Hartz Mountain buys 235 Pinelawn Road in New York for $54.5m

Hartz Mountain buys 235 Pinelawn Road in New York for $54.5m

Published at: 2018-10-10 16:22 | Author: CIJ USA
Hartz Mountain bought 235 Pinelawn Road in Melville, New York, for $54.5m. The 48-acre property was previously occupied by Newsday, which used the facility as its headquarters and also served as its newspaper production and distribution center. Located 1 mile from Exit 49 on the Long Island Expressway, the property offers the potential to add up to 800,000 sq ft of new, high-bay logistics space. CBRE represented the seller, Tribune Real Estate Holdings.

“The lack of quality, modern distribution space on Long Island provided a huge opportunity for Hartz to transform the property at 235 Pinelawn,” said Jeffrey Dunne of CBRE. “When you couple this need with Hartz’s vast experience in owning nearly 29 million sq ft of industrial property across the East Coast, you get the right combination of attributes for a successful redevelopment and lease-up of the former Newsday headquarters.”

Similar Stories:

Taurus Investments sells Jacksonville industrial park for $10m
Taurus Investments sold a 217,990 sq ft industrial park in Jacksonville, Florida, for $10.  »
TH Real Estate US Strategic Industrial Fund I pulls in $330m
TH Real Estate closed its TH Real Estate US Strategic Industrial Fund I. Totaling more tha  »
Middlesex Logistics Center changes hands for $83m
ASB Real Estate Investments and Cohen Asset Management paid $83m for the Middlesex Logisti  »
Cohen Asset Management acquires Middlesex Logistics Center
Cohen Asset Management has secured $41.5m in acquisition financing for a 507,000 sq ft war  »
The industrial sector of commercial real estate has changed radically over the past few ye   »
industrial logistics brokers are relying increasingly on data to help them find the best p   »
Scott Gregory, market officer at Prologis in Florida, says the breakdown can be seen geogr   »