A newly built warehouse and distribution property in Melville, located at 125 Baylis Road, was recently sold for $44 million. The property spans 8.18 acres and offers a total of 103,000 square feet of space, equivalent to a price per square foot of $427. The sale was finalized between the buyer, BentallGreenOak, and the sellers, Creation Equity & J.P. Morgan Asset Management, with brokerage services provided by Marc Duval from JLL.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $44,000,000
• Market: Melville
• Square Footage: 103,000
• Price Per Square Foot: $427
• Address: 125 Baylis Road

The sale of this property marks a significant transaction in Melville's real estate market. BentallGreenOak, a Miami-based real estate firm, acquired the property from the sellers, Creation Equity & J.P. Morgan Asset Management, in a deal brokered by Marc Duval of JLL. The property, previously an office building leased to Keurig Dr. Pepper, underwent a transformation into a warehouse and distribution facility, attracting attention for its strategic positioning and potential for growth.