Ares Management Corp Acquires Industrial Asset In Long Island For $12.6M

The industrial property located at 101 Bellport Avenue in Long Island was sold for $12,600,000. The asset spans 1,115,136 square feet with a price per square foot of $11. The sale took place between Ares Management Corp, the buyer, and Louis Silverman of NMF Properties, the seller. The transaction was facilitated by Gary J Chimeri & Luciano Oliverio from Paramount Properties Group.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $12,600,000
• Address: 101 Bellport Avenue
• Market: Long Island
• Buyer: Ares Management Corp
• Seller: Louis Silverman - NMF Properties
• Brokers: Gary J Chimeri & Luciano Oliverio - Paramount Properties Group
• SF: 1,115,136
• PPSF: $11

Chimeri mentioned, "This was a three plus year battle to close. From civic opposition to a log jam of new development for local municipalities, the gold rush for as of right zoned industrial land has been an interesting ride. Market opportunity has shifted back to the end-user."