Blake of Pyramid Brokerage sells 52,000 s/f industrial facility for $800,000

Guy Blake, CCIM of Pyramid Brokerage's Hudson Valley office and John Lavelle of RJ Smith Realty recently closed the sale of a 52,000 s/f industrial building located at 75 North St. The property sold for $800,000 in an all cash transaction. The property is net leased to Ametek, a $2.5 billion industrial products company. The building is 100% occupied by the Rotron Division which manufactures blowers and other air moving devices for use in a variety of industrial applications. The company has occupied the space since 1980, initially on a built to suit, 25 year lease and, more recently, on a series of 5 year renewal options. They employ about 30 people at the site. "It was a great deal but it took a while to find the right buyer," said Blake. "Most of the lookers were afraid of the short lease term despite the fact that the tenant had been there for 30 years and had just exercised their second renewal option." "We saw the value immediately," said Lavelle. "It's a good building with a credit tenant paying below market rent." The transaction began at a NYSCAR (New York State Commercial Association of Realtors) marketing session when Blake presented the property to a room full of New York commercial brokers. Spotting the opportunity, Lavelle presented the property to the investor and a deal was struck.