NAI Hanson Closes Deal on Sale of 96,500-Square-Foot Industrial Building in Harriman, N.Y.
Harriman, N.Y. (February 16, 2017) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announced it has brokered the sale of a 96,500-square-foot industrial building at 2 Bailey Farm Road in Harriman, N.Y. NAI Hanson’s Kenneth D. Lundberg, SIOR, and Patrick Lennon represented the landlord, Why Associates, LLC, in the sale to Contract Packaging Services, Inc.
Located in the Orange County Industrial Market, 2 Bailey Farm Road is a single story, single tenant industrial space on 20 acres with 80 parking spaces and five loading docks that will allow Contract Packaging Services to easily run and expand their food packaging business. The location also offers the ability to construct 100,000 square feet of additional industrial space.
Contract Packaging Services had recently completed a five-year lease at this location with the option of purchase at the conclusion of the lease. After significant capital investments into the property during their lease, Contract Packaging Services recognized that the flexibility and expandability presented by 2 Bailey Farm would allow them to meet their ambitious growth plans for the near future.
“We’re seeing many tenants looking for the option to own. This trend put our client in a favorable position to sell since the tenant has already invested in upgrades to the facility and was in need of more space to meet the needs of their growing business and requires accessibility to its consumer base, Contract Packing Services saw the unique potential of 2 Bailey Farm Road,” said Lundberg. “2 Bailey Farm Road offered the right amount of flexibility for growth in a highly accessible location creating an attractive offer for both the buyer and the seller in this transaction.”
Harriman, N.Y. lies in an area at the center of 18% of the United States’ population and 20% of the nation’s GDP. Located near the Exit 16 exchange of the New York Thruway, the facility gives Contract Packaging Services direct access to their clients with the ability to reach 52 million people via one-day ground shipment.
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