Los Angeles, California (May 12, 2022)
Cohen Asset Management, Inc. (the “Company” or “CAM)”, a private real estate investment firm focused on owning and operating industrial and logistics properties in select target markets, announced the acquisition on an off-market basis of an infill logistics building located in the heart of Long Island. The property, comprised of approximately 84,140 square feet situated on approximately 6.89 acres, is located at 80 Ruland Road in Melville, Suffolk County, NY.
The warehouse is 100% leased to Estee Lauder and two additional established tenants with in-place rents that CAM believes are significantly below market rental rates. The property features an outsized parking field providing 250 parking spaces and clear height of approximately 22 feet.
Jason Haas, the Company’s Co-Chief Investment Officer stated, “CAM has a 20+ year history of owning and operating industrial and logistics properties within the New Jersey / New York marketplace with close to 7-million square feet acquired in the current cycle, and we are excited to add this highly functional property in a prominent Long Island location to our portfolio.” Mr. Haas went on to say, “Our mission is to create long‐term value as well as near term income returns for our investors, and this property will be a strategic addition to our portfolio as we continue to pursue other investment opportunities in the Long Island marketplace”.
About Cohen Asset Management
Cohen Asset Management is a premier private real estate investment firm that is headquartered in Southern California with regional offices in in Phoenix, Dallas, and Northern New Jersey. The firm has an established history as a prominent and active owner-operator spanning several decades with a focus on the industrial and logistics sector, including fulfillment, warehouse and distribution centers, manufacturing facilities and infill/last mile properties aimed at providing solutions for the growing 21st century e-commerce economy and global supply chain. The firm’s team of seasoned real estate professionals creates value for its investors and tenants by establishing mutually rewarding relationships within the real estate community and by taking a proactive, hands-on approach to all its investments.