5-29-15

R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

DTZ markets One Grosset Drive, Kirkwood, NY for sale Equilibrium Equities, Inc. announces acquisition of 514,000 s/f distribution center

ISSUE HIGHLIGHTS Volume 27 Issue 10 May 29 - June 11, 2015 SPO TLIGHT Industrial Distribution Centers Section C Conifer presents at History & Historic Preservation Conf.

IRKWOOD, NY — An affiliate of Equilibrium Equities Inc. of Blue Bell, PA has acquired a distri- bution center of 514,000 s/f on 51 acres, located at One Grosset Dr. in the Town of Kirkwood from Penguin Random House LLC for an undisclosed sum. The property is in the Greater Binghamton area, 5 miles from the Pennsylvania border Equilibriumwill immediately rebrand One Grosset Dr. as a multi-tenant distribution facility called the “Triumph Business Center.” The project is comprised of an original sec- tion of 368,000 s/f constructed in 1977 with a 28’ ceiling clear height, 84,000 s/f added in 1994 with a 29’ clear height and a rack supported section of K VERONA, NY — FORTNA Auctioneers and Marketing Group to Auction prime real estate next to Turning Stone Casino and Resort. The Turn- ing Stone Resort and Casino is one of New York’s largest casinos, located in Verona, NY. The Turning Stone Ca- sino announces $100 million luxury retail outlet, enter- tainment complex (ground to break spring of 2015 according to sources). It has been a main attraction site for years and continues to bring in big name

and signage upgrades, minor building system repairs and improved truck loading. Pre- leasing activities on Triumph Business Center have already commenced. Penguin Random House, one of the world’s largest trade book publishing group, along with its predecessor and parent com- panies utilized the property to distribute books from its original construction through early 2015. In February 2014, Penguin Random House announced its intentions to consolidate the U.S. distribution for all its book titles from four operations centers, into two of its facilities in Maryland and Indiana. One Grosset Dr. was marketed for sale by DTZ , a global commer- cial real estate services firm. n commercial building, then this is an opportunity you don’t want to miss! This property has been previously listed at $6 million dollars, and the opening bid starts at $1 mil- lion dollars. The Town of Verona will be widening Willow Place to support future development and use of the road. A new access road will be constructed off of Route 365 beside the La Quinta Inn, giving access to Willow Place in a second loca- tion, already approved by the town of Verona. Located at 5305 Willow Place, this is the last large parcel actively for sale in this zone. With limited land avail- ability, a high traffic count of millions of people per year visiting the Turning Stone Resort and Casino across the street permits easy access and visibility from the New York State Thruway. The subject property has high value as a potential commercial proper- ty. National hotel and restau- rant companies typically pay $200,000 to $300,000 per acre for land development in such high trafficked commercial zones in the central NY area. n

One Grosset Drive

62,000 s/f added in 1999 with a full automated “storage and retrieval system” (ASRS) with an 82’ ceiling height. Addition- ally, the facility is fully racked

and includes a large amount of personal property and equip- ment. Planned renovations will include improved exterior aes- thetics of the property, lighting

Real estate next to Turning Stone Casino and Resort in Verona, NY FORTNA Auctioneers and Marketing Group to auction 30.66+/- acres of development land

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For speaking and sponsorship information, please contact: Linda Christman at 781-871-3456 or lchristman@marejournal.com NJ COMMERCIAL RE FORECAST SUMMIT UPCOMING CONFERENCES 2015 SCHEDULE: JUNE 30, 2015

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5305 Willow Place

Upcoming Spotlight June 12, 2015 CREATIVE FINANCING

events and attractions. Fortna Auctioneers is con- ducting an auction on the second floor of the Turning Stone Casino & Resort on Saturday, June 27, 2015 at 11AM. The Land that is be- ing sold is across the street

from the resort. The auction consists of 30.66+/- acres of prime development land. If you’re looking to build indoor/ outdoor entertainment, a hotel or motel, shopping center, a restaurant, or even something just for retail or a mixed use

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