Bay Shore, NY Cushman & Wakefield arranged the sale of Rockefeller Group’s Candlewood Industrial Park, two class A industrial buildings totaling 560,719 s/f at 145 and 158 Candlewood Rd.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the seller, Rockefeller Group, and procured the buyer, NorthBridge Partners, in the transaction. Thomas Deluca and Nick Gallipoli, also of Cushman & Wakefield, will serve as the exclusive leasing agents of the property on behalf of new ownership.
“Candlewood Industrial Park represented an opportunity of scale in Suffolk County where barriers to entry are high and leasing demand remains elevated,” said Gabriel.
“Candlewood Industrial Park offered a rare opportunity to acquire modern, divisible buildings within the sought after Long Island industrial market,” said Schmidt.
Candlewood Industrial Park features two buildings developed in 1999 and 2013. 145 Candlewood Rd. is a 313,246 s/f property, while 158 Candlewood Rd. totals 247,473 s/f. The properties feature 40’ and 38’ clear heights respectively, creating efficient and flexible configurations as well as minimal office finish, rooftop solar and ample loading and parking. Rockefeller Group acquired and renovated 158 Candlewood Rd. prior to lease-up and sale.
“Rockefeller Group would like to thank Cushman & Wakefield and NorthBridge Partners for working closely with us on the sale of the Candlewood properties,” said Mark Shearer, senior managing director for Rockefeller Group’s North Central region. “We are committed to providing class A industrial to Long Island and look forward to bringing new opportunities to the market.”
Located in Western Suffolk County, the park provides efficient access to the east end of Long Island and the NYC outer boroughs to the west. The park is located just minutes south of the Long Island Expwy./I-495 in Bay Shore, offering convenient access to a dense workforce and affluent consumer base.
Cushman & Wakefield as exclusive agents will represent Northbridge in leasing efforts at 145 Candlewood Rd., available for occupancy this month. Capital improvements are underway, which will include new exterior & interior paint, upgraded dock packages, fresh asphalt for the parking lot, improved truck courts and upgraded 4,000-amp service.
According to Cushman & Wakefield, Long Island is one of the nation’s most densely populated and affluent industrial markets, with 8 million residents earning an average household income of $131,000 within Nassau and Suffolk Counties as well as the eastern boroughs of NYC.
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