United Supply, a dry goods distribution company, will occupy 51,200 sf at 300 Michael Dr. in Syosset. The 10-year lease was signed at the current market rate in the region, which ranges from $7 to $9 per sf.
The building was purchased a just over a year ago by 4B's Realty LLC. Extensive renovation work by the new ownership included 24-foot clear ceilings, repaving and a new building façade. The property is now approximately 80% leased.
United Supply selected the location because of its central Nassau County location, its proximity to the Long Island Expressway, and the functionality of the high ceilings to accommodate large trucks, according to Jeff Schwartzberg, a senior director at Sutton & Edwards Inc./TCN Worldwide. Schwartzberg and Eric Launer of Sutton represented United Supply. Jim MacDonald of Northeast Equities represented the owner.
The industrial real estate market on Long Island is feeling some effects from a slower national economy, but the area closest to New York City is still showing strength. "The Nassau County industrial real estate market remains relatively tight, but Suffolk County has softened recently," Schwartzberg says.
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