Newmark tapped to lease over 679,000 SF of new industrial space

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A brokerage team from Newmark’s Long Island office is now marketing more than 679,000 square feet of newly built industrial space. 

The assignment includes four warehouse-and-distribution buildings in Yaphank and Medford developed by Manhattan-based Wildflower Ltd. and Barings. 

Three of the buildings, totaling about 550,000 square feet, are part of a $162 million project called the Brookhaven Logistics Center located on a 42.1-acre portion of a 71.4-acre parcel of vacant land west of Sills Road on the north side of Long Island Expressway in Yaphank. Each of the buildings has 36-foot-clear ceilings and 60-foot by 60-foot column spacing and can accommodate a single tenant or as many as six tenants, according to the Newmark marketing information. 

The first building at the Yaphank complex is 203,548 square feet, with 36 dock doors, four drive-in bays and parking for 36 trailers and 263 cars. The second building is 176,670 square feet, with 30 dock doors, three drive-in bays and parking for 30 trailers and 259 cars. The third building measures 169,724 square feet, with 29 dock doors, three drive-in bays and parking for 29 trailers and 245 cars. 

The Medford building, a $33.8 million project called the Medford Logistics Center, is located on 10 acres at 645 National Blvd. Measuring 129,237 square feet, the building has 36-foot-clear ceilings, 56-foot by 56-foot column spacing, 19 dock doors, six drive-in bays and parking for 33 trailers and 269 cars. The building can accommodate from one to four tenants. 

Tenants at both developments can take advantage of reduced property taxes because of a 12-year payment-in-lieu-of-taxes agreement put in place by the Town of Brookhaven Industrial Development Agency, which provided economic incentives for both projects. 

The Newmark leasing team for the properties includes Kyle Burkhardt, Chuck Tabone, Joshua Cohen, Dan Gazzola, Patrick Ciancimino and Mason Morrow. 

“Although there’s a significant amount of new Class-A inventory throughout the Island, we believe that our locations, proximity to the LIE, competitive cost basis, and attractive IDA tax PILOT will result in a very successful project,” Burkhardt told LIBN. 

Tabone said the Newmark team is excited to represent the Wildflower & Barings partnership in this assignment. 

“We believe that the combination of offering divisions of the buildings for lease, as well as the possible sale of individual facilities, makes these buildings a first option for many prospects,” he said.