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