Two Long Island industrial properties trade for $105.7M

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Two industrial properties in Bay Shore have sold for $105.7 million. 

Wakefield, Mass.-based NorthBridge Partners has purchased the 313,246-square-foot building on 13.8 acres at 145 Candlewood Road and the adjacent 247,473-square-foot building on 13 acres at 158 Candlewood Road from the Rockefeller Group. 

The Rockefeller Group had acquired the two warehouse and distribution properties in 2021 from an affiliate of Rubie’s Costume Company for $94.5 million. 

Built in 1999, 145 Candlewood Road has 40-foot clear ceilings, 24 dock doors, four drive-in bays and parking for 316 vehicles. Its sister building at 158 Candlewood Road was built in 2013 and has 38-foot clear ceilings, 28 dock doors, three drive-in bays and parking for 96 vehicles. 

The property at 158 Candlewood Road is fully occupied by Lindenmeyr Munroe, a packaging and paper provider, which leases 115,184 square feet and Duro Dyne Corporation, a manufacturer of sheet metal accessories and equipment for the HVAC industry, which leases 82,064 square feet. 

The property at 145 Candlewood Road is vacant and the Cushman & Wakefield team of Tom DeLuca, Frank Frizalone, Nick Gallipoli, John Giannuzzi, David Frattaroli and Austin Fitzpatrick is heading its leasing efforts. NorthBridge is working on capital improvements at the property, including new exterior and interior paint, upgraded dock packages, fresh asphalt for the parking lot, improved truck courts and upgraded 4,000-amp service, according to a C&W statement. Ownership will consider dividing the building for as many as four tenants and occupancy will be available in January. 

The same C&W team is also handling leasing at the Rockefeller Group’s newly developed 172,622-square-foot building on an adjacent 10.75 acres at 55 Paradise Lane. Rockefeller Group purchased the vacant property for $32 million in 2020 and completed construction on the development last year.  

Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield procured the buyer NorthBridge Partners, and represented the seller, Rockefeller Group, in the Candlewood Road sales transaction. 

“Candlewood Industrial Park represented an opportunity of scale in Suffolk County where barriers to entry are high and leasing demand remains elevated,” Gabriel said in the statement. 

Mark Shearer, senior managing director for Rockefeller Group’s North Central region, thanked the brokers and the buyer for working with his firm on the sale.  

“We are committed to providing Class A industrial to Long Island and look forward to bringing new opportunities to the market,” he said. 

The Candlewood Road purchase is the second Long Island acquisition for NorthBridge Partners. NorthBridge, which currently has more than $3 billion in commercial real estate assets under management, bought the 16,000-square-foot industrial building at 280 Skip Lane in Bay Shore in 2021 for $6.9 million.