Simone officials say the New Rochelle-based firm has acquired a seven-building industrial park in Hicksville, Long Island, from First Industrial Realty Trust, Inc., a Chicago-based real estate investment trust. Located at TEC St., and Alpha Plaza, the seven, single-story industrial buildings total 156,000 sf of space. Thirty-four tenants occupy the buildings which are 95 percent occupied. The purchase price was $8.5 million. Simone's property management staff will manage the complex.
"We are very pleased by the acquisition of this outstanding industrial property. With its excellent location and history of high occupancy, this property is a tremendous addition to our growing portfolio," says Joseph Simone, president of Simone Development Companies. "We are aggressively pursuing other investment opportunities on Long Island," he adds.
With the acquisition of the industrial park, Simone's Long Island portfolio now totals 18 properties with 521,000 sf of space.
In addition, Simone announces the completion of a 40,000-sf retail/office building at 35-30 Francis Lewis Blvd., in Flushing, Queens. The building, which was constructed on the site of a former nursery, features 20,000 sf of retail space on the first floor. The anchor tenant, CVS Pharmacy, occupies 10,200 sf. Rockaway Bedding is another retail tenant at the property. Simone is in lease negotiations with Hollywood Tanning Systems and a major bank for the balance of the space, company officials add.
The second floor features 20,000 sf of office space. The accounting firm of Gilman and Cioca recently leased 4,600 sf for office space there. Simone is negotiating with several medical-related tenants as well. The development of the building, including land acquisition, is estimated at $7.5 million.
"We are very bullish on the New York Metro area economy. These recent investments by our company on Long Island and in Queens demonstrate our commitment to this region as well as our firm belief that there are exceptional real estate opportunities available in today's market," Simone notes.
Last year, Simone Development Companies expanded its portfolio in the Westchester-Fairfield market with its acquisition of the Harrison Executive Park in Harrison, and the former US Tobacco headquarters in Greenwich, CT. Simone has since named McCarthy O'Callaghan Co., Inc., of White Plains as the exclusive leasing agent for the Harrison Executive Park complex.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
