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Cushman & Wakefield Sells Long Island Post Office Portfolio For $14.64M

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SOLD
$14,642,571

New York

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Industrial264,088 SF
Sold 05/10/2024
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SOLD

Cushman & Wakefield Sells Long Island Post Office Portfolio For $14.64M

25 NY-111 Smithtown, NY 11787, USA, 65 East Hoffman Avenue, 446 Willis Avenue & 1 Babylon Turnpike

See Similar Deals
Industrial264,088 SF
Sold 05/10/2024
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Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$55
Total Square Footage:264,088 SF
Transaction Type:Sale

The Long Island Post Office Portfolio includes four assets totaling over 66,000 square feet and situated on a combined 4.31 acres. These purpose-built facilities, located in Smithtown, Lindenhurst, Williston Park, and Roosevelt, have been continuously occupied by USPS, providing a stable cash flow from a government-backed tenant. The portfolio was sold for $14,642,571, equating to $222 per square foot.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $14,642,571
  • Address: 25 Route 111, 65 East Hoffman Avenue, 446 Willis Avenue & 1 Babylon Turnpike
  • Market: Smithtown, Lindenhurst, Williston Park & Roosevelt

The exclusive brokers from Cushman & Wakefield who facilitated this successful sale are Nicholas Gallipoli, Daniel Abbondandolo, and Joegy Raju. Dan Abbondandolo serves as the Executive Director, reachable at 516-375-6336 or via email at [email protected]. Meanwhile, Nick Gallipoli, the Managing Director, can be contacted at 631-926-2868 or [email protected].

Players

Daniel Abbondandolo
84 deals$509.6M volume(631) 425-1232
BROKER

Joegy Raju
Cushman & Wakefield
43 deals$302.6M volume
BROKER

Nicholas (Nick) Gallipoli
Cushman & Wakefield
16 deals$163.5M volume
BROKER

Details

SOLD
IMAGE: Nicholas Gallipoli, Daniel Abbondandolo & Joegy Raju DATE: 05/10/2024 ADDRESS: 25 Route 111, 65 East Hoffman Avenue, 446 Willis Avenue & 1 Babylon Turnpike MARKET: Smithtown, Lindenhurst, Williston Park & Roosevelt ASSET TYPE: Industrial BROKERS: Nicholas Gallipoli, Daniel Abbondandolo (@LongIslandInvestmentSales), & Joegy Raju (@Jogity103) - Cushman & Wakefield (@CushWake) SALE PRICE: $14,642,571 SF: 66,022 ~ PPSF: $222 NOTE FROM BROKER: Cushman & Wakefield is pleased to announce the successful sale of four out of the five assets within the Long Island Post Office Portfolio. Spanning across Suffolk and Nassau County, these four locations encompass a total of over 66,000 square feet and are situated on a combined 4.31 acres. Each facility was purpose-built for USPS and has maintained continuous occupancy since completion, offering robust in-place cash flow from a government-backed tenant. The assets traded for a combined total of $14,642,571, or $222 / SF – a testament to the reliability of well-maintained Post Office assets – and their distinguished locations across Long Island. The last remaining location in the portfolio – located in Wantagh, is currently under contract. For further details about this transaction, reach out to the exclusive brokers below: Dan Abbondandolo | Executive Director P: 516-375-6336 E: [email protected] Nick Gallipoli | Managing Director P: 631-926-2868 E: [email protected]

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