BlackRock Acquires Long Island Industrial Facility
The firm acquired the recently-repositioned, 130,565-square-foot, class A facility on behalf of one of its institutional clients.
LONG ISLAND, NY – BlackRock Real Assets has purchased a 130,565-square-foot, class A industrial facility in Long Island, NY, on behalf of one of its institutional clients. The firm acquired the property for $30.7 million from developer and owner, Woodmont Industrial Partners.
Located at 100 Precision Dr. in the town of Brookhaven, the logistics facility is situated on a 12.65-acre site and is leased on a long-term basis to a national logistics tenant.
Woodmont Industrial Partners originally acquired the site in August 2019, and executed an extensive capital improvements program, which encompassed key infrastructure and building upgrades.
Originally built in 2002, the fully-repositioned facility now features an ESFR sprinkler system, LED lighting, new MD panel, electric vehicle conduit for future charging stations, new parking lot upgrades, a new HVAC system, new roof and additional dock doors.
“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,” states Eric Witmondt, CEO of 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.”
The facility’s tenant, a Fortune 500 multinational technology company, officially took occupancy in September 2020. The company additionally utilizes the neighboring 6.5 acre land parcel as a 220-space parking lot, complete with conduits capable of charging EV fleets.
Aligning with its growth strategy, Woodmont Industrial Partners plans to acquire an additional two million square feet of existing value-add opportunities and/or development sites in major transportation corridors within the next 12 months.
In recent years, the company has acquired and sold nearly five million square feet of strategically-located industrial space.