Rechler Equity leases more than 500,000 s/f in portfolio

As Seen in Long Island Real Estate Journal Volume 16/ Issue 14/ July 13, 2004

Melville, NY – Rechler Equity Partners, one of Long Island’s largest owners of industrial real estate, has completed 20 industrial lease transactions in just the first half of 2004, comprising more than 500,000 s/f within its 5.9 million s/f industrial portfolio situated throughout Long Island, according to Mitchell Rechler of Rechler Equity Partners.

Most notable among the transactions was the 128,000 s/f lease commitment signed by Medical Depot, an international distributor of medical equipment, at 250 Kennedy Dr., a one-story industrial facility located in Hauppauge, NY. Ted Trias of Sutton & Edwards represented Medical Depot in the lease negotiations.

BP Gourmet, a manufacture of low-carb cookies, leased 32,500 s/f of manufacturing and distribution space at 135 Ricefield Ln., a one-story R & D property in Hauppauge. Rich Cohen of Ashlind Properties negotiated the transaction on behalf of BP Gourmet.

In addition, Net-Flix, one of the hottest names in DVD rentals, leased 23,162 s/f formerly housing DHL at 10 Hub Dr., a single story, multi-tenanted facility in Melville, and Portable on Demand Storage (PODS, Inc.), leased 30,000 s/f of industrial and warehousing space at 50 Oser Dr. in Hauppauge. William Obregon of CB Richard Ellis acted as tenant rep.

“These transactions are an indication of a revitalized leasing market on Long Island,” said Rechler. “Over the first half of 2004 we’ve seen a number of high-profile companies make a commitment to Long Island by taking new space, expanding and in some cases renewing their existing leases.”

One of the most prestigious tenants who renewed within the portfolio in the first half of the year was Atkins Nutritional. The diet/nutritional company renewed its 106,000 s/f lease at Airport Business Centers (AIP 2004), Long Island’s first high-tech industrial park located in Bohemia.

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