Marcus & Millichap brokers $54.22 million five-property Long Island portfolio sale
and footprint simply do not come to market often. This was a rare opportunity to acquire meaningful industrial scale on Long Island in a single transaction.” Tuccillo and Anthony Cerrone of Marcus & Millichap represented the seller, Howard Katz Realty & Construction, a company started by Howard Katz, who built over one million s/f of industrial space on Long Island. Tuccillo and Cer- rone procured the buyer, Spiegel Associates. With roots dating
back to 1945, Spiegel Associates is a privately held, vertically integrated real estate investment, development, and management firm with over 2.5 million s/f under ownership and management. Da - vid Wilks and Andrew Wilks led the transaction for Spiegel. Located in Farmingdale, Hicks - ville, and Oceanside, the properties range in size from 28,000 s/f to 100,000 s/f. All were constructed between 1975 and 1985 and in - clude office space.
FARMINGDALE, NY Marcus & Mil- lichap negotiated the sale of a five-property, 275,938 s/f multi- tenant industrial portfolio on Long Island. The portfolio sold for $54,222,673. “Owned by the same family since its construction, the portfolio was offered for sale for the first time,” said Michael Tuccillo of Marcus & Millichap in New York City. “The mix of small-bay and mid-bay buildings, a product that remains in extremely limited sup - ply, combined with a tenant roster spanning from local operators to regional and national tenants, drove significant competition. Offerings with this level of diversification SYRACUSE, NY Cronheim Hotel Capital (CHC) has secured $25.5 million for the acquisition of the DoubleTree Hotel. As one of the leading group and meeting hotels in the region, it also benefits from Micron Technologies planned $100 billion semiconductor campus un - der construction a few miles from the property. The loan was placed with a na- tional bank lender at 70% LTV with a floating rate and three years of inter - est only payments. The property will undergo a comprehensive refresh to all guest rooms and common areas under its new ownership. David Turley, president of CHC, said “This was a great acquisition
MCB R.E. celebrates 52,832 s/f Dick’s Sporting Goods at Hudson Valley Pl.
Cronheim secures $25.5 million for acquisition of DoubleTree Syracuse
FOR FULL STORY VISIT NYREJ.COM Sam’s Club, and PetSmart. MCB continues to capitalize on Hudson Valley Plaza’s position within Ulster County’s primary re - tail corridor. This asset is located at a signalized intersection along U.S. Rte. 9W and Frank Sottile Blvd., adjacent to Rte. 209/199 and the I-87 (NYS Thruway) interchange.
KINGSTON, NY MCB Real Estate cele - brated the grand opening of Dick’s Sporting Goods at Hudson Valley Plaza. Dick’s Sporting Goods occupies a 52,832 s/f space at the shopping center, located at 701 Frank Sottile Blvd. The 673,000 s/f MCB-managed retail property is home to a lineup of national an - chors including Walmart, Lowe’s,
for a proven sponsor and we were able to source multiple options on the debt – bank, CMBS, debt fund. We believe more options leads to better choices and better outcomes
which is why we pride ourselves on being able to bring a full menu of capital sources to the table. After weighing the pro and cons, a bank execution was a great fit here.”
FOR FULL STORY VISIT NYREJ.COM MANHATTAN, NY AdamAmericaReal Estate has appointed David Brick - man as chief executive officer. In this role, Brickman will lead the firm’s long-term growth strategy and oversee execution across its investment and development plat - form, spanning student housing, multifamily, condominium, and build-to-rent projects nationwide. Brickman brings more than two decades of experience, including a track record of partnering and transacting with some of the Adam America Real Estate names Brickman CEO David Brickman world’s largest institutional investors. He has developed more than five million s/f of mixed-use and residential projects across U.S. markets and has played a key role in capital formation, structur - ing joint ventures, and executing complex, large-scale transactions.
MANHATTAN, NY Global Net Lease, Inc. (GNL) and Modiv Industrial, Inc. have entered into a definitive merger agreement under which GNL will acquire Modiv in an all-stock transaction valued at an enterprise value of $535 million. The transaction, once completed, will provide GNL with a portfo - lio of mission-critical industrial leverage neutral, fully preserving GNL’s balance sheet strength and financial flexibility. GNL intends to fully repay all of Modiv’s ex - isting balance sheet debt and pay off Modiv’s preferred stock using its Revolving Credit Facility and cash on hand, requiring no external capital to complete the transaction. Global Net Lease to acquire Modiv Industrial in $535 million transaction FOR FULL STORY VISIT NYREJ.COM properties across the U.S. while alsoprovidingModivstockholders with an immediate 25% expected increase in annual dividends and the opportunity to participate in the future growth of the combined company. The transaction is expected to be 4% accretive to GNL’s AFFO per share while remaining
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