JV to Develop 400K-SF Logistics Center in Long Island
The newly-formed partnership between AVR Realty Co. and Scannell Properties has retained JLL to exclusively lease the two-facility, state-of-the-art development.
LONG ISLAND, NY – AVR SP Brookhaven JV LLC, a newly-formed joint-venture partnership between national real estate firm AVR Realty Co. and privately-owned real estate development and investment company Scannell Properties, is set to begin construction on a 400,000-square-foot, state-of-the-art logistics development in Brookhaven, Long Island.
The speculative project, titled Precision Innovation Park, will comprise two facilities. The 150,000-square-foot Building One will feature 36-foot clear heights, 28 dock doors, 28 trailer stalls and 150 parking spaces. Building Two will comprise 250,000 square feet and will feature 40-foot clear heights, 42 loading doors, 52 stalls and 250 parking spaces.
Located along the Long Island Expressway directly off of Exit 68, the facilities will offer LED lighting with motion sensors, ESFR sprinkler systems, roof-mounted heating units, full circulation design and potential IDA financial incentives.
Construction on the development will begin soon, with delivery expected in early 2023.
The partnership has retained JLL as the development’s exclusive leasing agent. The JLL team will be led by vice chairman Rob Kossar, executive managing director Leslie Lanne, senior managing director Seth Geldzahler, managing director Tom DiMicelli and executive VPs Doug Omstrom and Max Omstrom.
Located in Suffolk County, NY, Precision Innovation Park is situated within 30 minutes of a population totaling more than 800,000 with a median annual household income more than $100,000. In addition, the development is located one mile from the 332-acre master planned community, The Boulevard, in Yaphank, NY.
“The location of this facility is ideal for companies seeking a logistics center with direct access to the Long Island Expressway and Long Island’s affluent and dense population,” states Lanne. “Coupled with its state-of-the-art design and competitive operating costs, Precision Innovation Park offers extraordinary flexibility at a time of increasing demand for logistics space.”
“We are excited to bring our expertise in the industrial market to a project by two forward-thinking developers who blend local market knowledge with deep industrial development expertise,” says Geldzahler. “The partnership is well-positioned to bring Precision Logistics Park to market at a time of increasing demand from e-commerce, food and beverage, and manufacturing companies.”