N E W S & B L O G
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The Facility is Situated Prominently in New York’s Affluent Deer Park Submarket
NEW YORK – Cushman & Wakefield’s National Self-Storage Team has arranged the sale of a 541-unit, 58,500-square-foot self-storage property in New York. The facility is centrally located within the densely populated residential corridor of Deer Park, a major suburb of Long Island.
Cushman & Wakefield Vice Chairman Mike Mele, Executive Managing Director Luke Elliott, Senior Director Robert Bloch and Senior Associate Noah Obuchowski represented the seller, 4 Storage, LLC, in the disposition. The buyer is an undisclosed private equity group.
At 541 Acorn St., the facility sits on 2.9 acres and comprises 10 one- and two-story, steel construction buildings that were completed between 2000 and 2003. The property features large cargo lifts for second-floor access, a large solar panel system, state-of-the-art security cameras and an electronic entry gate. It was also recently upgraded with new asphalt paving, HVAC improvements and solar energy fans. The property was 83% occupied at the time of sale.
Deutz Corporation, which is based in Atlanta and serves all of North America, is new to the South Florida market and will use the space as a distribution center. The company joins such notable tenants at Turnpike Business Park as Terminix, PODS and LaserSmith.
Turnpike Business Park is conveniently located just north of Southern Boulevard and Florida’s Turnpike, with excellent frontage along the Turnpike, a major north-south roadway that connects to Interstate 95 and Interstate 595.
The Deutz Corporation space is located in Building 4 at 475 N. Cleary Road. The 61,946-square-foot building was completed in 2017 and features 24-foot clear height ceilings, six dock high doors, 52-foot column spacing and an ESFR sprinkler system.
“With its unbeatable location and frontage along Florida’s Turnpike, Turnpike Business Park is one of Palm Beach County’s premier suburban industrial parks,” said VanDresser. “Deutz saw the need for a corporate location here due to its increasing activity in the market, and this property met all of its needs. We are pleased to have brought this property to full occupancy on behalf of our client, Cabot Properties, with such a quality tenant as Deutz.”
The eight-member South Florida Industrial team, led by Metzger, Etner and Thomson, negotiated just over 12 million square feet of sale and lease transactions valued at more than $252 million in 2019. For more information, please visit www.southfloridaindustrialteam.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.