1 Grumman Road, Bethpage, NY
- Purchased Leroy Grumman’s first building on Long Island; 386,000 SF of office/industrial located on a 30-acre parcel
- Perceived functional and physical obsolescence intimidated other potential purchasers; JSR Capital Group acquired the asset for $29 PSF
- Strategic capital improvements to the mechanicals and overall building
- Able to secure long-term lease with Northrop Grumman and leased remaining space to 3G Warehouse, a Long Island headquartered logistics company
- Sold the renovated building 2.5 years later for approximately 1.7x total invested capital
- Significant Equity Multiple
