ENTENMANN’S FORMER HQ, BAY SHORE, NY
- Purchased the 547,000 SF former Entenmann’s corporate headquarters on a 31-acre parcel for $18 PSF in 2016
- Sale-leaseback negotiated with Entenmann’s for 12% of building
- Subdivided remainder of building into multiple manufacturing and distribution spaces
- Negotiated with the Industrial Development Agency to reduce real estate taxes
- Extensive capital improvements program to update mechanicals, roofing and overall site
- Prominent Long Island supermarket chain leased 65% of the space
- Returns to investors well above initial underwriting
