CBRE Named Exclusive Leasing Agent for Retail-to-Industrial Redevelopment
Sanders Equities has retained the firm and revealed repositioning plans for its Long Island conversion project.
WESTBURY, NY – Sanders Equities has retained CBRE as the exclusive leasing agent for its 192,000-square foot building in Westbury, NY.
Situated on a seven-acre lot at 1085 Old Country Road, the 192,000-square-foot building is located in central Nassau County on Long Island, just off of Wantagh State Parkway.
The building is currently occupied by regional department store chain, Century 21. The retail store is scheduled to vacate the property in late spring of 2021.
Sanders Equities plans to reposition the retail asset for industrial use, upon the current tenant’s exit. The firm intends to modernize the building and implement amenities for industrial tenants’ operational needs.
The repositioning will include the addition of loading docks and drive-ins, for loading and cross-dock capability. The plans additionally consist of removing the building’s partial second floor, which will increase ceiling heights and reduce the building’s square footage to roughly 153,000 square feet.
The plans enable the property to offer customizable loading facilities, through which the firm intends to accommodate a range of tenant requirements.
Sanders Equities aims to capitalize on the market’s demand for distribution and last-mile spaces.
As the property’s exclusive agent, CBRE is currently working with Sanders Equities to cultivate a leasing strategy. Paul Leone and Margaret Tutone of CBRE’s Long Island office will lead the leasing assignment.
CBRE Group Inc., headquartered in Los Angeles, is one of the world’s largest commercial real estate services and investment firms. The Fortune 500 and S&P 500 company offers a range of commercial real estate services and currently employs more than 80,000 professionals across 450 offices worldwide.