Long Island light industrial facility sells for $13.75M
JLL Capital Markets arranged the sale of a multi-tenant warehouse situated in a last-mile location in Farmingdale, New York
303 Smith St. is situated on four acres and located less than two miles from the Long Island Expressway. The property contains 76,000 square feet of warehouse and less than 20,000 square feet of office space. The multi-tenant facility is 92% leased and features clear heights up to 24 feet with two drive-in doors, 10 tailgates, freight elevator and ample parking. The seller acquired the property in 2004 from The New York Times and has made significant capital improvements, including installing solar power and a new roof.
JLL Capital Markets’ recent research report details how multi-use logistics assets like 303 Smith St. are seeing increased investor interest due to the irreplaceable nature of the asset sub-class and compelling rent growth profiles.
“The Long Island Industrial market is rapidly expanding and attracting a flood of institutional capital as well as nationally-based e-commerce tenants,” Avanzato said. “Over the last 12 months, we have seen nearly 25% rent growth and significant leasing velocity for last-mile light industrial facilities in Nassau County.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.