An industrial property in Deer Park has a new owner.
Hoboken, N.J.-based Faropoint purchased the fully occupied 40,000-square-foot building on 2.22 acres at 593 Acorn St. in Deer Park for $7.55 million.
The sale price equates to a 5.5 percent cap rate.
The Acorn Street property is occupied by Apogee Lighting, a lighting systems manufacturer, which will remain operating there. Apogee, which uses recycled materials in its manufacturing, specializes in energy-efficient lighting for commercial and public applications.
Apogee created the interior lighting structure above the main escalators at 7th Avenue at 32nd Street at Penn Station’s redesigned entrance, constructing the triangular array hanging from the ceiling. Other Apogee flagship jobs include lighting systems for the World Trade Center, Citigroup, One Vanderbilt, LIRR Third Track, many boardrooms around the country and several transit systems.
Founded in 2012, Faropoint is a commercial real estate investment firm that focuses on last-mile warehousing and distribution facilities. The company’s portfolio has more than 500 properties totaling over 26 million square feet throughout the U.S.
The Acorn Street property is Faropoint’s seventh acquisition on Long Island and second in Deer Park. The company purchased a 40,000-square-foot building at 105 E. Jefryn Blvd. for $8 million last year. Its other Long Island assets are in Bohemia, Farmingdale, Hauppauge and Bohemia.
“We’re thrilled to have completed this transaction at 593 Acorn Street in Deer Park,” Matthew Bernstein, Faropoint’s senior associate for acquisitions, told LIBN. “This property offers the ideal combination of location and functionality that aligns perfectly with the current demands of the Long Island industrial market. Apogee Lighting’s long-term commitment demonstrates the strength of this submarket and the quality of the asset.”
Faropoint was self-represented, while Bob Desmond of Industry One Realty represented the seller, Richard Nicolai, in the Deer Park sales transaction.
