Upload
others
View
2
Download
0
Embed Size (px)
Citation preview
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
INDUSTRIAL INVESTMENT SALE
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
OFFERING SUMMARY:
As owner’s exclusive agent, we are offering for sale the fee simple interest
subject to two leasehold interests. Structural steel frame and tilt-up
concrete panel Class A building built in 1989 in excellent condition on
±6.25-acre lot. Building includes 91,410 sq. ft. of warehouse space and
9,764 sq. ft. of office space on two levels. Municipal utilities. 24’ clear
ceilings. 18 loading docks and one drive-in door.
±101,174 SQ. FT. INDUSTRIAL / OFFICE BLDG.
Fully Leased to Two Tenants for Over 5 Years
INVESTMENT SALE –100% LEASED
LOCATION: Situated in Orange County’s largest industrial park with
over 3.4 million sq. ft.; neighbors include Amscan, Pep Boys, C&S,
Steris, and Iron Mountain. 4 minute drive to NY Route 17, Exit 126
(Chester), 30 minutes to Mahwah, NJ, 45 minutes to Tappan Zee
Bridge.
TENANTS: ±92,519 sq. ft. leased to Barrett Distribution Centers, Inc.,
and ±8,655 sq. ft. leased back to Community Products LLC. Both
leases will expire on 12/31/2024. Each tenant has options for two 5-
year extensions.
EXPANSION: Original site plan included approvals for 31,992 sq. ft.
expansion.
SALE PRICE: $9,750,000
YEAR 1 NNN RENT: $686,724
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
AERIAL PHOTO OF CHESTER INDUSTRIAL PARK
C&S WHOLESALE
PEP BOYS
STERIS
STERIS AMSCAN
SUBJECT
N.Y. Route 94Exit 126
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
PROPERTY & SITE DESCRIPTION
GROSS BUILDING AREA: ±101,174 sq. ft. total, with
±91,410 sq. ft. of warehouse space and ±4,882 sq. ft. of
offices on ground level, and ±4,882 sq. ft. of offices on
mezzanine. ±9,764 sq. ft. total office space (9.7% of
total building area).
ORIGINAL DEVELOPER: B.A. Karbank & Co.
constructed building to suit that it leased to GE Supply.
YEAR BUILT: 1989
FLOORS: Poured concrete footings and 6” reinforced
concrete slab on grade.
EXTERIOR WALLS: Concrete tilt-up panels with sealed
joints.
FLOORS: Carpet, ceramic, clay or vinyl tile in office
areas. Painted/sealed concrete in warehouse.
ROOF: 60 mil EPDM single-ply membrane with gravel
ballast over 2” isocyanurate insulation on metal deck
that is sloped in two directions towards six interior
drains. Roof inspected by engineer in March 2019 and
found to be in “good condition and the building is
watertight” (report available upon request).
COLUMN SPACING: 36’ (north-south) x 44’ (east-west)
CEILING HEIGHT: 24’ clear
ELECTRIC: 1,200 amp, 480/277 volt, 3 phase, 4 wire.
Back-up diesel generator for emergency services.
Provided by Orange & Rockland Utilities.
HVAC: Heat for industrial space provided by natural
gas-fired, floor-mounted Johnson air rotation unit with
blowers rated at maximum 3 million BTU/h. Additional
fans for air movement. HVAC for offices provided by
roof-mounted package units and distribution ducting.
LOADING: Eighteen tailgate-level loading docks with
8.5’ x 10’ doors having seals, bumpers, and levelers on
east wall. One 14’ x 14’ drive-in door on north wall, and
one 6’ x 8’ UPS-height loading dock on north wall.
LIGHTING: T-5 fluorescent lamps with motion sensors
in warehouse.
SECURITY: Full security and fire protection system
serviced by ADT.
PARKING: 21 surface spaces adjacent to offices
include two handicap spaces. Additional spaces
possible along edge of loading aprons. Space to store
±8 trailers along north side of building.
SPRINKLERS: 100% wet system. Booster pump
pressurizes three risers.
BATHROOMS: Two sets of men’s and women’s
lavatories located in finished office area, and trucker
lavatory near loading docks. Shower stall in office area
ground level.
EXPANSION: Original site plan included approvals for
31,992 sq. ft. expansion on west side of existing
building.
ZONING: Village of Chester’s “M-1 Light Manufacturing /
Research” zoning district. Permitted uses are wholesale
storage and warehouse facilities; manufacturing,
processing, producing and fabricating operations which
do not produce any noises, fumes, odors or vibrations;
research labs; and business and industrial office
facilities, Special permit uses include outdoor storage of
various materials if properly screened.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
SITE PLAN
Original site plan
Included approval
For 31,992 SF
Building expansion
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
FLOOR PLAN SHOWING MATERIAL HANDLING SYSTEMS
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
OFFICE AREA - FLOOR PLAN OF FIRST FLOOR
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
OFFICE AREA - FLOOR PLAN OF SECOND FLOOR
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
LOCATION & MARKET ANALYSIS
The 24 Elizabeth Drive property is located in the Village of Chester in the southeast portion of Orange County.
Orange County is located about 45 miles northwest of New York City in the Hudson Valley of New York State.
The County is bounded by Sullivan and Ulster Counties on the north, Rockland County and then New Jersey
counties of Passaic and Sussex on the south, the Hudson River on the east, and Pike County in Pennsylvania
on the west. Within its borders are three cities (Middletown, Port Jervis, and Newburgh), 20 towns and 17
villages.
According to the federal Census 2010, Orange County had a population of 372,813 residents, an increase of
9.2% over the prior decade. In comparison, the total New York State change over the same period was 2.3%.
Population forecasts by the Program on Applied Demographics at Cornell University estimate that the County
will add more than 60,000 residents during the 2010-2020 period which equates to a 16.3% increase over
Census 2010 levels.
The NYS Department of Labor’s Area Summary reports the civilian work force in Orange County to be about
176,900 in June 2019. Unemployment in the County is at 3.4% (June 2019), while the NY State unemployment
is 3.8%.
Orange County has an excellent highway network. This includes the NY State Thruway (Interstate 87),
Interstate 84, and N.Y. Route 17 (future Interstate 86). These roads connect and provide fast access to the N.Y.
metropolitan area as well as the surrounding states of New Jersey, Pennsylvania, and Connecticut.
Orange County has been very successful in attracting new industrial and corporate businesses to a number of
business parks located throughout the County. Among the reasons for this success are the County’s proximity
to NYC, a superior transportation network, the availability of industrial lots served by sewer and water, and the
efforts of an outstanding private-public economic development group – the Orange County Partnership.
According to its 2018 Orange County Commercial Real Estate Market Review, Mansfield Commercial Real
Estate reports that, at the end of 2018, the industrial vacancy rate in Orange County was under 2% based on
total inventory of about 23 million sq. ft. There was about 1,000,000 sq. ft. of total absorption during 2018.
About 500,000 sq. ft. of new spec industrial space is under construction and scheduled for delivery during 2019.
The largest spec building will be a 240,000 sq. ft. building being by Matrix Development in the Town of
Wawayanda; this project follows Matrix’ 2017 successful spec development of a 565,000 sq. ft. building in
Newburgh that was fully leased prior to completion. There is also over 2,500,000 sq. ft. of user and spec
industrial buildings seeking approvals. Most notably, Medline Corporation plans to build a 1,300,000 sq. ft.
distribution center in Montgomery. Elsewhere in Montgomery, Bluewater Industrial expects to receive approvals
to build a spec 1,000,000 sq. ft. building that reportedly is being leased to Amazon.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors,
omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of
the property (or properties) in question.
Cushman & Wakefield Copyright 2015. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by the property owner(s). As applicable, we make no representation as to the condition of the property (or properties) in question.
Independently Owned and Operated / A Member of the Cushman & Wakefield Alliance
For more information, please contact:
CHESTER INDUSTRIAL PARK
24 Elizabeth Drive
Chester (Orange County), NY
Robert W. Scherreik, CCIM, SIOR, MCR
Executive Managing Director
Real Estate Broker
+1 845 787 1373
PYRAMID BROKERAGECOMPANY
356 Meadow Avenue, 2nd
Floor
Newburgh, NY 12550
pyramidbrokerage.com
REGIONAL MAP
www.pyramidbrokerage.com
ROBERT W. SCHERREIK,
SIOR, CCIM, MCR
Executive Managing Director
Real Estate Broker
(845) 787 1373
356 Meadow Avenue, 2nd floor
Newburgh, NY 12550