A portfolio of Long Island industrial properties has sold for $76 million.
The Silverman Group, a commercial real estate investment and development firm based in Basking Ridge, N.J., purchased the nine-property portfolio from Sherwood Equities, which has owned it for nearly half a century.
The industrial properties in the sale total 372,000 square feet and are spread across Melville and Farmingdale. Mostly constructed in the 1970s by the Katz family, who remain the principals of Sherwood Equities, the properties have an occupancy rate of 98 percent.
The portfolio represents a value-add opportunity for Blake Silverman’s Silverman Group, as the average rents, reported to be a little more than $8 a square foot, are well below current industrial rents on Long Island.
These are the first Long Island properties for the Silverman Group, which owns 25 million square feet of industrial, office and retail properties and 4,000 units of multifamily assets across 20 states.
The portfolio sale was brokered by Adam Spies, Gary Gabriel, Adam Doneger, Kyle Schmidt and Rachel Humphrey of Cushman & Wakefield.
Image and article originally from libn.com. Read the original article here.