News: Long Island

Costa of Rechler Equity Partners arranges 32,100 s/f lease to GMG; Pidgeon of Aireco represented the tenant at 65 Orville Drive, Bohemia

According to Rechler Equity Partners, one of the largest owners of commercial real estate on Long Island, it has signed a long-term lease for 32,100 s/f with GMG Transwest at 65 Orville Dr. GMG Transwest is one of the premier freight management companies in North America and works with a network of quality carriers to provide customers with superior transportation choices. They were looking for a free-standing building to consolidate two divisions under one roof and meet their unique infrastructure needs, and found a perfect fit at 65 Orville Dr. "The tenant needed a property to accommodate tractor trailer deliveries while also providing quality space for their corporate offices," said Chris Costa of Rechler Equity Partners, who handled negotiations on behalf of the owner. "The property at 65 Orville offers a great rear yard with exceptional egress that allowed GMG Transwest to house both divisions under one roof." Richard Pidgeon of Aireco represented the tenant in the deal. "Locating a property that met all our needs was like finding a needle in a haystack in this market where space is extremely tight," said John Caviello, president of GMG Transwest. "Rechler Equity Partners' 65 Orville Dr. was a perfect fit to meet our office and transportation layout needs."
MORE FROM Long Island

Suffolk County IDA supports expansion of A&Z Pharmaceuticals

Hauppauge, NY The Suffolk County Industrial Development Agency (IDA) has granted preliminary approval of a financial incentive package that will assist a manufacturer in expanding its business by manufacturing more prescription (Rx) pharmaceuticals in addition to its existing over-the-counter
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The evolving relationship of environmental  consultants and the lending community - by Chuck Merritt

The evolving relationship of environmental consultants and the lending community - by Chuck Merritt

When Environmental Site Assessments (ESA) were first part of commercial real estate risk management, it was the lenders driving this requirement. When a borrower wanted a loan on a property, banks would utilize a list of “Approved Consultants” to order the report on both refinances and purchases.