X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Long Island-based Rechler Equity Partners signed more than 109,000 sf in lease transactions during the first quarter of 2008 in Hauppauge, Bohemia, Melville and Islandia, NY. Mitchell Rechler, a principal of Rechler Equity Partners, tells GlobeSt.com that activity has been consistent on Long Island. “We have been busy the past few years,” he says. “So far, we have not seen a slowdown.”

The new transactions during the first quarter of the year ran the gamut from large, multi-faceted leases to numerous renewals and expansions by existing tenants. Among the largest new leases was Bradley Marketing Group’s 30,124-sf deal at 135 Fell Court in Hauppauge, NY. In addition, Hometown Insurance Agency committed to 10,563 sf of office space at 5 Orville Dr., a newly developed, 44,000-sf, class A property in Bohemia, NY; and United Panel took 10,000 sf at 208 Blydenburgh Rd. in Islandia, NY. Rechler was not able to reveal further specifics such as aggregate lease value, lease terms, taking rent or asking rent, however GlobeSt.com found that asking rent at 5 Orville Dr. is $20.95, and Rechler did confirm that price.

Other noteworthy transactions during the first quarter of 2008 included: Commerce Bank’s 40,000-sf lease renewal at 45 Melville Park Rd. in Melville, NY; G&K Services 9,400-sf new lease at 160 Wilbur Place in Bohemia, NY; Surf Tech Manufacturing’s 4,856-sf renewal at 80 Orville Dr. in Bohemia, NY; and Micro Giant’s 3,950-sf new lease at 400 Oser Ave. in Hauppauge, NY. Again, Rechler was not able to reveal further specifics such as aggregate lease value, lease terms, taking rent or asking rent, however GlobeSt.com found that asking rent at both 80 Orville Dr. and at 160 Wilbur Place is $8.75 and he did confirm that price as well.

Rechler tells GlobeSt.com that the firm currently has an occupancy rate that’s just below 97% in its six-million-sf–primarily industrial–portfolio. He explains that he has seen “a lot of activity from AAA credit type tenants and Fortune 500 companies who are in the market looking for industrial space.” He further notes that tenants have mainly been interested in taking space in the firm’s properties that are 10 to 15 years old or younger.

“A lot of the industrial properties on Long Island are more obsolete,” he explains to GlobeSt.com. “We offer a lot of flexibility–with high ceilings, larger parking lots, and more office space for example. I know it isn’t just me,” he says. “I know in general, the industrial market has been strong across the board because it is an infill market and there has been a limited amount of new construction.”

Harry Stavro of Rechler Equity Partners represented the ownership in all the above transactions. Rich Perna of Newmark Knight Frank acted on behalf of G&K Services; Brad Bold of Real Estate Strategies represented Hometown Insurance; Doug Donatelli of Metro Realty Services represented Bradley Marketing Group; and Ed Pidgeon of Aireco acted on behalf of Surf Tech Manufacturing.

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

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.