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HAUPPAUGE, NY-Huttig Building Products has inked the largest industrial transaction so far this year on Long Island. The firm will open a northeast distribution center in 125,000 sf of space at Rechler Equities' 110 Plant Ave. here.
The company distributes millwork, building materials and wood products used principally in new residential construction, home improvement, remodeling and repair work. Michael A. Lupo, president and CEO of Huttig, says the board approved the move in May and that it will provide several economic and strategic benefits. "Long Island and New York City have approximately 27,000 housing starts per year, and there is a strong market for repair and remodeling "In addition to serving both Nassau and Suffolk counties on Long Island, this branch will expand Huttig's presence in all five boroughs of New York City and the tristate area. The firm has other facilities in Newington, CT and Albany.
This decision is part of Huttig's plan to expand product offerings and geographically enter new markets. The company currently has 45 distribution centers throughout the country serving 47 states.
"The Huttig transaction is the latest in a string of major leases we've completed over the past few months and brings total occupancy throughout our 5.9-million-sf portfolio to 95.54%," says Mitchell Rechler. Bill Greiner of Greiner Maltz and Pinnacle Real Estate in St. Louis negotiated the 10-year lease on behalf of Huttig. Harry Stavro of Rechler Equity Partners acted on behalf of the ownership.
Rechler Equity Partners, based in Melville, is the largest owner of industrial space on Long Island. It was formed in 2003 when Reckson Associates Realty Corp. sold its 5.9-million sf Long Island industrial portfolio for approximately $315.5 million in cash and other consideration.
Earlier this year, Huttig acquired millwork and building products distribution operations in the Dallas and Minneapolis markets. The company's geographic reach now covers more than 85% of the country's housing starts.
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