Northmarq arranges 20-year sale leaseback of a single-tenant net leased industrial property located on Long Island, NY for $3.15M and a 7.0% cap rate
LOS ANGELES (May 22, 2024) — Northmarq’s Los Angeles Commercial Investment Sales team led by Joel Cukier, senior vice president, in collaboration with Vice President John Rotunno, has brokered the $3.15 million sale leaseback of a 13,780-sq.-ft. industrial manufacturing property leased to U.S. Air Tool Co. The single-tenant property was built in 1988 and is situated on 1 acre at 60 Fleetwood Ct. in Ronkonkoma, NY.
Northmarq represented the seller, Meru Ventura Partners LLC, and buyer, Ronkon Holdings LLC.
“This property was sold as part of a complex M&A transaction,” said Cukier. “We were able to generate multiple full price offers and close with a strong private buyer based out of California. It’s great to see the right types of deals still commanding aggressive cap rates in this high interest rate environment.”
Established in 1951, U.S. Air Tool Co. is headquartered in Ronkonkoma and a leading manufacturer and distributor for aerospace industry products. The property serves as a mission critical facility, housing the company’s entire East Coast Operations, and is situated in a bustling industrial corridor less than 2.5 miles from the Long Island MacArthur Airport and approximately 50 miles from New York City. The tenant will operate on a new long-term triple net lease.
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