Scannell Hires Firm for Portfolio Disposition

[IMGCAP(1)]NEW YORK CITY-Kenneth Zakin, Newmark Knight Frank’s senior managing director of the firm’s capital group, tells GlobeSt.com that the locally-based firm is brokering the disposition of FedEx’s New York portfolio. The portfolio consists of two long-term net leased regional distribution centers located in Binghamton, NY and Plattsburgh, NY.

Zakin tells GlobeSt.com that his firm has been retained by Scannell Properties, which he says is one of the largest developers of FedEx build-to-suit facilities in the US. The properties are net leased to FedEx Ground, a subsidiary of FedEx.

[IMGCAP(2)]The Binghamton facility is a new 61,793-sf distribution center servicing a 125-mile radius feeding from the central hub facility located in Harrisburg, PA. Binghamton is located at the crossroads of Interstates 81 and 88, as well as New York State Route 17. The Plattsburgh facility is a distribution center servicing the hub facility located in Syracuse, NY. Originally built in 2006 as a 31,088-sf distribution center, FedEx recently expanded the facility by 60%, increasing its total size to 49,780 sf. The expansion of the facility is near completion. The facility has direct access to Interstate 87, which connects Montreal with Albany and points south.