Plainview-based Rechler Fairness Companions has bought 73 acres in Medford the place it plans to develop a brand new industrial park.
The sale worth was not disclosed, however actual property business sources say it was about $38 million.
The property off Horseblock Highway was previously owned by the Toussie household, who had put in infrastructure, together with sewers on the website greater than a decade in the past when it was referred to as Empire Company Park. Nevertheless, the previous homeowners by no means constructed any buildings there and the property has remained dormant.
The brand new homeowners have renamed the location Rechler Enterprise District, the place it has the capability to construct 845,000 sq. toes. Rechler Fairness Companions principal Mitchell Rechler mentioned the corporate has additionally modified the identify of the property’s fundamental road to Donald’s Manner, in honor of his father, prolific developer Donald Rechler, who died in 2019.
The corporate plans to develop the brand new park in phases, with the primary constructing being 138,770 sq. toes with 28-foot-high ceilings and 49-foot by 44-foot column spacing on the entry of the park. The constructing deliberate for 10 Donald’s Manner will function 15 loading docks, 4 drive-in bays and an EFSR sprinkler system.
Tax breaks from the City of Brookhaven Industrial Growth Company can be out there to tenants of the brand new park, which can be Rechler Fairness’s first ground-up growth for the reason that Hampton Enterprise District in Westhampton Seaside. Simply final week, the corporate was accepted for financial incentives from the Suffolk County Industrial Growth Company for its last constructing on the Hampton Enterprise District.
“We like the location as a result of as we’re ending Westhampton, we had been on the lookout for a big website the place we may construct one other enterprise park and due to its proximity to the Lengthy Island Expressway, we thought it was a superb match for us,” Rechler mentioned of the Medford property. “Due to the success of what we did on the Hampton Enterprise District, architecturally, we’re going to comply with the same route, providing the foremost in know-how and design of any industrial buildings on Lengthy Island.”
The plans for the sizes of subsequent buildings on the property are but to be decided, for the reason that builders will provide build-to-suit development.
“We think about that can be decided by the demand,” Rechler advised LIBN. “If somebody calls us tomorrow or a 12 months from now and needs a 500,000-square-foot constructing, now we have the flexibility to construct that for them.”
Rechler mentioned he hopes to start out development on the primary constructing this spring and expects it to be accomplished by the tip of the 12 months or early subsequent 12 months.
Leasing on the new Rechler Enterprise District can be dealt with in-house by Ted Trias, the director of acquisitions and leasing for Rechler Fairness Companions, who additionally represented the corporate within the buy of the Medford property.
Ted Stratigos of Avison Younger represented the sellers, the Toussie household, within the sale of the 73 acres.
“We lastly have a website, on sewers that’s zoned and able to construct and by combining that with Lengthy Island’s largest and most skilled industrial developer, it represents a challenge which may come out of the bottom instantly,” Stratigos mentioned. “That is desperately wanted in a time the place there continues to be an amazing urge for food for industrial house fueled by the continuing provide chain disruptions and elevated client demand.”
Rechler Fairness Companions is properly conscious of the robust demand for house amid Lengthy Island’s very tight industrial actual property market. The corporate owns about 6.5 million sq. toes of business house with a present occupancy price of 99.2 %.