65-acre site in August 2019, Woodmont executed an extensive capital improvements program, including key infrastructure and building upgrades which elevated the property to modern specifications and resulted in a best-in-class facility featuring an ESFR sprinkler system, LED lighting, new MD panel, electric vehicle conduit for future charging stations, new parking lot upgrades as well as a new HVAC system, new roof and additional dock doors.
Located on the southwest intersection of Precision Drive and Ramsey Road in an industrial park setting, the property, which was originally built in 2002, is situated less than a half-mile from Interstate 495 (Long Island Expressway). The site is occupied on a long-term basis by a Fortune 500 multinational technology company that focuses on e-commerce, digital streaming and artificial intelligence. The company, which officially took occupancy in September 2020, also benefits from the neighboring 6.5-acre parcel of land that serves as a 220-space parking lot complete with conduits capable of charging EV fleets.