GlobeSt.com EXCLUSIVE: High-End Industrial on the Block for $40M

GARDEN CITY, NY-This isn’t a town known for its bustling industrial activity, but there is a high-end pharmaceuticals operation here that is now on the block–and the price tag for the 180,000-sf facility is $40 million, sources close to the deal tell GlobeSt.com. The property is being marketed jointly by the Garibaldi Group/Corfac International and local broker Corporate National Realty LLC, in nearby Woodbury, NY.

Jerry Moore, managing director of the Chatham, NJ-based Garibaldi, explains that the current owner/user, Bristol-Myers Squibb, picked up the two-building operation at 1000 Stewart Ave. and 500 Endo Blvd. two years ago, when the firm acquired DuPont Pharmaceuticals from the Dupont Co. “It was a contract-manufacturing plant,” he explains, “producing blood-thinners, controlled substances, anti-virals and blood-pressure equipment.” Those contracts are running out now, he explains, and Bristol-Myers has “adequate capacity,” without the plant to handle its capacity.”

The facility, says Moore, would be great for like-kind users, and that’s who Garibaldi is targeting in an international search for pharmaceutical takers. “Given the equipment invested here and the infrastructure,” he says, “it provides a unique opportunity for someone to come in, plug in and go,” he says. It’s a great opportunity, especially granted the replication costs for a facility like this.” Rough estimates put replication costs at between $80 million and $100 million.