Cushman & Wakefield announced the firm has advised the sale of a newly constructed single-tenant last mile distribution facility in Frankfort, New York. The freestanding 52,500-square-foot industrial building is situated on over ±11 acres and is fully leased long-term on a triple net (“NNN”) basis to the largest home improvement retailer in the U.S.
The property was acquired by an undisclosed investor for approximately $9.85 million.
Vince Aicale, Ryan Forsyth, Michael Yuras, CCIM, and Scott Crowle, a premier four-broker Net Leased Investment Sales team (“YAFC”) with Cushman & Wakefield, represented the seller, Routine Properties, a New York-based firm specializing in institutional quality, build-to-suit solutions for small footprint facilities across the US—the firm’s principals are Evan Goldfine and Aaron Marcus. Andrew L. Bogardus of Cushman & Wakefield represented the buyer.
“This was a tremendous investment opportunity of a new high-quality last-mile facility with a robust distribution location that is supported by a long-term NNN lease with a stable, investment-grade “A” rated tenant—which is also a Fortune 20 company and one of the world’s largest employers based in the U.S.”, said Vince Aicale of the YAFC Team. “This new last-mile distribution center is strategically located to meet the demand of the e-commerce market and help facilitate online orders.”
“Vince Aicale and his partners helped us achieve strong pricing in a challenging macro environment,” said Evan Goldfine, principal of Routine Properties. “They were tireless in canvassing the buyer pool as well as in their efforts to close the deal. We look forward to working with the YAFC team again to sell other NNN properties in our development pipeline.”
Located at 186 Usyk Dr, the property boasts a prominent location in the Schuyler Business Park offering easy access to Interstate 90, the longest interstate highway in the U.S. and a major east-west transportation corridor. The property’s location in the heart of New York is also centrally located between Syracuse and Albany and provides easy access to all major markets in the Northwest U.S. and Southeastern Canada.
The YAFC team is an elite, four-broker collaborative group that specializes in creating a client-centric experience focused on results. With over 80 years of combined experience, the YAFC team has established itself as a market leader in the net lease sector by achieving market setting cap rates for single and multi-tenant leased investments across the nation.
