JLL Capital Markets secures a buyer for Baylis 495 Business Park
News release
05 June 2024
Class A, newly developed Long Island industrial building sells
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MORRISTOWN, N.J., Jun. 5, 2024 – JLL Capital Markets announced today that it arranged the sale of Baylis 495 Business Park totaling 103,500 square feet in Melville, New York.
JLL represented the seller, Creation Equity.
Baylis 495 Business Park is situated on 8.18 acres approximately one mile south of the Long Island Expressway. Key building features include 32-foot clear heights, 20 dock doors, two drive-in doors and excess parking.
The property is fully leased to the investment grade credit beverage company Keurig Dr. Pepper, who will utilize the site as its long-term, flagship location on Long Island to service their growing, high-volume last mile distribution network.
The JLL Capital Markets team was led by Managing Directors Marc Duval and Jordan Avanzato, Directors Jason Lundy and Nicholas Stefans, and Senior Managing Directors Jose Cruz and Steve Simonelli.
“Core capital has come back fast as the New York Metro has seen a deep source of unlevered buyers targeting newer vintage industrial assets,” Duval stated.
“In this specific transaction, the credit, quality and location checked all the boxes,” added Avanzato.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.