Tel: (516) Fax: (516) Huntcorp.com

Transcription

1 Market Monitor - Long Island Region Winter / Vol. 24 / Issue 7 IN THIS ISSUE Feature Article > Q&A - Hiring an Exclusive Property Broker In the News > NY Fudge sells 12,500 square foot industrial building in Lindenhurst > 7,000 square foot industrial building sells for record price in Lindenhurst > Vogue Group leases 20,000 square foot building in Farmingdale Construction > Bri-Tech Partnership Announcement Our Featured Properties Comparable Sales Property Highlights > Veterans Memorial Highway Portfolio, Commack, NY Companies on the Move L&J Restaurant Equipment purchased 350 Eastview Drive, Central Islip. Sterling Cutter leased at 836 Grundy Avenue, Holbrook. CLW Distributors purchased 110 Schmitt Boulevard, Farmingdale. Printex Packaging purchased 555 Raymond Drive, Islandia. PSI Group moved to 200 Robbins Lane, Jericho. Savoy Medical Supply purchased 40 Rabro Drive, Hauppauge. POS of New York leased space at 120 Spagnoli Road, Melville. COMMERCIAL REAL ESTATE Q&A Hiring an Exclusive Property Broker by David G. Hunt Q: I am in charge of selling our warehouse facility for our company. What are your recommendations in evaluating the proposals that I am receiving from commercial real estate brokers to exclusively represent our property? A: The days of putting a sign on your property, running a few newspaper ads and hoping for the best are gone. Now, because of the complexities of marketing and negotiating, over 95% of Long Island s commercial real estate property is being marketed by either exclusive real estate brokers or professional real estate management/ownership. With hundreds of thousands (perhaps millions) of dollars at stake, the rewards for asking the right questions cannot be overestimated. Here are ten key services your agent should provide: 1. A written marketing plan precisely outlining the services to be provided. How will the property s strengths be emphasized? How often will advertising and direct mail be utilized? How will digital tools (website, broadcast , PDF brochures) be incorporated? How will the brokerage community be engaged? 2. A video tour allows prospects and brokers to preview your property. This must be online. It should be short, but give a good overview of the property, inside and out. Tel: (516) Fax: (516) @huntcorp.com Huntcorp.com Continued on page 6 Copyright 2017, all right reserved, Market Monitor or portions thereof, may not be reproduced without written permission of Hunt Corporate Services, Inc.

2 IN THE NEWS NY Fudge Sells 12,500 Square Foot Industrial Building in Lindenhurst 7-Eleven Erects a New Location in Hempstead Hunt represented the seller of 146 Albany Avenue in Lindenhurst. The 12,500 square foot industrial building on a half-acre lot was owned by NY Fudge Inc., a maker of chocolate powder, the main ingredient in fudge. The purchaser was Brooklyn-based Dolce Amore Inc., a maker of tortillas and ice cream. Hunt senior broker Andy Dorman handled the sale for the seller, along with Tod Buckvar of Buck Realty. The great thing about this building is that it s made for food processing. Floor drains, grease traps, vents for oven machinery, and extra power all were in place, so a food company coming in could save substantially on capital improvements, said Dorman. Companies from Brooklyn and Queens, squeezed by increasing rents, are looking to put down roots in western Suffolk County. 7-Eleven has signed a long-term property lease at 66 S. Franklin Avenue, Hempstead. The property was previously home to a Meineke Transmission shop. Chuck Syage of Hunt represented the owner in the lease negotiations. 7-Eleven erected a new store at this location, and was represented by Eric Gillman of CBRE. When I met with the landlord, the owner and operator of the Meineke Transmission shop, he was about to retire. I immediately thought that it would be a great location for a 7-Eleven since it was on the highly traffi cked corner of Peninsula Boulevard and Franklin Avenue. So I contacted them, said Chuck Syage. After the environmental approval process, a long arduous village approval process, and the demolition and erecting of the new building from the ground up, 7-Eleven is fi nally open and serving the local community. The landlord is very happy with the fi nancial stability a long term lease is providing during his retirement. Vogue Group Leases 20,000 Square Foot Industrial Building in Farmingdale Vogue Group Inc. (New York, NY) has leased a 20,000 square foot industrial building at 550 Smith Street, Farmingdale. David G. Hunt represented the owner, Great Neck Saw Manufacturers, in the lease negotiations. Mark Seigerman, of Industry One Realty Corp., represented the tenant. This transaction is a great example of the growing trend of companies exiting the fi ve boroughs for Long Island. Our industrial space is an attractive alternative to the sky-high rents in New York City, said Mr. Hunt. With operations in New York City s Garment District, Vogue Group is a distributor/wholesaler of textiles for many retail stores, event planners, and designers specializing in polyester broadcloth blends, embroidered blends, and upholstery. HUNT ASSIGNMENTS AND ACTIVITIES New Properties Available 2,210 square foot offi ce suite at 145 Pinelawn Road, Melville for sub-lease 8,000 square foot building at 185 Waverly Avenue, Patchogue for sale or lease acres of undeveloped land on Horseblock Road, Medford for sale. 2,500 square foot building at 129 Walt Whitman Road, Huntington Station for sale or lease. 47,050 square foot building at 71 East Industry Court, Deer Park for sale, or 21,813 square feet for lease. 1,200 square foot offi ce/retail space at 72 East Old Country Road, Mineola for lease. 10,000 square feet of retail space at 50 Stewart Avenue, Huntington for lease. Completed Transactions Andy Dorman represented the seller, Albany Avenue Structure, LLC, in the sale of the 7,000 square foot building at 147 Albany Avenue, Lindenhurst. Chuck Syage and Andy Dorman represented the seller, Knights of Columbus, in the sale of the 12,456 square foot building at 1000 Marcus Avenue, New Hyde Park. Chuck Syage represented the owners, Nassau County Police Department Federal Credit Union, in the lease of 2,806 square foot free-standing building at 781 Old Country Road, Plainview. John Hoblin represented the tenant, Innovative Glass Corporation, in the lease of 12,028 square feet of fl ex space at 120 Commercial Street, Plainview. Robert Hirschfeld represented the seller, Youngs, Gardner & Sneden Real Estate, Inc., in the sale of a historic commercial Victorian building at 172 Main Street, Huntington. 2 Tel: (516)

3 It is with great pleasure that we announce our strategic partnership with Bri-Tech! Bri-Tech is a leading designer and integrator of high-end commercial automation systems including fi re alarm, intrusion, access control, data networking, voice communications, lighting, energy management, equipment automation, and IP video surveillance. HUNT is excited to add technology to our existing palette of commercial real estate acquisition and construction services. We will seamlessly work with Bri-Tech technicians to deliver white glove technology installation during the construction phase for any of our commercial clients. We love Bri-Tech because they are a single-source technology company. You can acquire only those services that you need, and each of those systems will be completely independent. And, of course, web access and notifi cations are an essential part of their systems. Isn t life too complicated to have 25 people to call for all these services! Just one less headache for business owners and managers! David G. Hunt Tel: (516)

4 INDUSTRIAL or RETAIL Featured Properties - Fall Miller Place, Hicksville 60,448 square foot fl ex building available on 3.39 acres. 12 to 24 ceilings. 6,000 square feet of offi ce space, six loading docks and one drive-in door. Located one block off the LI Expressway, at Exit 43A. Over 192 parking spaces available for entire building. Fully air-conditioned. 71East Industry Court, Deer Park 47,050 square foot industrial building available for sale. 21,813 square feet available for lease. Oversized lot of 2.5 acres. Large enclosed yard suitable for trucks/storage. Located minutes from the Long Island Expressway, Southern State and Sagtikos parkways. 185 Waverly Avenue, Patchogue 8,000 square foot building available. Excellent parking surrounds the building with high visibility. 16 ceiling, 2 drive-in doors. Air-conditioned. Zoned D1 Business. Less than one-half mile to Sunrise Highway. Close proximity to the LI Expressway. 125 Newtown Road, Plainview 36,571 square feet of industrial space available. Will divide to 8,605 square feet. 15 and 16 ceiling heights, separate entrances and utilities, four drivein doors and two loading docks. Extensive parking allows for heavy offi ce and R&D use. One block off the LI Expressway, Exit Newtown Road, Plainview 10,000 square feet available. Space features heavy fi nish, 14 ceiling height, one loading dock and one drive-in door. Suitable for offi ce & R&D. Extensive parking. Immediately off the LI Expressway Service Road. 265 Executive Drive, Plainview 8,021 square feet available in a 32,620 square foot Flex building. Fully sprinklered, sewers, gas heating. Extensive parking. Located on the LI Expressway, Exit 46. FULL COMMISSION to brokers. 50 Stewart Avenue, Huntington 10,000 square feet of retail space available for lease. The building is located in the heart of Huntington Village. It is divisible to 2,500 square feet. Also suitable for Office or R&D. 14 ceiling height. Separately metered for gas and electric. Owner will build to suit. Great signage. 226 New York Avenue, Huntington 5,600 square feet of retail space available. New construction of prime retail space in the village. Divisible to suit. 122 feet of frontage on New York Ave (Route 110). Signage available. 28-car parking. Two blocks north of Main Street (Route 25A). 129 Walt Whitman Road, Huntington Station 2,500 square foot, retail building available on Route 110 across from Walt Whitman Mall. Two adaptable fl oors. Air-conditioned. Renovated garage/storage building in the rear of the property. Free-standing, wood frame design with great signage N. Jerusalem Road, East Meadow FOR SALE User / Investor 6,000 square foot, fi ve-unit industrial building with retail frontage. Three 1,200 square foot units and two 1,500 square foot units. Occupy all or part. Medford Land FOR SALE 4.75 of undeveloped land available. One mile north of the LI Expressway exits 63 & 64 on Horseblock Road. J2 zoning. 780 feet of frontage on Horseblock Road. Level topography. Of course, all information is from sources deemed reliable and is subject to prior rental or sale, errors, omissions, change of price, and withdrawal without notice. 4 Tel: (516)

5 OFFICE or RETAIL Featured Properties - Fall Daniel Street, Farmingdale 6,000 square foot offi ce space available. Six offi ces, conference room general bullpen, reception, and kitchen/break area. Upscale, renovated and below market rents just a half block from Route Veterans Highway, Commack 9,500 square foot offi ce building available for sale. 1,200 to 3,500 square feet is available for lease in this contemporary California-style professional office building. Separately metered for gas & electric, handicapped accessible. 353 Veterans Highway, Commack 35,000 square foot offi ce/medical building available for sale. 1,750 to 7,500 square feet for lease. Exam rooms, offices, nurses stations, handicapped bathrooms, break rooms & reception areas. Separately metered. Handicapped accessible. 354 Veterans Highway, Commack 9,500 square foot office building available for sale. 1,785 square feet available for lease in this contemporary California-style professional offi ce building. Separately metered for gas & electric, handicapped accessible. Low loss factor. 245 Newtown Road, Plainview 3,446 and 5,538 square foot offi ce suites available. Air-conditioned, gas heating, sprinklers, separate entrance and utilities. Can be combined or leased separately. Very low loss factor. Frontage on the LI Expressway Service Road! 1121 Walt Whitman Road, Melville 1,783, 3,157 and 3,700 square feet available for lease on the fourth fl oor in 39,250 square foot free standing, four-story, offi ce building in Melville, minutes from Northern State Parkway and the LI Expressway. 215 W. Hoffman Avenue, Lindenhurst 3,100 square feet of offi ce space available. Customdesigned with many built-ins. Separately metered. Up to 60 car parking - fenced yard. Optional storage bays or warehouse from 1,000 to 8,000 square feet available. Zoned for Business. 72 East Old Country Road, Mineola 1,200 square foot offi ce/retail space available. Open space with two 9 x 9 rooms. Two storage rooms and one bathroom. Full unfi nished basement. 15 frontage with large picture window. 50 Karl Avenue, Smithtown 1,309 square foot offi ce suites. Owner will build to suit. Generous parking. 24/7 access to the building. Zoned for medical or any professional use. On-site management Franklin Avenue, Garden City 4,000 square foot offi ce suite available. Divisible to 2,000 square feet. Individual suites fi nished to suit. Located near Old Country Road, two blocks from the LIRR Mineola Station. Great parking! Entire building of 12,000 square feet can be made available. 187 Central Avenue, Bethpage Office building to be built Prime Corporate Headquarters offi ce building to be built by major developer. Fronts Seaford Oyster Bay Expressway, minutes from Northern State Parkway and LI Expressway. 145 Pinelawn Road, Melville 2,210 square feet of offi ce space for sub-lease on the second fl oor of this Class A offi ce building. Current lease expires May 31, 2018 and can be extended. High-end fi nish, corner suite on wrap-around window line, amenities that include gym, cafe, conference facilities and storage. Of course, all information is from sources deemed reliable and is subject to prior rental or sale, errors, omissions, change of price, and withdrawal without notice. Tel: (516)

6 RECENT COMPARABLE SALES Cityy Ci Address p y yp Size SF Acres Total Sold Price/SF Hicksv Hi ckkssvvilille le 9400 Soout 94 uthh Oyyster Bay Road 74,00 74, $ B hheemia Bo miia Ch C ur urch ch Str ch t ee eett 16,50 6,50 6, $ 6.06 $9 H ltsvillee Ho 39 Bar arre rettttss Av Aven enue 16,400 16,40000, $$ Lyynb nbro roook ok E Eaarrlle Avvenue ennue ue Cent Ce entraal Isli Islipp 50 W Wiindso nddssoor Pl Plac acce Melv Melv Me lvililille Wal alt Wh Whittma man Road man Weest s Babylon onn 3 0 Ro 30 Route o 109 Melv Me lvvilille le le 576 Br 57 Brooaadh Broa dho hoolllow loow R Rooad ad Coomm Comm mmac ack Mod odul u ar ul a Ave venu nue Deer De er Par ak Brrooook okk Avveenu n e Edge Edge Ed gewo wood od 500 Heaartr laand nd Bou ouleeva vard rd L ngg Beaach Lo ch 724 Pa Parkk Plaacee Haup Haup Ha uppaaug ugee M df Me dford ord or I d i l Offif Of Offffii O 7, $ , 0, ,77 88,, $ , $ , 00 50, $ ,030 0,030 3, $91. $ , 1,95,95 9 3, $ $6 7,0 75, $ ,0, $75.54 $7 $ Com 55 mm meerce rce Dr rc Drivve 1100,0, Ho Hors ors rseb seb eblo blo lockk Roa oad 11, 1,95, $ I d I d i l, HIRING AN EXCLUSIVE PROPERTY BROKER - From page 1 3. A color brochure including a complete specification sheet, color photograph, plans and site map. Every prospect must receive a brochure. Get a draft or mock-up of the proposed brochure for your evaluation. 4. A consistent direct mail program, such as a monthly or quarterly newsletter with a photograph and description of your property. Color postcards are often an effective way of reaching local companies, or companies known to be in the market. Insist on color brochures, postcards and other materials. 5. Internet marketing with a description of your property and color photograph (plus links) with local, national, and international databases. Check the website in advance. Are the properties well described? Are plans, maps and photographs readily available? 6. Costs absorbed by the agent for printing, advertising, canvassing, internet, signage and other marketing efforts. Your agent should provide an open house for the brokerage community with food and a raffle. Ask for a budget and compare the investment offered by each prospective agent. 6 Tel: (516) References. Get a list of the agent s current clients. Talk to them! 8. Regular reports. You should receive regular reports for review and evaluation of the agent s activities during the entire campaign. 9. Involvement of a senior broker or partner. Demand the highest executive level of involvement in the project on a day-to-day basis not just for the initial presentation. 10. The right to cancel the contract for non-performance. If promises are broken, you must be able to change agents. Compare the services of at least three agents, insisting on the above. Anything less will put you at a competitive disadvantage. David G. Hunt, MCR, CCIM, SIOR, is the president of Hunt Corporate Services, Inc. and Hunt Construction Services, Inc. He has forty-two years experience in commercial real estate on Long Island. Do you have a question regarding commercial real estate? your question to @huntcorp.com for possible inclusion in a future column.

7 PROPERTY SPOTLIGHT Three Suffolk County Office Buildings for Sale Veterans Memorial Highway, Commack Portfolio Offers Good Returns & Steady Leasing 350 Veterans Highway Veterans Memorial Highway, Commack, NY Three premier suburban offi ce buildings are available for sale in Suffolk County as a portfolio or individually. Built in 1983, the two-story and three-story multi-tenanted offi ce buildings are 35,000, 9,500, and 9,500 square feet in size. They are more than 85 percent occupied. 353 Veterans Highway 354 Veterans Highway > For sale individually or as a three-building portfolio > Properties are within close proximity to each other > Currently home to medical doctors, attorneys, accountants, insurance agencies, engineering fi rms, and similar professionals > Space available for purchaser > Almost six acres of land > Attractive, landscaped suburban offi ce park > Many leases currently below current market > Employee-friendly destinations > Between 1,200 and 7,500 square feet available for lease Contact: Andy Dorman adorman@huntcorp.com Tel: (516)

8 17 Dupont Street Plainview, NY Return Service Requested Presorted Standard U.S. POSTAGE PAID Permit # 385 Hicksville NY (516) (800) FAX (516) @huntcorp.com Winter THIS ISSUE: Q&A - Hiring an Exclusive Property Broker Bri-Tech Partnership Available Properties Comparable Sales Interior Construction Under Construction After Effi cient, Meticulous & On-Time Rob Ciurleo, Senior Managing Partner Tel: (516)