Newmark sells 353,000 sq. ft. production and warehouse facility in Rockaway for $39M

Newmark on Tuesday said it sold 100 Commons Way in Rockaway for $39 million. The property, which is long-term leased to Gannett at below-market rent, is a 352,461-square-foot regional printing, assembly and distribution facility situated on 45.8 acres located 1.5 miles off Interstate 80.

100 Commons Way is within one of the most supply-constrained markets in the country, demonstrated by single-digit vacancy and average rent growth of 45%-plus over the last three years.

The Tri-State Newmark Capital Markets team was led by Executive Managing Director Kevin
Welsh, Managing Director Brian Schulz, associate Jason Emrani and Transaction Manager Maria Betancourt with support from Managing Director Chris Koeck, who represented a private seller and procured the buyer, a joint venture between institutional investors advised by J.P. Morgan Asset Management and Ivy Realty.

Gannett utilizes the asset to produce and distribute multiple publications across the New York metro region.

100 Commons Way was developed in 1989 as a built-to-suit for the company and expanded in 2006 with clear heights above 45 feet to support the tenant’s growing operations, in addition to significant investments in equipment and base building systems.

“The buyer was attracted to the property for its compelling in-place yield and upside driven by below-market rent and lower basis, along with its long-term redevelopment potential,”
said Welsh. “The combination of these investment features is rare to find in today’s ‘white-hot’ industrial market.”