In a transaction that dwarfs nearly all others, one of Long Island's largest industrial real estate transactions of 2007 was completed for the purchase of what will soon become the 140,000 s/f New World Headquarters facility for Bearings Limited, a long established company located in Hauppauge. The $15 million sale was handled by Long Island's leading commercial real estate services firm, Sutton & Edwards, Inc./TCN Worldwide.
The building, which sits on over seven acres and is located at 2100 Pacific St. was sold by H&A Realty, LLC and formerly occupied by 8 in 1 Pet Products. H & A Realty LLC hired Sutton& Edwards to consider its disposition alternatives for the property. The strategy developed by Sutton & Edwards was designed to maximize flexibility while capitalizing on existing market conditions to best serve the needs and desires of both parties.
The sale was handled by the Sutton & Edwards team of senior executive director Ted Trias, senior director Jeffrey Schwartzberg SIOR, and associate Kyle Burkhardt. The team worked closely with both the buyer (Jeff Feldman, Bearings Limited senior vice president handled the purchase for the company) and the property owner to effect a smooth transition of ownership for this important sale.
"I am excited to have been involved in this transaction which is certainly among the larger ones that I have been involved in during my nine years of working as a professional in this industry. Our team is proud to have worked with both buyer and seller to provide a mutually beneficial solution for both," said Schwartzberg. "We went to the market and the market told us which direction to take for this fabulously located, outstanding (140,000 s/f) product. This sale was an ideal fit for both parties."
Initially, Bearings Limited plans to make necessary modifications to the facility to accommodate its plans for consolidating its Long Island operations under one roof. Tags: