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Medford, New York
41,000 Square Feet
Value-Add Industrial with Outdoor Storage
Medford, New York
41,000 Square Feet
Value-Add Industrial with Outdoor Storage
In August 2023, Anchor Capital Partners acquired a 41,000 SF vacant single-tenant warehouse with parking and outdoor storage on 3.1 acres. The property is ideally situated directly between the Long Island Expressway (I-495) and Sunrise Highway in Suffolk County, Long Island, providing convenient access to both Long Island and New York City.
ACP immediately initiated its value-add business plan of performing building-wide capital expenditures and demising the building into a two-tenant facility. In an off-market acquisition process, ACP relied on its intimate knowledge of the local submarket and recognized that the property contained unique characteristics that would generate a premium in rent relative to nearby vacancies, especially if the property were to be converted into a multi-tenant facility.
The property is currently in lease up, with 50% of the building leased to a subsidiary of a $66 billion public company.
Huntington Station, New York
30,000 Square Feet
Value-Add Industrial
Huntington Station, New York
30,000 Square Feet
Value-Add Industrial
In April 2022, Anchor Capital Partners acquired a 30,000 SF multi-tenant small-bay industrial asset primely located within Huntington Station, New York.
ACP recognized that the property’s in-place tenants were paying under market rents, and near-term expirations provide the opportunity to lease to stronger tenants at higher rates while also converting to a triple-net structure. Additionally, we recognized a submarket supply crunch for automotive use buildings, allowing ACP to further push rents.
The property is currently 100% occupied with two upcoming lease expirations that will allow ACP to increase the net rents of these units by ~25%.