X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SYOSSET, NY-A newly renovated 250,000-sf industrial building on Long Island is the new home for United Supply Systems Northeast distribution operations.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.