Realterm Logistics announces the acquisition of an 54,226-square-foot final mile warehouse located at 275 Oak Drive, Syosset, New York. The building sits on 3.6 acres and has 11 loading doors with a functional combination of dock-high and ground level doors. It includes 43,494 square feet of warehouse space and 8,106 square feet of office space.
"This highly functional warehouse is ideally located just outside of New York City in Nassau County, the eleventh wealthiest county in the country," said Ben Andreycak, Vice President, Eastern Region Acquisitions. "With strong and prominent demographics, it adds geographic and tenant diversity to our portfolio in the Northeast."
The property has valuable excess parking in a market where that is lacking as well as an efficient combination of dock-high loading positions and drive-in doors that provide an efficient layout for high flow-through users. It can conveniently service the greater Long Island market with easy access to I-495 and all major thoroughfares on Long Island. It is located 30 minutes from John F. Kennedy Airport, 55 minutes from Midtown Manhattan and 65 minutes from Downtown Manhattan. The property is leased long-term to a national tenant.
"This investment is a continuation of RLIF's strategy to acquire highly functional final mile delivery properties proximate to key consumption drivers within primary markets which are projected to outperform the broader U.S.," Steve Panos, Senior Vice President, Asset Management.
Highlights of the property include:
- Square feet: 54,226 SF
- Land area: 3.6 acres
- Doors: 11 loading positions
- Access: I-495 and NY-106
Frank Frizalone, Tom Deluca and Nick Gallipoli of Cushman and Wakefield facilitated the transaction and represented Realterm.