The new transactions during the first quarter of the year ran the gamut from large, multi-faceted leases to numerous renewals and expansions by existing tenants. Among the largest new leases was Bradley Marketing Group's 30,124-sf deal at 135 Fell Court in Hauppauge, NY. In addition, Hometown Insurance Agency committed to 10,563 sf of office space at 5 Orville Dr., a newly developed, 44,000-sf, class A property in Bohemia, NY; and United Panel took 10,000 sf at 208 Blydenburgh Rd. in Islandia, NY. Rechler was not able to reveal further specifics such as aggregate lease value, lease terms, taking rent or asking rent, however GlobeSt.com found that asking rent at 5 Orville Dr. is $20.95, and Rechler did confirm that price.
Other noteworthy transactions during the first quarter of 2008 included: Commerce Bank's 40,000-sf lease renewal at 45 Melville Park Rd. in Melville, NY; G&K Services 9,400-sf new lease at 160 Wilbur Place in Bohemia, NY; Surf Tech Manufacturing's 4,856-sf renewal at 80 Orville Dr. in Bohemia, NY; and Micro Giant's 3,950-sf new lease at 400 Oser Ave. in Hauppauge, NY. Again, Rechler was not able to reveal further specifics such as aggregate lease value, lease terms, taking rent or asking rent, however GlobeSt.com found that asking rent at both 80 Orville Dr. and at 160 Wilbur Place is $8.75 and he did confirm that price as well.
Rechler tells GlobeSt.com that the firm currently has an occupancy rate that's just below 97% in its six-million-sf--primarily industrial--portfolio. He explains that he has seen "a lot of activity from AAA credit type tenants and Fortune 500 companies who are in the market looking for industrial space." He further notes that tenants have mainly been interested in taking space in the firm's properties that are 10 to 15 years old or younger.
"A lot of the industrial properties on Long Island are more obsolete," he explains to GlobeSt.com. "We offer a lot of flexibility--with high ceilings, larger parking lots, and more office space for example. I know it isn't just me," he says. "I know in general, the industrial market has been strong across the board because it is an infill market and there has been a limited amount of new construction."
Harry Stavro of Rechler Equity Partners represented the ownership in all the above transactions. Rich Perna of Newmark Knight Frank acted on behalf of G&K Services; Brad Bold of Real Estate Strategies represented Hometown Insurance; Doug Donatelli of Metro Realty Services represented Bradley Marketing Group; and Ed Pidgeon of Aireco acted on behalf of Surf Tech Manufacturing.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
