Rechler Equity sells five properties in planned Disposition Program for $36.3 million

Hicksville, NY Rechler Equity Partners, one of the largest owners of commercial real estate on Long Island, arranged the sale of three properties. The announcement was made by Mitchell Rechler and Gregg Rechler, managing partners at Rechler Equity Partners. In January of 2015, Rechler Equity made the strategic decision to list five of its Long Island properties. “We are very excited to announce the recent sale of three of our properties  in Nassau and Suffolk counties over the last few months,” said Mitchell Rechler. “The sale of these properties represented an opportunity for Rechler Equity to capitalize on positive market trends.” The sale of 100 Andrews Rd. in Hicksville was Rechler Equity’s last commercial investment asset in Nassau County. The 167,754 s/f property was sold to Diamond Sugar Co., Inc., a food distributor from Brooklyn. Neil Dolgin and Jeffrey Unger of Kalmon Dolgin Affiliates Inc. represented the buyer. Diamond Sugar Co., will occupy 100,000 s/f at the property. The balance of the property is leased to a single tenant. Another recent sale was made to Aladdin Packaging, a leader in the packaging industry. The company is expanding with the recent purchase of a 41,954 s/f building located at 85 Engineers Rd. in Hauppauge. The property is contiguous with its corporate headquarters. Aladdin Packaging will be using the vacant building as an additional factory and warehouse for its 45 year-old company. Richard Cohen of Ashlind Properties was the buyer’s representative. Malmar Associates, a privately held real estate company recently purchased a unique 3 acre site located at 410 Motor Parkway in Hauppauge’s Industrial Park. The existing 41,784 s/f, multi-tenant building offers Motor Parkway frontage and easy access to the Long Island Expressway. Craig Padover, the principal of Malmar Associates, will be positioning the property for redevelopment in the near future. The remaining two properties located in Suffolk County, totaling 125,000 s/f, are in contract and due to close this December and January 2016.