New York, New York, June 13, 2019 – Stan Johnson Company, one of the nation’s premier net lease brokerage firms, has completed the sale of a single-tenant flex facility in North Syracuse, New York leased to Novanta (NASDAQ: NOVT).
The property was sold by New York-based Mercer Street Partners. They were represented by John Rotunno of Stan Johnson Company.
“The sale allowed Mercer Street Partners to execute on their business plan and realize a strong gain for their investors,” said Rotunno, Associate Director in Stan Johnson Company’s New York office. “The buyer got a great investment property with an outstanding tenant and more than 10 years remaining on the current lease.”
The property was purchased in early June by an affiliate of National Asset Services Inc., a California-based investment group, for $11.875 million.
The 55,000-square-foot property includes 15,000 square feet of light industrial space and 40,000 square feet of recently constructed Class A office space. The build-to-suit headquarters is located on 6.7 acres at 7279 William Barry Boulevard.