Marcus & Millichap brokers $54.22 million five-property Long Island portfolio sale

Farmingdale, NY Marcus & Millichap negotiated the sale of a five-property, 275,938 s/f multi-tenant industrial portfolio on Long Island. The portfolio sold for $54,222,673.

“Owned by the same family since its construction, the portfolio was offered for sale for the first time,” said Michael Tuccillo of Marcus & Millichap in New York City. “The mix of small-bay and mid-bay buildings, a product that remains in extremely limited supply, combined with a tenant roster spanning from local operators to regional and national tenants, drove significant competition. Offerings with this level of diversification and footprint simply do not come to market often. This was a rare opportunity to acquire meaningful industrial scale on Long Island in a single transaction.”

Tuccillo and Anthony Cerrone of Marcus & Millichap represented the seller, Howard Katz Realty & Construction, a company started by Howard Katz, who built over one million s/f of industrial space on Long Island. Tuccillo and Cerrone procured the buyer, Spiegel Associates. With roots dating back to 1945, Spiegel Associates is a privately held, vertically integrated real estate investment, development, and management firm with over 2.5 million s/f under ownership and management. David and Andrew Wilks led the transaction for Spiegel.

Located in Farmingdale, Hicksville, and Oceanside, the properties range in size from 28,000 s/f to 100,000 s/f. All were constructed between 1975 and 1985 and include office space.