NorthBridge Partners Acquires Two Industrial Properties From Rockefeller Group In Bay Shore For $105.7M
145 Candlewood Road & 158 Candlewood Road
$105,700,000
Building Size
—
Asset Type
Industrial
Closing
Nov 13, 2024
AI
The transaction involves the sale of two industrial properties located at 145 Candlewood Road and 158 Candlewood Road in Bay Shore, Long Island. The total sale price for these properties is $105.7 million, encompassing over 560,000 square feet of industrial space. The buyer, NorthBridge Partners, is planning capital improvements on the vacant building at 145 Candlewood Road, alongside ongoing leasing efforts for both properties.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $105,700,000
- Buyer: Greg Lauze - NorthBridge Partners
- Seller: Daniel J. Moore - Rockefeller Group
- Brokers: Gary Gabriel, Kyle Schmidt, Ryan Larkin & Seth Zuidema - Cushman & Wakefield
This deal involved key individuals from both sides, with Greg Lauze representing NorthBridge Partners in the acquisition, while Daniel J. Moore acted on behalf of the Rockefeller Group as the seller. The brokers facilitating the transaction were Gary Gabriel, Kyle Schmidt, Ryan Larkin, and Seth Zuidema, all from Cushman & Wakefield.
Players
Bay Shore Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93