Sutton & Edwards Brokers $4.6 Million Sale of Met-Pro Corp. Hauppauge, NY, Building to Hospital
Sutton & Edwards Inc. / TCN Worldwide has sold a 30,000-square-foot Hauppauge, NY, industrial building on behalf of Harleysville, PA-based Met-Pro Corp. to Good Samaritan Hospita of West Islip, NY for $4.6 million.
Lake Success, NY (PRWEB) April 27, 2007
Met-Pro Corp., (NYSE: MPR) of Harleysville, Pa., has sold a vacant 30,000 square foot industrial building and 4 acres of land in Hauppauge, NY, for $4.6 million in cash to Good Samaritan Hospital and Medical Center, of West Islip, NY, in a transaction arranged by Long Island's leading commercial real estate services firm, Sutton & Edwards Inc. / TCN Worldwide.
The building, located at 70 Arkay Dr., formerly housed Met-Pro's Sethco Division, which was relocated last year from Hauppauge, NY, to Telford, PA.
The sale, which closed on April 24, culminated a challenging six-month marketing effort for the Sutton & Edwards team that handled the deal on behalf of Met-Pro: Senior Executive Director Ted Trias, Senior Director Jeffrey Schwartzberg, SIOR; and Associates Kyle Burkhardt and David Schwartzberg.
The property had been managed since June 2006 by John Proscia and John Healy, president and management services director, respectively, of Sutton & Edwards Property Management LLC.
"This property was significantly oversized for a 30,000-square-foot building which would otherwise require about 1.8-2 acres of property," said Schwartzberg. "While the extra land offered a prospective purchaser a wonderful opportunity for expansion of the building, it presented us with a considerable marketing challenge -- finding a buyer who could use the extra land. Most buyers looking for a 30,000-square-foot building are simply incapable of affording the purchase of a 4-acre site, as it tacks about $1 million onto the price."
Good Samaritan Hospital, a 431-bed, not-for-profit hospital serving the South Shore of Suffolk County, Long Island, and operated by Catholic Health Services of Long Island, plans to use the building, which was constructed in 1982 and includes about 7,000 square feet of office space, for administrative offices and analytical laboratories. The hospital was represented by George Tsunis Real Estate Inc.
Founded in 1962, Sutton & Edwards Inc. / TCN Worldwide is Long Island's premier commercial real estate services firm. Headquartered in Lake Success, NY, with a satellite office in Ronkonkoma, NY, the firm employs more than 60 real estate specialists providing integrated leasing, investment sales, property management and advisory solutions. To find out more about Sutton & Edwards, please call 1-516-328-6500, or visit the firm's Web site at www. suttonandedwards. com.
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